Coronation Insurance Plc
Consolidated and Separate Financial Statements
for the year ended 31 December 2022
Coronation Insurance Plc
Annual Report
For the year ended 31 December 2022
Content page
Coronation Insurance Plc
Consolidated and Separate Financial Statements
for the year ended 31 December 2022
Table of Contents
Page | |
Corporate information | 1 |
Directors' report | 3 |
Statement of corporate responsibility for the financial statements | 8 |
Management's commentary and analysis | 9 |
Statement of directors' responsibilities | 11 |
Corporate governance report | 12 |
Report of the Audit Committee | 24 |
Independent auditor's report | 25 |
Significant accounting policies | 30 |
Consolidated and separate financial statements: | |
Consolidated and separate statements of financial position | 48 |
Consolidated and seperate statements of profit or loss and other comprehensive income | 49 |
Consolidated and separate statements of changes in equity | 51 |
Consolidated and separate statements of cash flows | 55 |
Notes to the consolidated and seperate financial statements | 56 |
Other national disclosures: | |
Value added statement | 145 |
Five year financial summary | 146 |
Corporate information | Coronation Insurance Plc |
Consolidated and Separate Financial Statements | |
for the year ended 31 December 2022 |
Board of Directors | Mr. Mutiu Sunmonu | Chairman | |||
Mr. Olusegun Ogbonnewo | Non-Executive Director | ||||
Mrs. Titilayo Osuntoki | Non-Executive Director | ||||
Mrs. Omosalewa Fajobi | Non-Executive Director | ||||
Mr. Abubakar Jimoh | Non-Executive Director | ||||
Mrs. Stella Ojekwe-Onyejeli | Independent Non-Executive Director - Appointed 19th August 2022 | ||||
Mrs. Ibijoke Adenuga | Non-Executive Director | - Appointed 19th August 2022 | |||
Mr. Olamide Olajolo | Managing Director | ||||
Mr. Oluwole Onasanya | Executive Director | Resigned 30th September 2022 | |||
Corporate Office | Coronation Insurance PLC | ||||
119, Awolowo Road, Ikoyi | |||||
P.O. Box 55508, Falomo, Ikoyi, Lagos | |||||
Telephone: +234 1 277 4500/4566/4577; | |||||
Coronation Insurance P | +234 709 982 1284/85 | ||||
Email:info@coronationinsurance.com.ng | |||||
Website: www.coronationinsurance.com.ng | |||||
Company Registration RC 1647 | |||||
Authorised and Regulated by the National Insurance | RIC No.046 | ||||
FRC No: | FRC/2013/70262 | ||||
Branch Information | |||||
Locations | Address | Telephone | |||
2nd Floor, Plot 6, Jos Street, | (+234) (01) | ||||
Abuja | Area 3 Opposite Sharon | Email:info@coronationinsurance.com.ng | |||
2774584 | |||||
Ultimate Hotel, Abuja FCT | |||||
Port- | 42B Trans Amadi Industry | (+234) (01) | |||
Layout, | Email:info@coronationinsurance.com.ng | ||||
Harcourt | 2774582 | ||||
Port Harcourt, Rivers State. | |||||
Benin | 103 Akpakpava Road, | (+234) (01) | Email:info@coronationinsurance.com.ng | ||
Benin, Edo State. | 2774585 | ||||
Enugu | Plot 7 Ebeano Layout, Garden | (+234) (01) | Email:info@coronationinsurance.com.ng | ||
