LAGOS (Sundiata Post) – Cornerstone Insurance Plc has made public its 2015 full year report with the insurance group’s gross revenue growing by 40.3% year on year. As a major decision, the group stated in the report that it is shutting down Cornerstone Asset Management Limited in a move aimed at focusing its activities in rendering insurance services with the winding up process expected to be complete this year.
On a year on year basis, its gross revenue grew from N 5.2 billion in 2014 to N7.5 billion in 2015. To prove where the growth came from, the insurance company’s gross premium written for the year also appreciated from N 5.1 billion in 2014 to N 7.1 billion in 2015.
The company paid more tax in 2015 compared to 2014. It is tax to the government grew from NGN 91.2 million in 2014 to NGN 212 million in 2015. This shrunk its PAT to NGN 1.6 billion. When compared to its 2014 PAT of 946 million, it represents a growth of 77.7% year on year.
The company’s total cash balance increase from N 3 billion in 2014 to N6 billion at the end of 2015. Impairment provision slightly grew from N467 million in 2014 to N474 million in 2015.
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