Cornerstone Insurance Posts N22.25 billion Gross Written Premium In 2022
L-R Mr. Steve Iwenjora Non-Executive Director; Mr. Ganiyu Musa Group Managing Director/Chief Executive Officer; Mrs. Ogechi Adeola Independent Non-Executive Director; Mr. Segun Adebanji Chairman; Mr. Stephen Alangbo Executive Director Technical Operations; Mrs. Uloma Okoro Company Secretary PAC Solicitors; Mrs. Elizabeth Amadiume Independent Non-Executive Director and Mr. Chidiebere Nwokeocha Executive Director Business Development.
Cornerstone Insurance Plc has announced a N22.25 billion Gross Written Premium for the financial year ended 31st December 2022. The figure represents a 6 percent increase from N20.92 billion recorded in 2021.
The Company also rewarded its shareholders with a 6-kobo dividend amounting to N1.089 billion for the period under review, as against N908 million approved in 2021.
Speaking at the Company’s 31st Annual General Meeting (AGM) held in Lagos recently, chairman of the company, Segun Adebanji, said the profit before tax stood at N2.919 billion, while the profit after tax was N2.55 billion at the of 2022 financial year.
He said despite the many challenges during the year under review, premiums from life insurance rose by about 4 percent from N5.36 billion in the previous year to N5.62 billion in 2022 and accounted for 25 percent of the Gross Premium Written.
He said that the largest contributors to General Business Gross premium written were (i) oil and gas, Aviation (ii) Engineering & (ii) Motor class contributing N3.62billion, N3.77 billion and N1.9 billion respectively.
“Our net claims expense ratio for the year stood at 27 percent and continues to trend downward, as the stricter risk acceptance parameters we put in place continue to yield positive results. We ended the financial year with a Profit before Tax of N2.92 billion, which is a drop of 22 percent from the previous year.”
On outlook, he said the Company will continue to pursue profitable growth opportunities in its core markets, while exploring new avenues to expand the business.
“We will also continue to invest in digital capabilities to provide innovative and personalized services to our customers. Furthermore, we will continue to prioritize sustainability and responsible business practices, as we believe that they are essential to creating long-term value for our stakeholders.”
“We remain committed to delivering sustainable value and generating attractive returns for all our stakeholders.”
Ganiyu Musa, group managing director/CEO who was announced by the chairman as making his last appearance in the meeting to the ovation of shareholders said “As we look forward. We remain committed to our vision of being the leading insurance based financial services group”.
“We will continue to innovate, invest in our people, and operate with integrity, while remaining responsive to the evolving needs of our customers and communities.”.
Speaking on behalf of the shareholders, coordinator emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said he was expecting the dividend to be higher than what was declared, but charged the company to improve on it going forward.
Nwosu, who applauded the management on the level of business the company did in 2022 despite the challenging business environment in the insurance sector, urged the management to leverage opportunities to further increase its bottomline, such that, shareholders who are owners of the underwriting firm, can reap bountifully from their investment and continue to improve their stake in Cornerstone Insurance.
