WorldStage– Coronation Insurance, one of Nigeria’s oldest insurance companies, established in 1958 as Wapic Insurance Plc has announced that its auditors Ernst & Young are dealing with auditing delays which will make it miss the March 31 deadline for publishing its 2025 financial statement.
Mary Agba, Coronation Insurance company secretary, in a statement she signed and posted on the NGX March 11 disclosed the reason.
“This is as a result of unforeseen delays in the completion of the Company’s audit process by its external auditors,” she said.
During their last AGM in August, the company’s shareholders agreed to retain Ernst & Young’s services for the 2025 audit.
In the meantime, the insurer’s Q4 account statement revealed its profit after tax figure fell 17 percent to N3.9 billion, from N4.7 billion it recorded for the same quarter in 2024.
Its total asset grew 8.6 percent from N46.5 billion in the Q4 of 2024 to N50.5 billion in the same quarter of 2025. Its Q4 total liabilities in 2024 also grew from N19.9 billion to N20.3 billion in the same quarter last year, representing a 2.0 percent rise. It equities, too, increased 13.5 percent from N26.6 billion to N30.2 billion in the same period.
Despite its growing equities and assets, and liabilities under checks, the company had its operating expenses growing: more than 300 percent from N647 million in the last quarter of 2024—to N2.8 billion in the same period of 2025.
This reflected in the net cash flow from operations which fell 44.2 percent, from N7.7 billion in 2024 to 4.3 billion in 2025 in the same period. It used N3.54 billion, 81.4 percent of its N4.3 billion cash flow in 2025, compared to N3.48 billion, 45.2 percent used of its net cash N7.7 billion in the 2024 fourth quarter.
Agba said the company is working with Ernst & Young to complete the 2025 financial year audit.
