* GMD Ganiyu Musa to retire soon
Kindly leave a comment and share
Chuks Udo Okonta
Cornerstone Insurance Plc has said despite the many challenges that the environment presented in year 2022, it recorded a Gross Premium Written (GPW) of N22.25 billion representing an increase of six per cent over the previous years total of N20.92 billion.
The Chairman of the underwriting firm, Segun Adebanji, disclosed this today at the Company’s Annual General Meeting (AGM) in Lagos, adding that premiums from life insurance rose by about four per cent from N5.36 billion in the previous year to N5.62 billion in 2022
and accounted for 25 per cent of the Gross Premium Written.
He submitted that the largest contributors to general business gross premium written were: Oil & Gas; Aviation; Engineering and Motor classes, contributing N3.62 billion; N3.77 billion and N1.9 billion respectively.
“Our net claims expense ratio for the year stood at 27 per cent and continues to trend downward, as the stricter risk
acceptance parameters we put in place continue to yield positive results. We ended the financial year with a profit
before Tax of N2.92 billion, which is a drop of 22 per cent from the previous year,” he posited.
He told the shareholders at the meeting that the firm had declared a total dividend of N1,089,983,563.50; which is, 6 kobo only per ordinary share of Fifty (50) kobo each for the year ended 31 December 2022(2021:N908,319,636.25).
On Corporate Social Responsibility & ESG undertaken by the firm, he noted that: “We reinstated three children in Lagos and Anambra to school.
“Our company remains committed to inclusive partnerships built upon shared values and vision for
sustainable development, and this is an integral part of our strategy.
“Three charitable projects were conducted in 2022 and they were aimed at meeting the identified needs in our society.
“We co-sponsored DOAM Foundation’s 11th Edition Golf Tournament held at the Golf Section of Ikoyi Club 1938
on February 26, 2022. The DOAM Foundation, for more than 15 years, has been on a journey to impacting lives
through addressing some of the challenges faced by the less privileged children; hence the tournament, which
sought to raise funds for the Foundation’s charitable
projects,” he said.
Adebanji stated that the company donated the sum of N400,000 to support this laudable project aimed at giving a sense of belonging to
indigent children in underserved and neglected communities across the country.
He posited that on March 8, 2022, Cornerstone Insurance Plc Foundation (CIPLCF) partnered with the Chinwe Bode Akinwande Foundation (CBAF) toimplement three lifechanging projects targeted at empowerment, education, and welfare, adding that empowerment is an integral
part of Cornerstone’s CSR pursuits; hence it strove to support vulnerable women with sustainable means of
livelihood to better their lives and dependents.
He submitted that in Magbo community of Epe Lagos, CIPLCF came to the aid of two widows by assisting them with funds to start small businesses in addition to paying the house rent of one, adding that in Port Harcourt, the firm helped a widow regain a new lease of life by establishing a fabric business for her.
He said leveraging the success of its previous Back2School projects, it reinstated three children in Lagos and Anambra to school by paying their tuition fees. “We also enrolled a woman into a skill acquisition institute so that she can provide for herself and family.
“Our collaborative efforts with CBAF have allowed us to meet the needs of underprivileged widows and children in poor communities, ensuring that we put lasting smiles on their faces.
“We visited the Kirikiri Correctional Centre located at Apapa, Lagos in December 2022. Accompanied by a
team of Doctors and Nurses from the Sirona Hospital, Festac Town, we conducted free medical tests in the
Female section of the MaximumSecurity prisons. We also donated some consumables to the correctional center to improve the inmates’ health and well-being. Items donated include bags of rice, medicines, and toiletries,” he said.
The Group Managing Director Ganiyu Musa, said the firm’s life business underwriting result rose by 9.6 per cent from N2.82 billion in the previous year to N3.09 billion in 2022, stressing that the company would continued to pay close attention to the quality of its underwriting using its carefully designed Risk Acceptance Criteria to filter business opportunities.
He said general business and
oil & gas as well as aviation gross premium written dipped by 24 per cent from N4.51 billion in the previous year to N3.62 billion in 2022.
According to him, the company continued to place emphasis on the quality of the underwriting and business acceptance.
Musa noted that the company is looking ahead and remained committed to its vision of being the leading insurance based financial services group, stressing that the company would keep striving to be a responsible
and sustainable business that creates long-term value for all our stakeholders.
He pledged that the firm would continue to innovate, invest in its people, and operate with integrity, while
remaining responsive to the evolving needs of its customers and communities.
Shareholders at the event commended the firm for the financial performance and dividend payout.
The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu, whilst commending the firm for sustaining legacies of the founder of the company, enjoined the board and management to do more in generating robust returns on investment for shareholders.
He also applauded the outgoing group managing director for his sterling contributions to the growth of the company.
Another shareholder, Nona Awo, commended the firm for a sustained dividend payout and implored the management to always strive to earn more returns for investors.
He also appreciated Ganiyu Musa for helping the company to growth.
