Shareholders of Cornerstone Insurance Plc has lauded the firm for an outstanding performance for the year 2021.
They also approved the payment of 5 kobo per ordinary share of 50 kobo as dividend for the financial year ended Dec. 31, 2021.
The shareholders gave the commendation on Wednesday at the insurers’ hybrid 30th Annual General Meeting (AGM) held in Lagos.
They also commended the underwriting firm for recording a Gross Premium Income (GPI) of N20.9 billion in the year under review.
Mr Timothy Adesiyan, President, Nigerian Shareholders’ Solidarity Association (NSSA), applauded the firm for an outstanding financial performance and for employing more labour in spite of the current economic situation.
Dr Anthony Omojola, Chairman, Independent Shareholders Association of Nigeria (ISAN) hailed the insurance company for paying dividend to its shareholders and setting the pace for other operators in the industry on shareholders’ welfare.
Mr Segun Adebanji, Chairman, Cornerstone Insurance Plc appreciated the shareholders and management of the underwriting firm for sustaining its growth trajectory.
Adebanji explained that while the business environment is presently very tough, the firm would continue to rely on the support of its shareholders for sustainability.
In his remark, the Group Managing Director, Cornerstone Insurance, Mr Ganiyu Musa, said that the firm’s performance in 2021 was as a result of strict adherence to a well laid out long term growth strategy.
Musa stated that the strategy was based on sound business principles and the core values of integrity, empathy, professionalism, innovation and team spirit.
” 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,” he said
According to him, the dividend of 5k per ordinary share of 50k each as declared by the company’s Board of Directors will be paid to the duly mandated accounts of members so entitled, whose names appear in the register .
Musa stated that the insurance firm’s financial indices indicated that its gross premium income appreciated to N20.9 billion when compared to N17.5 billion reported in 2020, which is an increase of 19 per cent.
He said that the underwriting result rose to N5.2 billion when compared to N1.08 billion in year 2020, which is 381 per cent growth.
The managing director said that the Profit Before Tax rose by 69 per cent to N3.7 billion as against N2.19 billion in 2020, which was driven by strong revenue growth and improved operational efficiency.
Musa said that the company’s Profit After Tax reveals 60 per cent growth to N3.5 billion in 2021, when compared to N2.19 billion recorded in 2020.
“Total Assets of the insurer rose to N49.3 billion, an increase of 13 per cent as against N43.8 billion in 2020.
“Shareholders’ Funds of the insurer at the end of full year 2021 rose to N20.17 billion as against N17.45 billion in 2020.
” The growth was been driven by strong growth in turnover which dovetailed into growth in insurance funds,” he said.
