The Group Managing Director/CEO, Cornerstone Insurance Plc, Mr Ganiyu Musa, has said the company paid N4.6 billion as claims to its clients in 2020.
The CEO disclosed this at the Nigerian Council of Registered Insurance Brokers (NCRIB) Abuja Area Committee Annual General Meeting (AGM)/Election sponsored by Cornerstone Insurance held in Abuja.
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He also stated at the event that his company grossed about N20bn in premium income in 2020 and raised its capital base to over N9bn.
“In terms of the strength of our finances, within 2020, we grew our gross premium by more than 30 per cent to close at N20 billion. And we made a total comprehensive income of almost N3bn in 2020 and that’s coming on the back of 2019 that was also a very stellar performance.”
On other milestones, he said: “We are fortunate enough to belong to a group where our principal shareholder (African Capital Alliance) has more than $1bn in assets. Capital is not an issue for us. If there is a business opportunity, we have access to the capital to be able to write the business.”
Musa said the company sponsored the NCRIB event saying, “We place a lot of premium on brokers. The NCRIB is a key stakeholder in the insurance value chain.”
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