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By Rosemary Iwunze

Shareholders in Cornerstone Insurance Plc have expressed satisfaction with the performance of the company in the 2021 financial year.

The underwriting firm posted a Gross Premium Income (GPI) of N20.9 billion, about 19 percent higher than the N17.5 billion reported in 2020, while paying a dividend of 5 kobo per ordinary share of 50 kobo for the financial year ended December 31, 2021.

Underwriting result rose to N5.2 billion when compared to N1.08 billion in full year 2020, showing 381 per cent growth.

Speaking at the firm’s Annual General Meeting (AGM) in Lagos last week, President, Nigerian Shareholders’ Solidarity Association (NSSA) Timothy Adesiyan, applauded the firm for an outstanding financial performance amid the economic headwinds.

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 good performance in 2021 was 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.

The specific grown according to the insurer was driven by focus on cost optimization and conservative approach to underwriting.

Profit before tax rose by 69 percent to N3.7 billion against N2.19 billion in 2020, this it said was driven by strong revenue growth and improved operational efficiency. Profit after tax went up by 60 per cent to N3.5 billion in 2021 when compared to N2.19 billion recorded in 2020.

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