Risk management services provider, Cornerstone Insurance Plc, reported a 19% increase in total premium income for 2021.
This information was provided in a press release with the heading “Cornerstone Insurance Plc posts 19% growth in top line revenue and 61% growth in profit after tax; Proposes 5k dividend.”
According to the group’s financial results, it had a “Gross premium income of N20.9bn” (December 2020: N17.5bn). Our stronger value proposition and greater support from all of our institutional and retail customers were the causes of this 19% increase.
The company’s performance in 2021, according to the Group Managing Director, Ganiyu Musa, was a consequence of strict adherence to a well-planned long-term growth strategy built on good business principles and the fundamental values of honesty, empathy, professionalism, innovation, and teamwork.
He said, “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 excellent 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 N20bn.”
The Chief Financial Officer, Kehinde Olorundare, said, “The company’s board of directors will propose the dividend of 5k (five kobo) per ordinary share of 50k each at the annual general meeting.
“Dividend will be paid to the duly mandated accounts of members so entitled, whose names appear in the register of members.”
