Cornerstone Insurance Plc has promised its shareholders of consistent dividend payment.
Segun Oyebanji, the Chairman of the company, Segun Adebanji, made this assertion during its annual general meeting in Lagos.
“I want to thank our shareholders for their patience and understanding during the last five years.
"Our resolve is to earnestly work harder for our company to be able to pay dividends consistently in the coming years.
"We encourage all shareholders to embrace the e-dividend option for the prompt payment of their dividends.”
The shareholders also approved the company’s recommended total dividend of N908.32 million N0.05 per ordinary share of 50 kobo each for the year ended 31 December 2021.
“Our company achieved revenue growth both in our insurance and investment activities and also achieved substantial improvement in its profitability, despite the challenging business and competitive environment,” he said.
Ganiyu Musa, the Group Managing Director, while giving details of the operations, noted that the life underwriting result was significantly higher than the previous year at N2.82 billion compared with N140 million in 2020.
“We continued to pay close attention to the quality of our underwriting using our carefully designed risk acceptance criteria to filter business opportunities.
“Our General Insurance portfolio grew by 26 per cent from the previous year with all the sub-classes showing an increase, except bond which represents less than one of the portfolio.
"The oil, gas and aviation sub-class continued to lead with a 35 per cent contribution in 2021 and a growth of 28 per cent from the previous year.”