Cornerstone insurance Plc has declared a 47% decline in profit after tax for 2020 financial year earning a of N2.19bn as against N4.11bn in the 2019 financial year.
Pretax profit dropped by 56% to N1.77bn from N4.01bn in 2019.
According to the unaudited statement, released yesterday, there was an increment of 29% in the company’s claim expenses from N3.09bn in 2019 to N3.96bn in 2020 while underwriting expenses rose to N2.18bn from N1.99bn.
Total assets stood at N43.83bn on December 2020, up 25% from N35.15bn at the end of 2019, while its total liabilities grew by 29% to N26.10bn from N20.28bn.
According to the unaudited financial statement, “At Cornerstone Insurance Plc, one of our core values is empathy and this is reflected in the quality of our service delivery to our customers at all times. Our customers are the reason we are in business, to this end, we focus on delivering quality service at all times.
“We engage our customers and utilize feedback received to constantly improve on our service delivery, products offerings and distribution channels.”
Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur
