Cornerstone Insurance posts 47% drop in annual profit

Cornerstone Insurance Plc has reported a profit after tax of N2.19 billion for the financial year 2020, down by 47 percent from N4.11 billion in 2019.

The company said its profit before tax fell by 56 percent to N1.77 billion last year from N4.01 billion in 2019.

Its gross premium written, however, increased to N17.54 billion in 2020 from N13.06 billion a year earlier while its gross premium income rose to N15.72 billion from N13.29 billion, according to its audited financial statements released on Sunday.

Its claim expenses increased by 29 percent to N3.96 billion last year from N3.07 billion while underwriting expenses rose to N2.18 billion from N1.99 billion.

The company’s total assets stood at N43.83 billion on December 2020, up 25 percent from N35.15 billion at the end of 2019, while its total liabilities rose by 29 percent to N26.10 billion from N20.28 billion.