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Cornerstone Insurance reports 47% profit decline

Punch Newspapers Sections Published 17 May 2021 Cornerstone Insurance Plc has reported a profit after tax of N2.19bn for the financial year 2020, down by 47 per cent from N4.11bn in 2019. The company said its profit before tax fell by 56 per cent to N1.77bn last year from N4.01bn in 2019. Its gross premium written, however, increased to N17.54bn in 2020 from N13.06bn a year earlier while its gross premium income rose to N15.72bn from N13.29bn, according to its audited financial statements released on Sunday. Its claim expenses increased by 29 per cent to N3.96bn last year from N3.07bn while underwriting expenses rose to N2.18bn from N1.99bn.

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