Shareholders approve all resolutions at Cornerstone Insurance’s AGM
Cornerstone Insurance plc, the Nigeria based company, engaged in the provision of life and non-life insurance services, held its 31st Annual General Meeting (AGM), on Wednesday at Muson centre Onikan Lagos,where all resolutions were approved by the shareholders of the company.
Amid impressive performance delivered in 2022 financial year, the group life business underwriting result rose by 9.6 per cent from N2.82 billion in the previous year to N3.09 billion in 2022. We continued to pay close attention to the quality of our underwriting using our carefully designed Risk Acceptance Criteria to filter business opportunities. The group oil and gas as well as aviation gross premium written dipped by 24 per cent from N4.51 billion in the previous year.
The Chairman of Cornerstone Insurance, Mr. segun Adebanji, stated that the year 2022 was challenging in many respects, with significant global and domestic economic headwinds, our company continues to achieve revenue growth in our insurance activities.
Speaking on global economy, he said GDP continued to grow in the OECD in 2022 (2.9 per cent), but at a more moderate pace than in 2021 (5.7 per cent) when economies were recovering from the immediate impact of the COVID-19 pandemic. The global growth forecast slowed from 6.0 per cent in 2021 to 3.2 per cent in 2022
While there is debate about whether the successful global rollout of the vaccines or the resulting herd immunity were dominant factors in the drop in infection rates, the one exception to this trend was China. China continued to pursue a zero- tolerance policy long after every other country had reversed this policy, thereby further disrupting global supply chains and contributing to high inflation rates across many economies.
The ramifications of the Russia and Ukraine war were felt across the globe. Russia’s invasion of Ukraine in February 2022 led to a price surge in global crude oil prices, with Brent reaching its highest price since 2008 at $139 per barrel. The inability of Ukraine to export, given its importance as a key exporter of grains and cooking oil, particularly to African countries, led to supply shortages and soaring prices.
Macroeconomic Review On the home front, Nigeria’s overall annual GDP growth rate in 2022 stood at 3.10 per cent, down from 3.40 per cent reported in 2021. According to the National Bureau of Statistics (NBS), the growth in the economy was largely driven by the non-oil sector which accounted for 95.66 per cent of growth, while the oil sector contributed 4.34 per cent.
In conclusion, he thanked the employees for their “hard work and dedication, our customers for their trust and loyalty, our partners for their collaboration, and our shareholders for their continued support. We remain committed to delivering sustainable value and generating attractive returns for all our stakeholders.”
