Cornerstone Insurance group has recorded a 20 per cent growth in profit before tax for the financial year ended December 31, 2014, moving from N870.2 million in 2013 to N1.04 billion.
The profit after tax also grew by 11 per cent to N946.48 million from N860.36 million the previous year.
The underwriting firm, which has embarked on transformation in the last few years building capacity and remodeling insurance practice in Nigeria, has also paid a 0.02 kobo dividend, promising its shareholders greater future and value creation.
Announcing the performance at company’s 23rd yearly general meeting held in Lagos, Adedotun Sulaiman, Group Chairman said despite the challenging business environment, Cornerstone experienced modest growth in 2014.
“The financial performance in 2014 is a reflection of our deliberate focus on profitable underwriting and investment performance, while cautiously pursuing top-line growth”.
While the gross premium written stood at N5.21 billion, gross premium income inched 12 percent, moving from N4.62 billion in 2013 to N5.19 billion.