The Management of Cornerstone Insurance group has announced that the company recorded a 20 percent growth in profit before tax for the financial year ended December 31, 2014. The company’s PBT moved from N870.2 million in 2013 to N1.04 billion in 2014 while the profit after tax also moved up by 11 percent from N860.36 million to N946.48 million.
The firm also announced the payment of 0.02 kobo dividend to its shareholders, promising them greater future and value creation.
Adedotun Sulaimon, Group Chairman of Cornerstone Insurance while making the announcement at the 23rd yearly general meeting held in Lagos, attributed the financial performance on the company’s deliberate focus on profitable underwriting and investment performance as well as cautiously pursuing top-line growth.
The company’s results also showed that while the gross premium stood at N5.21 billion, gross premium income move up by 12 percent; from N4.62 billion in 2013 to N5.19 billion.