Cornerstone Insurance records N17.53bn gross premium in 2020

Cornerstone Insurance Plc, on Tuesday said it recorded a Gross Premium Written of N 17.53 billion for the year ended Dec. 31, 2020.
Mr Segun Adebanji, Chairman of the company, announced this at the 29th Annual General Meeting/30th anniversary of the insurer in Lagos.
Adebanji said the amount represented an increase of 34 per cent over the previous year, despite the challenging environment of the year under review.
“Premiums from life insurance grew from N3.84 billion in the previous year to N5.54 billion in 2020 and accounted for 31 per cent of the gross premium written.
“The largest contributors to general business gross premium written were oil, gas, aviation, engineering; while motor classes contributed N3.53 billion, N2.86 billion and N1.52 billion respectively,” he said.
According to him, the investment portfolios of the underwriter also yielded positive figures, driven mainly by the effect of changes in foreign exchange rates and also from sales of foreign currency denominated assets during the year.
The Chairman said investment and treasury activities contributed N3.73 billion to the overall revenue.
Adebanji said the gross claims ratio for the year under review stood at 41 per cent and had been relatively stable year-on-year since the company put in place stricter risk acceptance parameters.


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