The group premium income of Cornerstone Insurance Plc rose significantly to N20billion in its 2021 financial year from N17.5 billion it was in 2020 financial year.
This amounts to N2.5billion premium growth within the period, translating to 19 per cent growth in its top line revenue and 61 per cent growth in Profit After Tax(PAT).
Its underwriting result of N5.2 billion translated to 381 percentage growth from N1.08 billion it declared in the preceding year, even as its Profit before Tax rose to N3.7 billion from N2.19 billion in the period under review.
Its Profit after Tax of N3.5 billion was an increase of 60 per cent from N2.19 billion, it posted in 2020 financial year.
While its Total Assets rose by 13 per cent to N49.3 billion in 2021, it posted N43.8 billion in the preceding year.
Similarly, the insurer announced a dividend payment of 5 kobo per ordinary share of 50 kobo for the financial year ended December 31, 2021, even as the dividend payment will be subject to shareholders approval at the upcoming Annual General Meeting (AGM) holding on 26th July 2022 in Lagos.
Speaking on this development, the Group managing director of the firm, Ganiyu Musa, stated that, the company’s performance in 2021 was as a result of strict adherence to a well laid out long term growth strategy based on sound business principles and the core values of Integrity, Empathy, Professionalism, Innovation and Team Spirit.
While thanking its esteemed customers, which are institutional, retail and broking community, for their continuous patronage and for entrusting the insurer with all their risk management needs, he added that, the ingenuity and resolve of its staff and commitment to exceptional service delivery have made Cornerstone one of the leaders in Nigeria’s insurance industry.
To him, “as a team, the management and staff have continued to build a sustainable and profitable business on the platform of transparency, corporate governance, sound risk management practice and value creation for our customers. All these have culminated in the Company achieving a landmark result in its history, by earning Gross Premium Income in excess of N20 billion.”
Similarly, the chief financial officer, Kehinde Olorundare, said: “the Board of Directors of the Company will propose to the Annual General Meeting on Tuesday, 26th July 2022 at 1:00p.m. the dividend of 5k (five kobo) per ordinary share of 50k (fifty kobo) each. Dividend will be paid to the duly mandated accounts of Members so entitled, whose names appear in the Register of Members”.
