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Cornerstone Insurance raises financial proficiency in Q3

By Bankole Orimisan
19 December 2018   |   3:21 am
Cornerstone Insurance Plc has said its top line increased by 30 per cent at the end of third (Q3) 2018, a boost to its determination to drive growth in the nation’s insurance industry.

Ganiyu Musa. PHOTO: Innovation Village

Cornerstone Insurance Plc has said its top line increased by 30 per cent at the end of third (Q3) 2018, a boost to its determination to drive growth in the nation’s insurance industry.
 
The Group Managing Director, Ganiyu Musa, disclosed this during a media parley in Lagos, saying that 2018 has been significantly successful when compared with the 2017 financial year.
 
Musa explained that its underwriting profit margin in 2018 improved significantly and have been able to move full circle from underwriting loss position in Q3, 2017 to significant underwriting profit at the end of  third (Q3)2018.
 
“We took a decision to invest more on long term rather than focus more on short term investment gains, specifically  with our head office building, which is a top notch N8 billion investment project,” he said.He said the building is not only built to be occupied by the company, but an investment property, adding that “the monies that had been committed into that project in the past three years were part of the strategic plan.”
 
He assured that the 2018 full year result will be significantly better than 2016 and 2017, even as the company has announced the appointment of Mr. Chidiebere Nwokeocha, as an Executive Director. Nwokeocha has over 28 years varied working experience, spanning banking and finance, oil and gas, corporate, commercial, and retail banking, among others.