Cornerstone Insurance reports N964.6m as profit in 9 months
Obinna Ezugwu
L–R: Paschal Nwachukwu, Head, Finance and Performance Management Group, Cornerstone Insurance Plc; Cordelia Ekeocha, Head, Marketing and Corporate Communications Group, Cornerstone Insurance Plc; Toks Bello, Executive Director, Technical/Operations, Cornerstone Insurance Plc; Ganiyu Musa, Group Managing Director/Chief Executive Officer, Cornerstone Insurance Plc; Olumide Bolumole, Head, Listings Business Division, The Nigerian Stock Exchange (NSE); Olufunmilayo J. Amanwa, Head, Central Claims Group & Special Risks Underwriting, Cornerstone Insurance Plc; Adewale Foster-Aileru, Group Head, Strategy, Investor Relations & Enterprise Risk Management, Cornerstone Insurance Plc; and Jude Chiemeka, Head, Trading Business Division, NSE at the Closing Gong Ceremony during the company’s courtesy visit to The Exchange, Lagos
Cornerstone Insurance Plc in its Third Quarter report for the period ended 30 September 2022 recorded Gross Premium Written of N14.882 billion. This represents 3.09% growth from N14.436 billion revenue reported the previous year.
Profit after tax of N964.621 was reported for the 9 months period, down by 37.19% from N1.536 billion reported the previous year.
Earnings per share of Cornerstone Insurance stands at 5kobo, down by 37.19% from the EPS of 8 kobo achieved in Q3 2021.
At the share price of 40 kobo, the P/E ratio of Cornerstone Insurance stands at 7.53x with earnings yield of 13.27%.
