3 months ago
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Cornerstone Insurance Plc has declared 16 kobo dividend per ordinary share of 50 kobo in its 2023 financial year.
This, it said, is a way to reward shareholders who have stood by the company in its last financial year. Similarly, its revenue increased by 26.5 per cent to N25.91 billion in the December 2023 financial year.
Speaking at its 32nd Annual General Meeting (AGM) in Lagos recently, chairman, Segun Adebanji, disclosed that the Group recorded 38 per cent growth in its top line from N22.2 billion in 2022 to N30.6 billion in 2023.
Following the implementation of the new IFRS 17 standards, he said, the Group reported insurance revenue of N25.91 billion for the year under review, adding that this represents a robust growth of 26.5 per cent compared to FY 2022 revenue of N20.48 billion. “Insurance revenue from life portfolio rose marginally by two per cent from N5.18 billion in the previous year to N5.28 billion in 2023 and accounted for 20 per cent of the total insurance revenue,” he said.
Saying that, “We concluded the financial year with a profit before tax of N17.08 billion, which showed a rise of over the restated IFRS 17 loss of N1.06 billion recorded in the previous year, he added that, “the significant increases were driven by gains attributable to investment portfolios and underscores the strategic focus on profitability and sustainable growth, thereby, reinforcing strong financial position.”
The group managing director/CEO, Stephen Alangbo, said, in the year under review, Cornerstone attained a 24 per cent growth in its general business portfolio, increasing from N11.84bn (2022) to N14.73 billion (2023) even as ts subsidiary, FIN Insurance, achieved a remarkable performance, generating N5.36 billion in insurance revenue, nothing that, the figure represents a 21 per cent contribution to the Group’s overall insurance revenue and a substantial 77 per cent growth, compared to N3.03bn achieved in 2022.
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