Cornerstone Insurance Plc's gross written premium increased by six per cent to N22.25bn in the 2022 financial period.
Segun Adebanji, the Chairman of the company disclosed this during its 31st annual general meeting in Lagos on Wednesday.
“Despite the many challenges that the environment presented, the gross premium written of Cornerstone Insurance Plc and its subsidiaries (Cornerstone Group or The Group) for the year under review was N22.25 billion, representing an increase of six per cent over the previous year’s total of N20.92 billion.”
He said premiums from life insurance rose by about four per cent from N5.36 billion in the previous year to N5.62 billion in 2022 and accounted for 25 per cent of the gross premium written.
Officer, Ganiyu Musa, said its life business underwriting result rose by 9.6 per cent from N2.82bn in the previous year to N3.09 billion in 2022.
“Our general insurance subsidiary Fin Insurance generated N3.44 billion in gross premium written, representing a 15 per cent contribution to the group’s GPW, and a growth of 53 per cent over the 2021 financial year.”