Cornerstone insurance saw 6% profit growth in 2016

Cornerstone insurance saw 6% profit growth in 2016

Cornerstone insurance plc recorded NGN8.4 billion gross premium income for the last quarter of 2016 compared to NGN7.1 billion recorded in the financial year 2015.

Its reinsurance expenses for the year was NGN3.2 billion loss against NGN2.1 billion loss recorded in the year before.

The insurance company reported that itsNet premium income was NGN5.1 billion in contrast to NGN5.0 billion recorded in the year 2015. Its net underwriting income was NGN5.6 billion compared to NGN5.3 billion recorded in fiscal year 2015.

Cornerstone insurance recorded NGN1.2 billion profit before taxation against NGN1.8 billion recorded in the year 2015. After settling its tax for the period, its profit for the year increased to NGN1.7 billion from NGN1.6 billion recorded in the year 2015.

Cornerstone insurance plc acquired NGN21.4 billion assets in the year in review against NGN20.9 billion acquired in the year before. Its total liabilities for the period was NGN11.1 billion against NGN8.8 billion recorded in the previous year.

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