Cornerstone Insurance Plc, provider of risk management services, has declared a final dividend of N1,089 billion for its shareholders which is, 6 kobo only per ordinary share of fifty (50) kobo each for the year ended 31 December 2022 as against N908 million paid in 2021.
Segun Adebanji, Chairman of the company disclosed this today at the Company’s 31st Annual General Meeting (AGM) held in Lagos, that Gross Premium Written rose by six percent from N20.92 billion achieved in 2021 to N22.25 billion in the year under review.
He said tat despite the many challenges during the year under review, premiums from life insurance rose by about 4% from N5.36 billion in the previous year to N5.62 billion in 2022 and accounted for 25% of the Gross Premium Written.
He said that the largest contributors to General Business Gross premium written were (i) C! & Cas, 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% 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%% from the previous year.”
On future outlook he said “we will continue to pursue profitable growth opportunities in our core markets, while exploring new avenues to expand our 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.”
