Cornerstone Insurance Plc has announced a dividend payment of 5 kobo per ordinary share of 50 kobo for the financial year ended December 31, 2021.
According to the firm, dividend payment would be paid after shareholders’ approval at the Annual General Meeting (AGM) tomorrow. The Group Managing Director, Ganiyu Musa, stated that the company’s performance was as a result of its adherence to its growth strategy based on sound business principles and the core values of integrity, empathy, professionalism, innovation and team spirit.
He said these had culminated in the company achieving a landmark results, earning Gross Premium Income in excess of N20 billion.
The Chief Financial Officer, Kehinde Olorundare, said the company recorded Gross Premium Income of N20.9 billion, from N17.5 billion it recorded as at December 2020.
He stated that the increase of 19 per cent was as a result of their superior value proposition and increased patronage from their customers.
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“The company posted an underwriting result of N5.2 billion, from N1.08 billion in the preceding year. Growth of 381 per cent was driven by focus on cost optimisation and our conservative approach to underwriting. Profit before Tax of N3.7 billion was also recorded as against N2.19 billion in 2020. The increase of 69 per cent was driven by our strong revenue growth and improved operational efficiency.
“There was Profit after Tax of N3.5 billion, an increase of 60 per cent. Total assets of N49.3 billion, an increase of 13 per cent from N43.8 billion in the preceding year. Growth has been driven by turnover, which dovetailed into growth in insurance funds.
“We recorded a shareholders’ funds of N20.17 billion,’’ he added.
Source: The Nation
