Cornerstone Insurance Plans To Rake In N802.095m profit In Q3 2021
Cornerstone Insurance Plc, a group that engages in various business lines ranging from property-casualty insurance, life/ health insurance and leasing has released its earnings forecast for the third quarter ending 30 September 2021 with a group gross premium income projection of N5.089 billion while N4.194 billion was projected for the company.
The group profit after tax of N802.095 million was also projected and N679.693 million for the company.
The cash/bank balance is projected to rise to N13.567 billion at the end of the quarter from N12.911 billion at the beginning. WorldStage earlier reported Cornerstone’s earnings forecast for second quarter ending 30 June 2021 with a gross premium income projection of N4.776 billion.
Cornerstone Insurance Plc was incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. The organization was established to conduct Insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business we currently undertake include the following:
Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance)
The company’s Authorized Share Capital and Market Capitalization is N7.5 billion and N5 billion respectively, while the Shareholders’ Funds is N10.5 billion as at December 2019. The total assets of the company are in excess of N29.3 billion.
Cornerstone remains committed to both her core values of Integrity, Empathy, Professionalism, Innovation, and Team Spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
