Cornerstone profit dips by N46.6% in 2020

Cornerstone Insurance has recorded a drop in its full year 2020 profit by as much as 46.6 per cent despite a signifcant improvement in its gross premium written (GPW), according to its financial report seen by Nigerian NewsDirect agent.

The insurer posted profit of N2.19billion compared to the previous year’s N4.1billion, while its gross premium written for the fiscal year was N17.5billion against N13 billion the previous year.

Consequently, gross premium income for the period under review reached N15.7 billion. This amount represents 18 per cent increase over the amount recorded the previous year. While the reinsurance expenses amounted to N7.6 billion in 2020.

The year also saw the underwriter record a decline in net premium income by 15 percent to close at N5.6 billion against the N6.6 billion recorded the previous year, while the net underwriting income moved slightly downward to close at N7.2 billion. Net claim expenses and underwriting expenses for the period reached N3.96 billion and N2.178 billion, while that of the previous year was valued at N3.07 billion and N1.99 billion respectively. Investment income witnessed an uptick reaching N1.16 billion against the N1.13 billion in 2019 leaving the profit for the period at N2.19 billion