L-R: A non Executive Director in Cornerstone Insurance Plc, Dominic Ichaba, Company Secretary, Elizabeth UBA-Onubogu, the Chairman, Segun Adedeji and the Group Managing Director/CEO, Ganiyu Musa during the firm’s 25th Annual General Meeting today in Lagos

 

In spite of the harsh economic environment in the country Cornerstone Insurance Plc today announced a gross premium written of N9.1 billion, this indicated a 25 per cent surge when compared with the N7.3 billion recorded in the comparable period of 2015.

The company attributed the growth to sales to retail customers which accounted for 25 per cent of the premium while special risks products to oil & gas and engineering sector contributed the second highest proportion at 23 per cent .

Addressing shareholders at the 25th annual general meeting of the company in Lagos, the group Chairman Cornerstone Insurance Plc., Segun Adedeji assured shareholders that increased financial strength from conclusion of the acquisition of Fin Insurance and its growing reputation as a credible partner has been imparting positively on the firm .

According to him, net investment income increased by 98 per cent from N.74 billion to N1.4 billion.

However, the firm reported loss before tax of N1.26 billion within the period, this the chairman said was as a result of negative economic trend, ” Despite the moderate growth, in revenue, the combined effects of the harsh macroeconomic environment, high claims cost, rising inflation and benign investment income have led to a reported loss before tax of N1.26?billion”.

He equally explained that high claims experience within the period which grew to N4.5 billion representing 61 per cent when compared with the 2015 figure of N2.8 billion also imparted negatively to the company’s bottom line.