Just a day after the company released its full year 2015 report, Cornerstone Insurance PLC has just dropped its much awaited Q1 2016 report.
As a topline, the company’s year on year gross premium collected increased to NGN 4.2 billion compared to 2.1 billion it recorded within the same quarter last year.
Clearly showing how difficult the quarter was for the company, its unearned premium (insured persons and entities who defaulted in their payment schedules) rose to NGN 1.9 billion compared to NGN 731 million it suffered in the same quarter last year. This is represents about 171.4% decline in its projected premium.
The company’s cash portfolio has not grown significantly. Its Q1 2016 report says its cash account is NGN 6.6 billion when compared to its cash balance in the same quarter last year put at NGN 6.5 billion.
The company’s total asset grew by NGN 3 billion year on year. Cornerstone’s net asset for the quarter is NGN 23.4 billion compared to NGN 20.9 billion to its last year figure. Its liabilities are however some distance from its assets but it has grown by 37.5%. The company’s liabilities is estimated at NGN 11 billion compared to NGN 895 million.
For Cornerstone’s investors, the company has gotten out of the asset management business. It is winding up Cornerstone Asset Management. The company will complete the process this year.