Economy
Coronation Insurance Charts Digital, Sustainable Future
By Aduragbemi Omiyale
The digitalisation efforts, investment strategies, and commitment to sustainability have propelled Coronation Insurance Plc back to profitability after it posted a net profit of N2.2 billion in the 2023 financial year, in contrast to the net loss of N1.8 billion achieved in the same period of 2022.
At the company’s 66th Annual General Meeting (AGM) in Lagos on Monday, December 2, 2024, the chairman of the board, Mr Mutiu Sunmonu, the results reaffirmed the role of technology in helping organisations navigate difficult waters.
“Despite the economic headwinds, we delivered strong growth across key financial metrics.
“Our profit before tax of ₦2.2 billion is a clear reflection of our strategic direction, operational discipline, and commitment to creating long-term value for stakeholders,” Mr Sunmonu said as he also acknowledged the broader growth of Nigeria’s insurance sector, where gross premiums rose by 38 per cent in 2023 to N1 trillion, driven by increased activity in the Oil & Gas, Fire, and Motor insurance segments.
Business Post reports that the underwriter posted a 34 per cent growth in insurance revenue to N24 billion from N18 billion in 2022, as net investment income also surged by 228 per cent to N1.5 billion from N461 million in the prior year.
These achievements underline the group’s dedication to optimising its investment portfolio and delivering value to policyholders.
Also addressing shareholders at the gathering, the chief executive of Coronation Insurance, Mr Olamide Olajolo, emphasised the company’s strides in digitalisation, calling it a “game-changer” for its operations.
“Our digitalisation drive has already transformed how we operate and interact with customers,” Mr Olajolo said, adding, “We are leveraging cutting-edge technology to streamline operations and deliver tailored solutions. The journey thus far has been remarkable, and we are committed to sustaining this momentum in 2024 and beyond.”
A shareholder, Mrs Bisi Bakare, praised the company’s efforts, particularly in leveraging technology to enhance customer experience, saying, “The digital transformation has made it easier for customers like me to interact with Coronation Insurance. I am confident that this strategy will keep us competitive and position the company for even greater success.”
Coronation Insurance emphasized its commitment to sustainability by outlining a strategy built on three foundational pillars. The first pillar, Strategic Partnerships, focuses on forging alliances to amplify positive impact and achieve shared goals. The second, Sponsorships and Donations, supports initiatives that align with the company’s mission and values, reinforcing its dedication to societal progress.
Lastly, through Corporate Social Responsibility (CSR), the company champions projects designed to drive meaningful development within communities. Together, these efforts reflect Coronation Insurance’s unwavering dedication to fostering shared prosperity while ensuring its operations align with global sustainability objectives.
The AGM featured the re-appointment of Mr Abubakar Jimoh and Mrs Stella Ojekwe-Onyejeli as Independent Non-Executive Directors, as well as the approval of the appointment of Mr Victor Etuokwu as a Non-Executive Director on the Board.
As the Company looks ahead, its leadership expressed optimism about leveraging emerging opportunities in Nigeria’s evolving economic landscape. Coronation Insurance plans to deepen its market penetration, strengthen its digital initiatives, and continue providing innovative insurance solutions tailored to clients’ needs.
“Our ambition is to redefine the insurance experience in Africa,” the chief executive stated, noting, “We remain committed to our mission of addressing Africa’s challenges through transformational solutions and customer-focused innovation.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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