Cornerstone Insurance Group’s profit before tax rose by 20 per cent from N870.2m in 2013 to N1.04bn in 2014.
The Group Chairman of the company, Adedotun Sulaiman, disclosed this during its 23rd annual general meeting in Lagos.
He also said that its profit after tax grew by 11 per cent to N946.48m in 2014 from N860.36m the previous year.
“The financial performance in 2014 is a reflection of our deliberate focus on profitable underwriting and investment performance, while cautiously pursuing top-line growth,” Sulaiman said.
He said it would pay 0.02k dividend, adding that it had embarked on transformation, building capacity and remodelling insurance practice in Nigeria in the last few years.
The company revealed that its gross premium written stood at N5.21bn; gross premium income also rose by 12 per cent from N4.62bn in 2013 to N5.19bn.
Underwriting profit, he said, rose by 60 per cent from N939m to N1.50b, and the company paid N1.23bn claims in the year under review.
Other highlights of the result included a 12 per cent growth in investment income to N999m from N890m in the period under review while shareholders equity appreciated by 12 per cent from N6.90bn in the previous year to N7.76bn; and the company’s retained earnings moved from a negative N555m in 2013 to N99m in the year under review.
Shareholders commended the board and management, stating that the company after concluding its acquisition of Fin Insurance, would be better positioned for increased shareholder value.
Sulaiman stated that the focus of the company in 2015 would be on strategic priorities and delivering on growth targets.
“We expect a more proactive stance from the Central Bank of Nigeria this year in ensuring currency stability, economic improvement and the continued development of growth sectors.”
“For Cornerstone Insurance, following your approval of the acquisition of FIN Insurance, our focus is to complete the integration of the enlarged company to create complementary values in such areas as distribution channels, geographical spread and product opportunities, among others,” he said.
According to him, Cornerstone has continued to make progress in one of its value-rich mass market insurance products in partnership with Airtel and Macroensure.