Cornerstone Insurance Plc and its subsidiaries’ gross written premium rose by six per cent to N22.25bn in 2022 financial period.
The Chairman, Segun Adebanji, disclosed this during its 31st annual general meeting in Lagos on Wednesday.
He said, “Despite the many challenges that the environment presented, the gross premium written of Cornerstone Insurance Plc and its subsidiaries (Cornerstone Group or The Group) for the year under review was N22.25bn, representing an increase of six per cent over the previous year’s total of N20.92bn.”
He said premiums from life insurance rose by about four per cent from N5.36bn in the previous year to N5.62bn in 2022, and accounted for 25 per cent of the gross premium written.
The largest contributors to general business gross premium written, he noted, were oil & gas, aviation, engineering and motor classes, contributing N3.62bn, N3.77bn and N1.9bn respectively.
Its net claims expense ratio for the year stood at 27 per cent and continued to trend downward, as the stricter risk acceptance parameters it put in place continued to yield positive results, he said.
The chairman said it ended the financial year with a profit before tax of N2.92bn, which was a drop of 22 per cent from the previous year.
The Group Managing Director/Chief Executive Officer, Ganiyu Musa, said its life business underwriting result rose by 9.6 per cent from N2.82bn in the previous year to N3.09bn in 2022.
He added that, “Our general insurance subsidiary Fin Insurance generated N3.44bn in gross premium written, representing a 15 per cent contribution to the group’s GPW, and a growth of 53 per cent over the 2021 financial year.”
