• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, May 12, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Cornerstone Insurance records N20.9bn GPI in 2021, pays dividend

Insurance

The Matters Press by The Matters Press
July 27, 2022
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

Shareholders of Cornerstone Insurance Plc has lauded the firm for an outstanding performance for the year 2021.

RELATED POSTS

Rescued victims of human from Cote D Ivoire arrive Nigeria

Northern governors, traditional rulers call for accelerated action against Insecurity

As enrollment of nurses peaks at 115,000, Nigeria ready to outsource medical personnel to the world – TMV

They also approved the payment of 5 kobo per ordinary share of 50 kobo as dividend for the financial year ended Dec. 31, 2021.

The shareholders gave the commendation on Wednesday at the insurers’ hybrid 30th Annual General Meeting (AGM) held in Lagos.

They also commended the underwriting firm for recording a Gross Premium Income (GPI) of N20.9 billion in the year under review.

Mr Timothy Adesiyan, President, Nigerian Shareholders’ Solidarity Association (NSSA), applauded the firm for an outstanding financial performance and for employing more labour in spite of the current economic situation.

Dr Anthony Omojola, Chairman, Independent Shareholders Association of Nigeria (ISAN) hailed the insurance company for paying dividend to its shareholders and setting the pace for other operators in the industry on shareholders’ welfare.

Mr Segun Adebanji, Chairman, Cornerstone Insurance Plc appreciated the shareholders and management of the underwriting firm for sustaining its growth trajectory.

Adebanji explained that while the business environment is presently very tough, the firm would continue to rely on the support of its shareholders for sustainability.

In his remark, the Group Managing Director, Cornerstone Insurance, Mr Ganiyu Musa, said that the firm’s performance in 2021 was as a result of strict adherence to a well laid out long term growth strategy.

Musa stated that the strategy was based on sound business principles and the core values of integrity, empathy, professionalism, innovation and team spirit.

” 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.

“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,” he said

According to him, the dividend of 5k per ordinary share of 50k each as declared by the company’s Board of Directors will be paid to the duly mandated accounts of members so entitled, whose names appear in the register .

Musa stated that the insurance firm’s financial indices indicated that its gross premium income appreciated to N20.9 billion when compared to N17.5 billion reported in 2020, which is an increase of 19 per cent.

He said that the underwriting result rose to N5.2 billion when compared to N1.08 billion in year 2020, which is 381 per cent growth.

The managing director said that the Profit Before Tax rose by 69 per cent to N3.7 billion as against N2.19 billion in 2020, which was driven by strong revenue growth and improved operational efficiency.

Musa said that the company’s Profit After Tax reveals 60 per cent growth to N3.5 billion in 2021, when compared to N2.19 billion recorded in 2020.

“Total Assets of the insurer rose to N49.3 billion, an increase of 13 per cent as against N43.8 billion in 2020.

“Shareholders’ Funds of the insurer at the end of full year 2021 rose to N20.17 billion as against N17.45 billion in 2020.

” The growth was been driven by strong growth in turnover which dovetailed into growth in insurance funds,” he said.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Rescued victims of human from Cote D Ivoire arrive Nigeria
Foreign

Rescued victims of human from Cote D Ivoire arrive Nigeria

May 11, 2025
Northern governors, traditional rulers call for accelerated action against Insecurity
News

Northern governors, traditional rulers call for accelerated action against Insecurity

May 11, 2025
Smile finally visits nurses, now on enhanced salary entry point
Economy/Technology

As enrollment of nurses peaks at 115,000, Nigeria ready to outsource medical personnel to the world – TMV

May 10, 2025
Nigerians kick against re-opening of schools as COVID-19 bites harder
Economy/Technology

With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV

May 9, 2025
Nissan recalls 1,150,000 vehicles in 3 months
Economy/Technology

Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI

May 8, 2025
Economists Challenge IMF on call for further VAT increase in Nigeria
Economy/Technology

Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

May 6, 2025
Next Post
Experts seek implementation of economic development plans

FEC receives Medium Term Expenditure Framework 2023-2025

What Central Bank did to First Bank, experts excited as new directors emerge

Firstmonie Agents hit 1bn transaction volume – Firstbank

Recommended Stories

Russia, Saudi Arabia renew oil production cut

Russia, Saudi Arabia renew oil production cut

December 2, 2018
July petrol pump price ranges between N140.80 and N143.80

35,000 MT of petrol expected at Lagos ports – NPA

August 13, 2022
Aftermath of protests: Nigeria scraps anti-robbery squad

Aftermath of protests: Nigeria scraps anti-robbery squad

October 11, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Rescued victims of human from Cote D Ivoire arrive Nigeria
  • Northern governors, traditional rulers call for accelerated action against Insecurity
  • As enrollment of nurses peaks at 115,000, Nigeria ready to outsource medical personnel to the world – TMV

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us