Cornerstone Insurance reports NGN2.1 billion loss in six months

International Breweries

Cornerstone Insurance plc recorded total loss of NGN2.1 billion in the nine months ended in the year compared to NGN435.8 million loss recorded same period in the financial year 2016.

The insurance company recorded lower gross premium written of NGN7.3 billion in contrast to NGN7.6 billion recorded in the previous year while premium income was higher at NGN6.5 billion against NGN6.0 billion in the year before.

Reinsurance expenses rose to NGN 2.5 billion from NGN2.1 billion posted in the fiscal year 2016 while net income stood at NGN4.0 billion against NGN3.8 billion in the year before.

Total assets of Cornerstone Insurance plc for the period was NGN21.6 billion compared to NGN21.4 billion acquired in the year 2016 while total liabilities was NGN13.4 billion versus NGN11.1 billion in the year before.

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