Cornerstone Insurance Records 19% Revenue Growth
Cornerstone Insurance Records 19% Revenue Growth
For the fiscal year that ended on December 31, 2021, Cornerstone Insurance Plc has announced a dividend payment of 5 kobo every 50 kobo ordinary share.
The company stated that the dividend payment would be made following tomorrow’s Annual General Meeting (AGM) approval by shareholders. The company’s performance, according to the group managing director Ganiyu Musa, is a result of the company’s devotion to its growth strategy, which is founded on good business principles and the core values of honesty, empathy, professionalism, innovation, and team spirit.
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He said that as a result, the company had achieved historic success, earning Gross Premium Income of more than N20 billion.
Kehinde Olorundare, the chief financial officer, said that the company’s gross premium income increased to N20.9 billion from N17.5 billion as of December 2020.
He said that their stronger value offer and increased customer support were to blame for the 19% increase.
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Cornerstone Insurance Records 19% Revenue Growth
“The company posted an underwriting result of N5.2 billion, from N1.08 billion in the preceding year. Growth of 381 per cent was driven by focus on cost optimisation and our conservative approach to underwriting. Profit before Tax of N3.7 billion was also recorded as against N2.19 billion in 2020. The increase of 69 per cent was driven by our strong revenue growth and improved operational efficiency.
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“There was Profit after Tax of N3.5 billion, an increase of 60 per cent. Total assets of N49.3 billion, an increase of 13 per cent from N43.8 billion in the preceding year. Growth has been driven by turnover, which dovetailed into growth in insurance funds.
“We recorded a shareholders’ funds of N20.17 billion,’’ he added.
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