Cornerstone Insurance posts N13b gross premium written

Cornerstone Insurance Plc and its subsidiaries have recorded a Gross Premium Written (GPW) of N13.05 billion in its financial year end 2019, representing an increase of 13 per cent over the previous year, the Chairman, Mr. Segun Adebanji, has said.

Adebanji, who spoke at the firm’s 28th Annual General Meeting (AGM), stated that premiums from life insurance accounts for 32.5 per cent of the gross premium written, an increase of 25 per cent in the previous year.

He said the largest contributors to general business gross premium written were bonds, engineering & accident N2.12 billion; oil & gas N2.04 billion and motor N1.36 billion.

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He said the company’s continued growth in special risk lines especially in the power, aviation, and oil and gas sectors was a testament to the confidence its customers and partners have in the firm’s technical underwriting expertise which it continued to strengthen.

He said: “Our investment portfolios yielded positive performance figures driven mainly by trading activities on the Nigerian Stock Exchange (NSE), fixed income securities and the profit from continuing operations of of a joint venture arising mainly from the gains on disposal of investment property, overall, investment activities contributed a total of N4.8 billion to the group’s performance. “The firm’s net claims ratio for the year under review stood at 47 per cent and has been relatively stable since the company put in place stricter risk acceptance parameters, as competitive pressures have driven premium rates to uneconomic levels.

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