Cornerstone Insurance Records 19% Increase In  Gross Premium

For the 2021 financial period, Cornerstone Insurance Plc has recorded a 19% increase in gross premium.

The firm made this known 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 5k dividend’.

The financial result stated that it recorded a “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.”

The firm also stated that a dividend of 5 kobo per ordinary share of 50 kobo for the financial year ended December 31, 2021, will be paid 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.

“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", he said.

The Chief Financial Officer, Kehinde Olorundare, added, “The board of directors of the company will propose at the annual general meeting the dividend of 5k (five kobo) per ordinary share of 50k each.

“Dividend will be paid to the duly mandated accounts of members so entitled, whose names appear in the register of members.”