By Kayode Tokede
Cornerstone Insurance Plc reported 29 per cent increase in claims expenses to N3.96billion in 2020 from N3.07billion reported in 2019.
The insurance company in the year under review also reported 34 per cent increase in gross premium written to N17.54billion in 2020 from N13.06billion in 2019.
According to full year ended December 31, 2020 results to the Nigerian Exchange Limited, the company in 2020 reported 47 per cent drop in profit to N2.19billion from N4.11billion reported in 2019.
The Company was incorporated 1991 as a private limited liability company and converted to a public limited liability company on 17 June 1997.
The Company’s principal activity continues to be the provision of risk underwriting and related financial services to its customers. Such services include provision of life and Non-life insurance services for both corporate and individual customers.
The Company has three subsidiaries – FIN Insurance Company Limited, Cornerstone Takaful Nigeria Limited and Cornerstone Leasing & Investment Limited. FIN Insurance Company Limited is a private limited liability company incorporated in Nigeria and its primary activity is the provision of general insurance business.
Cornerstone Insurance Plc acquired 96.68% equity interest in Fin Insurance Company Limited in 2015 thereby qualifying Fin Insurance Company Limited as a subsidiary. Cornerstone Takaful Nigeria Limited is a Company incorporated in Nigeria and its primary activity is the provision of Takaful insurance business. Cornerstone Takaful Nigeria Limited commenced operation on 1 April 2020, with Cornserstone Insurance Plc owning 99.99% equity interest in Cornerstone Takaful Nigeria Limited. Cornerstone Leasing and Investment Limited commenced operations on 1 July 2004 and provided convenient asset acquisition options to both corporate organizations and individuals. Cornserstone Insurance Plc has 100% equity interest in Cornerstone Leasing and Investment Limited which is currently dormant
The consolidated financial statements include the results of its three subsidiaries.