Cornerstone Insurance shareholders to get 5k dividend
Cornerstone Insurance Plc, provider of risk management services has announced a proposed dividend of 5 kobo per ordinary share of 50 kobo for the financial year ended December 31, 2021
The dividend payment will be subject to shareholders approval at the Annual General Meeting (AGM) slated to hold in Lagos on 26th July 2022.
The Company during the year under review recorded a Gross Premium Income of N20.9 billion, a 19 percent increase from N17.5 billion in December 2020, which according to the Company was as a result of its superior value proposition and increased patronage from all its institutional and retail customers.
This is as Profit Before Tax rose to N3.7 billion, as against N2.19 billion the previous year, indicating a 69 percent increase, while Profit After Tax was N3.5 billion, an increase of 60 percent from N2.19 billion in 2020.
Speaking on the results, Ganiyu Musa, the group managing director (GMD), stated that the Company’s performance in 2021 was as 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.
According to him, “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”.
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“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”.
Kehinde Olorundare, the chief financial officer (CFO) said: “The Board of Directors of the Company will propose to the AGM the dividend of 5k (five kobo) per ordinary share of 50k (fifty kobo) each. Dividend will be paid to the duly mandated accounts of Members so entitled, whose names appear in the Register of Members”.
Further details of the account shows a 381 percent growth in underwriting profit to N5.2 billion against N1.08 billion, which according to the company was driven by focus on cost optimization and conservative approach to underwriting.
Total Assets in the year under review was N49.3 billion, an increase of 13 percent from N43.8 billion in 2020, and has been driven largely by strong growth in turnover which dovetailed into growth in insurance funds.
The AGM will be streamed live via the Company’s website. This will enable Members and other Stakeholders who will not attend the meeting physically to observe the proceedings, the company noted.