Cornerstone Allowance Plc has developed its gross exceptional accounting for the 2018 banking year by 26 percent to N11.6 billion from N9.2 billion recorded in 2018.
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Announcing this to shareholders at the company’s anniversary accepted affair in Lagos, Chairman of the company, Mr Segun Adebanji said that Cornerstone recorded the advance in revenue, admitting arduous bazaar conditions.
Adebanji said that the better contributor to the aftereffect was the accumulation activity portfolio which contributed N2.01 billion (17 percent of absolute GWP).
He said, “The absolute activity allowance portfolio recorded a advance of 48 percent from the antecedent year. This advance was apprenticed by authoritative changes to accumulation activity allowance appraisement banned and the addition of a new artefact targeted at retail segments. The alone activity allowance portfolio grew by 370 percent from the antecedent year at N621 actor from N132 actor in 2017.
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“The engineering, oil & gas artefact segments connected to boss our accepted business portfolio with a accumulated addition of 57 percent of accepted business premiums (N4.13 billion), giving acceptance to the actualization of Cornerstone Allowance as a arch appropriate risks underwriter.
“A analysis of our ever advisable claims reserving alignment during the year saw our gross claims incurred for the year alone to N4.53 billion from N7.74 billion in the antecedent year, adjustment added with the industry average.
“In accordance with the accoutrement of IFRS 11, the achievement of our Head Office architecture which had been represented as a non-earning asset in our accounts apart some amount and contributed N2.31 billion to the Group’s profit. Nonetheless, the Board of Directors and administration did not acquiesce on the amount ascendancy measures put in abode in the antecedent year and our efforts bargain operating and cadre costs by 13 percent from N3.09 billion in 2017 to N2.69 billion in 2018.
“The accumulative furnishings of the cardinal focus on your company’s key advance drivers resulted in a acknowledgment to advantage in 2018. Accumulation afore tax for the year 2018 stood at N2.66 billion afterwards a aeon of losses.”
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