Cornerstone Insurance Plc has recorded a decline in its profit for the year by 46.6 per cent despite a significant improvement in its gross premium written during the fiscal year 2020. Financial report made available on the Nigerian Exchange group shows.
The insurer during this period saw its profit for the year valued at N2.19 billion compared to the previous year’s N4.1 billion while its gross premium written for the fiscal year was N17.5 billion against N13 billion the previous year.
Consequently, gross premium income for the period under study reached N15.7 billion. This amount depicts 18 per cent greater than the amount recorded the previous year. While the reinsurance expenses amounted to N7.6 billion in 2020.
The year 2020 saw the underwriter record a decline in net premium income by 15 per cent 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 under study 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.