Cornerstone Insurance excites shareholders with dividend payment

One of the front line insurance companies in Nigeria, Cornerstone Insurance Plc is planning big for its shareholders as the company mobilizes to reward them with good returns on their investments.

Cornerstone Insurance said that it will be in a position to propose dividend payments to shareholders at its annual general meeting slated for July 26. The fit if achieved will qualify the company as one of few insurance companies to pay dividend for their 2021 business year.

Cornerstone Insurance Plc was incorporated on 26 July 1991 as a private limited liability company and became a public limited liability company, quoted on the Nigerian Stock Exchange in 1997. The organisation was established to conduct insurance business in a professional, ethical and customer-focused manner.  .

Managers of Cornerstone Insurance said that the dividend payment will be subject to shareholders’ approval at the Annual General Meeting

The company said that it recorded Gross Premium Income of N20.9 billion as against the December 2020 figure of N17.5 billion. This increase of 19% was as a result of our superior value proposition and increased patronage from all our institutional and retail customers. Underwriting Result of N5.2 billion (December 2020: N1.08 billion). Growth of 381% was driven by focus on cost optimization and our conservative approach to underwriting. Profit before Tax of N3.7 billion (December 2020: N2.19 billion).  The increase of 69% was driven by our strong revenue growth and improved operational efficiency. Profit after Tax of N3.5billion, an increase of 60% (December 2020: N2.19billion).

Speaking on the results, Ganiyu Musa, the Group Managing Director, 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 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”.

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