Avenue, Enugu | 2774583 | ||||
Enugu State. | |||||
Access Bank Building, Beside | (+234) (01) | ||||
Ibadan | Tantalizers, | Email:info@coronationinsurance.com.ng | |||
2774581 | |||||
Ring Road, Ibadan, Oyo State. | |||||
Kano | 12 B Post Office Road, Kano | Email:info@coronationinsurance.com.ng | |||
State | |||||
Our Subsidiaries | Coronation Life Assurance Limited |
Coronation Insurance Ghana Ltd |
Our Associate
Companies Coronation Merchant Bank Limited
Coronation Securities Limited
Independent Auditor: Ernst & Young
10th &13th Floor, UBA House
57 Marina Lagos, Nigeria +234 (01) 63 14500 services@ng.ey.com
119 Awolowo Road, Ikoyi, P.O. Box 55508, Falomo-Ikoyi, Lagos, Nigeria.
35 Aviation Road, PMB 163, KIA, Airport Residential Accra, Ghana.
10, Amodu Ojikutu Street, Victoria Island, Lagos
10, Amodu Ojikutu Street, Victoria Island, Lagos
1
Corporate information | Coronation Insurance Plc |
Consolidated and Separate Financial Statements | |
for the year ended 31 December 2022 | |
Registrar: | Coronation Registrars Limited |
9, Amodu Ojikutu Street | |
Victoria Island, Lagos | |
+ 234 1 730891 | |
+234 1 730898 | |
www.unitedsecuritieslimited.com | |
Bankers: | Access Bank Plc |
Guaranty Trust Bank | |
First Bank of Nigeria Limited | |
Fidelity Bank Plc | |
Coronation Merchant Bank | |
Re-Insurers: | African Reinsurance Corporation |
Continental Reinsurance Plc | |
Munich Reinsurance Company Limited | |
Swiss Reinsurance Group | |
Waica Reinsurance Corporation | |
Actuaries | QED Actuaries |
FRC2018/00000012293 | |
Estate Surveyor and | |
Valuer | Azuka Iheabunike and Partners |
FRC/2012/NIESV/00000002206 | |
Bode Adedeji and Partnership | |
FRC/2013/NIESV/00000001479 |
2
Directors' Report
Coronation Insurance Plc
Consolidated and Separate Financial Statements
for the year ended 31 December 2022
The Directors are pleased to present their report on the affairs of Coronation Insurance Plc (the "Company"), together with its subsidiaries (the "Group"), and the Auditor's Report for the Year Ended 31 December 2022.
Legal form and principal activity
The Company was incorporated on 14 March 1958 as a private limited liability Company under the name of West African Provincial Insurance Company Limited and was converted to a public limited liability company on the 31st day of August 1990 when the Company's shares were listed on the Nigerian Stock Exchange. The Company was issued a life insurance license by the National Insurance Commission (NAICOM) in the year 2000 and became a composite insurance business offering general and life insurance until March 1st 2007 when, in furtherance of the objective of complying with the requirements of the National Insurance Commission, the Company established Coronation Life Assurance Limited as a wholly owned Subsidiary to which it transferred the related life assets and liabilities.
The Company became a Subsidiary of Access Bank Plc in 2011 and was subsequently divested to enable compliance by the Bank with the Central Bank of Nigeria (CBN) Regulation on the Scope of Banking Activities and other Ancillary Matters on the permitted activities of Commercial Banks with International Authorization. Following receipt of requisite approvals thereon, the Company changed its name to Coronation Insurance Plc with effect from 12 August 2020. This name change provides a stronger and more relevant brand identity that appropriately encapsulates the Company's present philosophy, value proposition and business aspirations
The Company's principal activities include underwriting the various classes of general insurance businesses such as general accident, fire, motor, engineering, marine insurance aviation, oil & gas and other special risks.
In addition to its Life Subsidiary - Coronation Life Assurance Limited, the Company also has an International Subsidiary - Coronation Insurance Ghana Ltd which was established on 21 January 2008, and two associate companies - Coronation Merchant Bank Limited and Coronation Securities Limited.
The financial results of the subsidiaries have been consolidated in these financial statements.
Operating results
Highlights of the Group's operating results for the year are as follows:
Group | Group | Company | Company | |||
2022 | 2021 | 2022 | 2021 | |||
31-Dec | 31-Dec | 31-Dec | 31-Dec | |||
N'000 | N'000 | N'000 | N'000 | |||
Gross premium written | 19,835,299 | 14,130,020 | 13,915,064 | 8,847,306 | ||
(Loss)/Profit before tax | ||||||
(783,122) | (2,112,398) | 200,447 | (1,555,331) | |||
Income tax (expense) | (151,964) | (470,392) | (106,689) | (374,485) | ||
(Loss)/Profit after tax for the year | ||||||
(935,086) | (2,582,790) | 93,758 | (1,929,816) | |||
Transfer to contingency reserve | 324,478 | (347,930) | (417,452) | (265,419) | ||
Basic (loss) /earnings per share (kobo) | (3.9) | (10.8) | 0.4 | (8.1) | ||
3
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Wapic Insurance plc published this content on 02 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2023 13:51:07 UTC.