Cornerstone Insurance Plc has announced a dividend of 6 kobo per ordinary 50 kobo share held by its investors representing N1.09 billion for the year ended December 31, 2022.
Chairman of the company, Segun Adebanji, announced this at its 31st Annual General Meeting (AGM) held in Lagos.
He said despite the challenges in the business environment during the year under review, Cornerstone was able to achieve growth in its Gross Premium.
According to him, the underwriting firm recorded a Gross Premium Written (GPW) of N22.25 billion representing an increase of 6 per cent over the previous year’s total figure of N20.92 billion.
He noted that premiums from life insurance rose by about four per cent from N5.36 billion in the previous year to N5.62 billion in 2022 and accounted for 25 per cent of the Gross Premium Written.
He said the largest contributors to general business gross premium written were: Oil & Gas; Aviation; Engineering and Motor classes, which contributed N3.62 billion; N3.77 billion and N1.9 billion respectively.
“Our net claims expense ratio for the year stood at 27 per cent 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 per cent from the previous year, ”he said.
Also speaking, the Group Managing Director Ganiyu Musa, said the firm’s life business underwriting result rose by 9.6 per cent from N2.82 billion in the previous year to N3.09 billion in 2022, stressing that the company would continued to pay close attention to the quality of its underwriting using its carefully designed Risk Acceptance Criteria to filter business opportunities.
He said general business and oil & gas as well as aviation gross premium written went down by 24 per cent from N4.51 billion in the previous year to N3.62 billion in 2022.
According to him, the company continued to place emphasis on the quality of the underwriting and business acceptance.
