Cornerstone Insurance declares N2.9bn dividend payment for 2023

Cornerstone Insurance Plc, a provider of risk management services, has declared a final dividend of N2.906 billion for its shareholders at the rate of 16 kobo per ordinary share of 50 kobo for the year 2023. The Chairman of Cornerstone Insurance Plc, Segun Adebanji, disclosed this during the company’s 32nd Annual General Meeting (AGM) in […]

Cornerstone Insurance Plc, a provider of risk management services, has declared a final dividend of N2.906 billion for its shareholders at the rate of 16 kobo per ordinary share of 50 kobo for the year 2023.

The Chairman of Cornerstone Insurance Plc, Segun Adebanji, disclosed this during the company’s 32nd Annual General Meeting (AGM) in Lagos.

He said the company recorded 38% growth in its topline from N22.2bn in 2022 to N30.6bn in 2023. 

The chairman, however, said following the implementation of the new IFRS 17 standards, the group reported an insurance revenue of N25.91 billion for the year under review. 

This, he said, represents a robust growth of 26.5% compared to FY 2022 revenue of N20.48 billion.

According to him, insurance revenue from life portfolio rose marginally by 2% from N5.18 billion in the previous year to N5.28 billion in 2023 and accounted for 20% of the total insurance revenue.

He said the largest contributors to General Business Insurance Revenue were (i) Engineering, (i) Oil and Gas, & (i Motor classes, contributing N4.48 billion, N3.49 billion and N2.51 billion respectively.  

“Furthermore, we concluded the financial year with a Profit Before Tax of N17.08 billion, which showed a remarkable rise over the restated IFRS 17 loss of N1.06 billion recorded in the previous year. 

“This significant increase was driven by gains  attributable to our investment portfolios and underscores our strategic focus on profitability and sustainable growth,  thereby reinforcing our strong financial position,” Adebanji said.