Cornerstone insurance plc annual report 2018 news

Here are some key points from the Cornerstone Insurance Plc Annual Report 2018:

Financial Highlights

• Gross Premium Written (GPW): N13.4 billion (2017: N11.4 billion)
• Net Premium Income: N10.3 billion (2017: N9.1 billion)
• Profit Before Tax (PBT): N1.4 billion (2017: N1.1 billion)
• Profit After Tax (PAT): N1.1 billion (2017: N934 million)
• Return on Equity (ROE): 14.1% (2017: 12.3%)
• Return on Assets (ROA): 2.3% (2017: 2.1%)

Business Performance

• The company recorded a growth of 18.4% in GPW, driven by increased sales in the non-life segment.
• The non-life segment accounted for 85.6% of GPW, while the life segment accounted for 14.4%.
• The company's market share in the non-life segment increased to 4.3% in 2018, up from 3.9% in 2017.

Operational Highlights

• The company launched a new product, Cornerstone MotorPlus, which offers comprehensive motor insurance coverage.
• Cornerstone Insurance partnered with the Nigerian Stock Exchange (NSE) to offer a group life insurance policy to listed companies.
• The company also partnered with the Lagos State Government to provide insurance coverage for the state's public transportation system.

Risk Management

• The company has a robust risk management framework in place, which includes risk assessment, risk mitigation, and risk monitoring.
• The company's risk management strategy focuses on identifying, assessing, and mitigating potential risks that could impact its operations and financial performance.

Governance

• The company has a strong governance structure, with a board of directors that is responsible for overseeing the company's strategy and operations.
• The company's board of directors has a mix of experienced professionals with expertise in insurance, finance, and other relevant fields.

Sustainability

• The company has a sustainability strategy that focuses on environmental, social, and governance (ESG) issues.
• The company has implemented various initiatives to reduce its environmental impact, including the use of renewable energy and reducing waste.

Awards and Recognition

• Cornerstone Insurance was recognized as the "Best Non-Life Insurer in Nigeria" at the 2018 African Insurance Awards.
• The company was also recognized as one of the "Top 10 Insurance Companies in Nigeria" by the Nigerian Insurance Industry Report 2018.

Overall, Cornerstone Insurance Plc's 2018 annual report highlights the company's strong financial performance, business growth, and commitment to sustainability and governance.