Regardless of the difficult enterprise setting, Cornerstone Insurance coverage Plc recorded a gross premium written of N17.53 billion in 2020.
The Chairman, Segun Adebanji, on the agency’s twenty ninth digital yearly normal assembly, disclosed that the feat represented a rise of 34 per cent in contrast with the previous 12 months.
He famous that premium from the life insurance coverage grew from N3.84 billion within the earlier 12 months to N5.54 billion, which accounted for 31 per cent of the gross premium written and that the most important contributors to normal enterprise premium have been oil and gasoline, aviation, engineering and motor enterprise, contributing N3.53 billion, N2.86 billion and N1.52 billion respectively.
Adebanji mentioned that the funding portfolios additionally yielded optimistic figures, pushed primarily by the impact of modifications in international change charges and gross sales of foreign-currency-denominated property in the course of the 12 months. Funding and treasury actions contributed N3.73 billion to total income, he mentioned.
In keeping with him, the gross claims elevated by 41 per cent and have been comparatively secure year-on-year for the reason that firm put in place stricter danger acceptance meters. He added that the agency’s web claims fee stood at N3.95 billion.
He posited that although the general ratio of income claims has remained comparatively secure, the results of the This fall 2020 protests are noticeable within the agency’s monetary statements, as non-life gross claims incurred elevated by 62 per cent, in comparison with the earlier 12 months and gross claims from the fireplace class particularly rose by 85 per cent, from N816 million in 2019 to N1.51 billion.
Adebanji maintained that personnel and different working prices dropped by near seven per cent as administration executed distant working protocols and different measures to safeguard the welfare of workers.
“Our funding in a sturdy nationwide know-how infrastructure over time ensured that standard operations have been carried out unabated. Consequently, our group ended the 12 months with a revenue earlier than tax of N1.76 billion,” he mentioned.
He mentioned the agency’s monetary efficiency may be attributed to its deal with strengthening enterprise danger administration frameworks over the previous few years.