Cornerstone Insurance PLC’s half year net profit rose by 300%. This is one of the most impressive half year result released on the Nigerian Stock Exchange over the week.
Gross premium written for the half year rose to NGN6 billion compared to NGN3.9 billion written last year. This represent a growth of 54%. When compared to its Q1 performance, gross premium collected increased to NGN 4.2 billion compared to 2.1 billion it recorded within the same quarter last year.
However, default in payment of premium rose higher as NGN1.9 billion was unearned premium for the period.
Net asset for the period was NGN24 billion compared to its net liabilities of NGN11 billion.
In the first quarter report, the company had announced that it divested from Cornerstone Asset Management. The company will complete the process this year.
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