Cornerstone Insurance Plc has reported a profit after tax of N2.19bn for the financial year 2020, down by 47 per cent from N4.11bn in 2019.

The company said its profit before tax fell by 56 per cent to N1.77bn last year from N4.01bn in 2019.

Its gross premium written, however, increased to N17.54bn in 2020 from N13.06bn a year earlier while its gross premium income rose to N15.72bn from N13.29bn, according to its audited financial statements released on Sunday.

Its claim expenses increased by 29 per cent to N3.96bn last year from N3.07bn while underwriting expenses rose to N2.18bn from N1.99bn.

The company’s total assets stood at N43.83bn on December 2020, up 25 per cent from N35.15bn at the end of 2019, while its total liabilities rose by 29 per cent to N26.10bn from N20.28bn.

It said, “At Cornerstone Insurance Plc, one of our core values is empathy and this is reflected in the quality of our service delivery to our customers at all times. Our customers are the reason we are in business, to this end, we focus on delivering quality service at all times.

“We engage our customers and utilise feedback received to constantly improve on our service delivery, products offerings and distribution channels.”

Last year, Cornerstone Insurance said it received an approval in principle from the National Insurance Commission to start a composite Takaful insurance company.

It said the Cornerstone Takaful Insurance Company Limited would be a subsidiary focused on selling both family and general Takaful products in Nigeria.