Shareholders Laud Cornerstone Insurance’s 2021 Performance
Mr Ganiyu Musa, GMD, Cornerstone Insurance PLC
Shareholders of Cornerstone Insurance Plc has commended management of the company over its 2021 performance.
Speaking at the 30th Annual General Meeting of the underwriting firm held recently, members of various shareholders’ associations appreciated the management of the company for growing its Gross Premium Income (GPI) to N20.9 billion from N17.5 billion of 2020, and paying dividend of 5 kobo per ordinary share of 50 kobo for its shareholders during the financial year ended December 31, 2021.
President, Nigerian Shareholders’ Solidarity Association (NSSA) Timothy Adesiyan, applauded the firm for an outstanding financial performance amid the economic headwinds.
He also thanked the management of the firm for providing jobs for qualified Nigerians.
Chairman, Independent Shareholders Association of Nigeria (ISAN) Dr. Anthony Omojola, appreciated the firm for the dividend payout at a time most companies are not thinking of shareholders’ welfare.
Chairman, Cornerstone Insurance Plc, Segun Adebanji, thanked the shareholders and management of the firm for sustaining the growth trajectory, stressing that the business environment presently is very tough, whilst imploring the shareholders to continue to support the firm.
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.
According to him “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. These, coupled with the ingenuity and resolve of our staff and our commitment to exceptional service delivery have made us one of the leaders in Nigeria’s Insurance industry”.
“As a team, the management and staff have continued to build a sustainable and profitable business on the platform of transparency, corporate governance, sound risk management practice and value creation for our customers. All these have culminated in the Company achieving a landmark result in its history, by earning Gross Premium Income in excess of N20 billion.”
The Board of Directors of the Company will propose to the Annual General Meeting on Tuesday, 26th July 2022 at 1:00p.m. the dividend of 5k (five kobo) per ordinary share of 50k (fifty kobo) each. Dividend will be paid to the duly mandated accounts of Members so entitled, whose names appear in the Register of Members.
The Insurer’s financial indices indicators shows that gross premium income appreciated to N20.9 billion when compared to N17.5 billion reported in 2020, this indicating increase of 19 per cent.
The company attributed the increase as a result of its superior value proposition and increased patronage from all its institutional and retail customers.
Underwriting result rose to N5.2 billion when compared to N1.08 billion in full year 2020, showing 381 per cent growth.
The specific grown according to the insurer was driven by focus on cost optimization and our conservative approach to underwriting.
Profit before Tax stood rose by 69 percent to N3.7 billion as against N2.19 billion in 2020, this it said was driven by our strong revenue growth and improved operational efficiency.
Profit after Tax shown 60 per cent growth to N3.5 billion in 2021 When compared to N2.19 billion recorded in 2020.
Total Assets of the insurer was not left out as it rose to N49.3 billion, an increase of 13 per cent as against N43.8 billion in 2020.
The growth according to the underwriter was been driven largely by strong growth in turnover which dovetailed into growth in insurance funds.
Shareholders’ Funds of the insurer at the end of full year 2021 rose to N20.17 billion as against N17.45 billion in 2020.
