Underwriting firm, Cornerstone Insurance Plc, has proposed to pay its shareholders a dividend of five kobo per ordinary share of 50 kobo for the financial year, which ended December 31, 2021.

The dividend payment will be subject to shareholders’ approval at the Annual General Meeting (AGM) scheduled for July 26,2022 in Lagos.

The firm, in the year under review, recorded a Gross Premium Income of N20.9b, a 19 per cent increase from N17.5b in December 2020, which according to the insurer, was as a result of its superior value proposition and increased patronage from all its institutional and retail customers.

This is as Profit Before Tax rose to N3.7b, as against N2.19b the previous year, indicating a 69 per cent increase, while Profit After Tax was N3.5b, an increase of 60 per cent from N2.19b in 2020.

The Group Managing Director (GMD), Ganiyu Musa, said the company’s performance in 2021 was as a result of strict adherence to a well laid-out long-term growth strategy 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.

The firm’s Chief Financial Officer (CFO), Kehinde Olorundare, said: “The Board of Directors will propose to the AGM the dividend of five kobo per ordinary share of 50 kobo each. Dividend will be paid to the duly mandated accounts of members so entitled, whose names appear in the Register of Members”.

Further details of the account shows a 381 per cent growth in underwriting profit to N5.2b against N1.08b, which according to the company, was driven by focus on cost optimisation and conservative approach to underwriting.

Total Assets in the year under review was N49.3 billion, an increase of 13 per cent from N43.8b in 2020, and has been driven largely by strong growth in turnover, which dovetailed into growth in insurance funds.

“The AGM will be streamed live via the company’s website. This will enable members and other stakeholders who cannot attend physically to observe the proceedings,” the company noted.