Cornerstone Insurance forecasts 38.92% profit decline in Q4

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By Kayode Tokede

Cornerstone Insurance Plc, a company licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life Insurance business  has released its earnings forecast for the fourth quarter ending 31 December 2020, saying its group hoped to earn a profit after tax of N611.111 million during the period.

The forecast sent to the Nigerian Stock Exchange (NSE) and signed by Ganiyu Musa, Group Managing Director and Kehinde Olorundare, Chief Financial Officer did not include the records for previous quarters for comparative purpose, as the firm also projected N2.612 gross premium for the last quarter of the year.

The company has not released its unaudited third quarter 2020 results, but a check on its website showed that it recorded a profit after tax of N1 billion in Q2 2020, a 38.92per cent improvement over the forecast for Q4.

Moreover, the group’s gross premium forecast of N2.612 billion for Q4 is 67.52per cent  short of record for Q2 2020.