The Shareholders gave their approval at the Company’s 22nd Annual General Meeting in Lagos.
Following the approval the company would raise 15 billion ordinary shares of 50k each in the capital market.
Mr Adedotun Sulaiman, the Chairman of Cornerstone, said that the money would be used to acquire Fin Insurance 3.3 billion shares to become 100 per cent owners of the company.
”Acquiring Fin Insurance will help us consolidate our strength in the Northern part of the country.
”We believe it will be a boost on the sale of our Takaful Insurance products which had already gained acceptance by our many customers,” he said.
On the 2013 financial report, Sulaiman said that the company recorded N5.6 billion Gross Premium Income in 2013 as against N4.6 billion in 2012.
He said the underwriting result reduced in 2013 to N866 million from N1.2 billion recorded in 2012.
According to the Chairman, this reduction is the result of increase in reinsurance which grew to N1.9 billion in 2013 from N1.6 billion recorded in 2012.
”The net claims expenses also increased to N1.1 billion in 2013 from N985 million in 2012.
”The Profit AfterTax increased to N870 million in 2013 as against N544 million in 2012.
”The total assets grew to N14 billion in 2013 from N12 billion recorded in 2012,” he said.
Sulaiman said that the company would continue to plead for its shareholders support and understanding and promised that dividend would be paid in the 2014 financial year end.
Ganiyu Musa, Cornerstone Insurance Group Managing Director, said that the company would work with its partners to ensure improvement in the delivery of its products to the consumers.
He said that its product tagged Airtel Insurance was available to more than 28 million Airtel subscribers.
According to him, the product covers Life and hospitalisation after three nights in the hospital depending on how often the subscriber recharge his phone.
He said that the company would focus on mass market and retail insurance to deliver real insurance value to the customers.