Cornerstone Insurance Holds AGM, Rewards Shareholders with 6k Dividend

Cornerstone Insurance Holds AGM, Rewards Shareholders with 6k Dividend

Leading underwriting firm, Cornerstone Insurance Plc has rewarded its shareholders with a 6kobo dividend amounting to N1.089 billion for the financial year ended 31st December 2022, as against N908 million in 2021. This is following the Company’s performance, with Gross written premium for 2022 financial year closing at N22.25 billion, a 6 percent increase from N20.92 billion in 2921.

Segun Adebanji, chairman of the company who made the disclosure at its 31st Annual General Meeting (AGM) held in Lagos said the profit before tax stood at N2.919 billion, while the profit after tax was N2.55 billion at the of 2022 financial year.

He said despite the many challenges during the year under review, premiums from life insurance rose by about 4 percent from N5.36 billion in the previous year to N5.62 billion in 2022 and accounted for 25 percent of the Gross Premium Written.

He said that the largest contributors to General Business Gross premium written were (i) oil and gas, Aviation (ii) Engineering & (ii) Motor class contributing N3.62billion, N3.77 billion and N1.9 billion respectively.

“Our net claims expense ratio for the year stood at 27 percent and continues to trend downward, as the stricter risk acceptance parameters we put in place continue to yield positive results. We ended the financial year with a Profit before Tax of N2.92 billion, which is a drop of 22 percent from the previous year.”

On outlook, he said the Company will continue to pursue profitable growth opportunities in its core markets, while exploring new avenues to expand the business.

“We will also continue to invest in digital capabilities to provide innovative and personalized services to our customers. Furthermore, we will continue to prioritize sustainability and responsible business practices, as we believe that they are essential to creating long-term value for our stakeholders.”

“We remain committed to delivering sustainable value and generating attractive returns for all our stakeholders.”

“We will continue to innovate, invest in our people, and operate with integrity, while remaining responsive to the evolving needs of our customers and communities.”

On his part, the group managing director/CEO, Mr. Ganiyu Musa, said, its general insurance subsidiary, Fin Insurance generated N3.44 billion in Gross Premium written, representing a 15% contribution to the group’s GPW and a growth of 53% over the 2021 financial year, stating that, the company remains committed to its vision of being the leading insurance-based financial services group.

“We will keep striving to be a responsible and sustainable business that creates long-term value for all our stakeholders. We will continue to innovate, invest in our people, and operate with integrity, while remaining responsive to the evolving needs of our customers and communities,” he promised.

Speaking on behalf of the shareholders, Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, though, charged the company to improve on the dividend going forward. Nwosu, who applauded the management on the level of business the company did in 2022 despite the challenging business environment in the insurance sector, urged the management to leverage opportunities to further increase its bottom-line, such that, shareholders who are owners of the underwriting firm, can reap bountifully from their investment and continue to improve their stake in Cornerstone Insurance.

About Cornerstone Insurance

Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life business. As the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, our services are technologically driven by cutting-edge insurance applications. These services are accessible with ease through the internet and on mobile.

At Cornerstone, we remain committed to both our core values of integrity, empathy, professionalism, innovation, and team spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.

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