Cornerstone Insurance assures shareholders of consistent dividends

Cornerstone Insurance Plc has assured its shareholders of consistent dividend payment.

The Chairman of the company, Segun Adebanji, said this during its annual general meeting in Lagos.

He said, “I want to thank our shareholders for their patience and understanding during the last five years. Our resolve is to earnestly work harder for our company to be able to pay dividends consistently in the coming years. We encourage all shareholders to embrace the e-dividend option for the prompt payment of their dividends.”

At the meeting, the shareholders approved the company’s recommended total dividend of N908.32m of N0.05 per ordinary share of 50 kobo each for the year ended 31 December 2021.

“Our company achieved revenue growth both in our insurance and investment activities and also achieved substantial improvement in its profitability, despite the challenging business and competitive environment,” he said.

The Group Managing Director, Mr Ganiyu Musa, while giving details of the operations, noted that the life underwriting result was significantly higher than the previous year at N2.82bn compared with N140m in 2020.

“We continued to pay close attention to the quality of our underwriting using our carefully designed risk acceptance criteria to filter business opportunities,” he said.

Speaking on general business, he said, “Our General Insurance portfolio grew by 26 percent from the previous year with all the sub-classes showing an increase, except bond which represents less than one of the portfolio. The oil, gas & aviation sub-class continued to lead with a 35 percent contribution in 2021 and a growth of 28 percent from the previous year.”

He added, “As we seek to consolidate our position within the industry and strive for even greater market share, we will continue to harness our dynamic capabilities such as our creative and resourceful human capital, our commitment to providing an excellent customer service experience and our robust technology platform to their full potential in order to exceed our shareholders’ expectations.”

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