CORONATION INSURANCE : AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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: [phone]/4577;
Coronation Insurance P		[phone]/85
	Email:[e-mail]
	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	Email
		2nd Floor, Plot 6, Jos Street,	(+234) (01)
	Abuja	Area 3 Opposite Sharon	Email:[e-mail]
	2774584
		Ultimate Hotel, Abuja FCT
	Port-	42B Trans Amadi Industry	(+234) (01)
	Layout,	Email:[e-mail]
	Harcourt	2774582
	Port Harcourt, Rivers State.
	Benin	103 Akpakpava Road,	(+234) (01)	Email:[e-mail]
	Benin, Edo State.	2774585
	Enugu	Plot 7 Ebeano Layout, Garden	(+234) (01)	Email:[e-mail]
	Avenue, Enugu	2774583
		Enugu State.
		Access Bank Building, Beside	(+234) (01)
	Ibadan	Tantalizers,	Email:[e-mail]
	2774581
		Ring Road, Ibadan, Oyo State.
	Kano	12 B Post Office Road, Kano		Email:[e-mail]
	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 [phone] [e-mail]

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

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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
	[phone]
	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

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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)

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