Cornerstone Insurance records 61.14% drop in profit

By Kayode Tokede

Cornerstone Insurance Plc, a group which engages in various business lines ranging from property-casualty insurance, life/ health insurance and leasing has released its unaudited financial statement for the period ended 31 December 2020 with 34.74per cent increase in gross premium written to N17.6 billion from N13.1 billion in 2019.

However, the group profit for the year dropped by 61.14% to N1.597 billion from N4.109 billion in 2019.

Cornerstone was incorporated on 26 July 1991 as a private limited liability company and converted to a public limited liability company on 17 June 1997.

The Company has two subsidiaries – Fin Insurance Company Limited & Cornerstone Leasing and Investment Limited.