Cornerstone Insurance gross premium rises by 19%

Cornerstone Insurance gross premium rises by 19%

Cornerstone Insurance Plc, provider of risk management services, has said its gross premium income rose by 19 per cent in the 2021 financial period.

It disclosed this in a statement titled ‘Cornerstone Insurance Plc records 19 per cent growth in top line revenue and 61 per cent growth in profit after tax; Proposes 5 kobo dividend’.

The group’s financial result stated that it recorded, “Gross premium income of N20.9 billion (December 2020: N17.5 billion). This increase of 19 per cent was as a result of our superior value proposition and increased patronage from all our institutional and retail customers.”

Cornerstone said it would pay a dividend of 5kobo per ordinary share of 50 kobo for the financial year ended December 31, 2021, which would be subject to shareholders’ approval at the annual general meeting next week.

Speaking on the results, the Group Managing Director, 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.

He said, “We are indeed grateful to all our esteemed customers (Institutional, retail and the broking community) for their continuous patronage and for entrusting us with all their risk management needs.

“These, coupled with the ingenuity and resolve of our staff and our commitment to exceptional service delivery have made us one of the leaders in Nigeria’s insurance industry.

“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.”

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