For the year ending December 31, 2022, Cornerstone Insurance Plc, an underwriting company, announced N1.089 billion as a dividend to shareholders at six kobos per ordinary share of fifty kobos, each, as opposed to N908 million it declared in 2021.
This information was presented at the organization’s 31st annual general meeting in Lagos. The overall premium written increased from N20.92 billion in 2021 to N22.25 billion, a six percent increase.
According to Segun Adebanji, the chairman of the underwriter, notwithstanding difficulties during the year under review, life insurance premiums increased by 4%, from N5.36 billion the year before to N5.62 billion in 2022, and accounted for 25% of the gross premium written.
He said that the aviation, engineering, and motor classes contributed the most, with contributions of N3.62 billion, N3.77 billion, and N1.9 billion, respectively, to the general business gross premium written.
“While net claim 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.”
“We will continue to pursue profitable growth opportunities in our core markets while exploring new avenues to expand our business. We will also continue to invest in digital capabilities to provide innovative and personalized services to our customers. Furthermore, we will continue to prioritise sustainability and responsible business practices, as we believe that they are essential to creating long-term value for our stakeholders,” he said.
