Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.

The Management of Cornerstone Insurance Plc has notified stakeholders of its inability to meet up with the time frame earmarked for the submission of its Audited Financial Statements for the year ended December 31, 2020, as well as the Unaudited Financial Statements for the period ending March 31, 2021.

This is according to information available on the website of the Nigerian Stock Exchange, as seen by Nairametrics.

The company attributed the failure to file its audited accounts by the due date of 31st March, 2021 to the delay encountered in completing the actuarial valuation audit review. It also explained that due to this failure, it won’t be able to proceed with the submission of its unaudited financial statements for Q1 2021 within the regulatory date of 30th of April, 2021.

Sequel to this, the firm assured that its audited financial statements will be submitted to The Exchange subject to the finalization of its audit review and approval by its primary regulator- NAICOM.

For more information about the disclosure, click HERE.

2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit

Cornerstone Insurance Plc has released its full-year results for the year ended December 2020.

  • Net premium income of N5.88 billion.(-10.7% YoY)
  • Profit before Tax was N1.67 billion. (-58.5% YoY)
  • Net claims for the year was N3.47 billion (+13.2% YoY)
  • Underwriting profit was N1.93 billion (-27.6% YoY)
  • Profit for the year was N1.6 billion. (-61.1% YoY)
  • Earnings per share printed at 11 kobo. (-60.7% YoY)
  • A dividend of 45 kobo was declared.

See link to the result