Cornerstone Insurance Plc and its subsidiaries’ gross written premium rose by six per cent to N22.25bn in 2022 financial period.
Its net claims expense ratio for the year stood at 27 per cent and continued to trend downward, as the stricter risk acceptance parameters it put in place continued to yield positive results, he said.
The chairman said it ended the financial year with a profit before tax of N2.92bn, which was a drop of 22 per cent from the previous year. The Group Managing Director/Chief Executive Officer, Ganiyu Musa, said its life business underwriting result rose by 9.6 per cent from N2.82bn in the previous year to N3.09bn in 2022.
He added that, “Our general insurance subsidiary Fin Insurance generated N3.44bn in gross premium written, representing a 15 per cent contribution to the group’s GPW, and a growth of 53 per cent over the 2021 financial year.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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