CORNERSTONE Insurance Plc Group has recorded an insurance revenue of N7.96 billion, up from N6.68 billion in the same period last year.
The company also reported N6.11 billion, a significant increase from N4.56 billion. Insurance service expenses of the group rose to N4.70 billion from N3.95 billion, while the company witnessed an increase to N3.61 billion from N2.69 billion.
Net expenses from reinsurance contracts costs for the group were N2.32 billion, up from N1.89 billion and N1.73 billion for the company, compared to N1.29 billion previously.
The group’s insurance service result hit N934.83 million, an increase from N841.21 million, while the company’s result was N769.07 million, up from N574.63 million.
Interest revenue for the group using the effective interest rate method, decreased to N484.45 million from N743.01 million and for the company, it dropped to N400.16 million from N612.07 million.
However, other investment income and net gains from foreign exchange bolstered the overall financial performance.
The group reported a net gain of N17.52 billion from foreign exchange, contrasting sharply with a loss of N16.64 million last year and turned over a loss of N757,000 into a gain of N10.67 billion.
The group’s net financial result surged to N18.98 billion from N1.78 billion, while the company’s net result rose to N12.05 billion from N1.33 billion.
The group reported a profit before tax of N18.18 billion, an increase from N741.61 million and recorded a rise to N11.37 billion from N526.55 million.
The group’s income tax expense increased to N1.28 billion from N222.48 million, while the company’s tax expense rose to N957.17 million from N157.97 million.
Stating its comprehensive income, the firm stated that the group’s profit for the year was N16.90 billion, compared to N519.13 million last year, while the company’s profit also increased substantially to N10.41 billion from n368.58 million.
Other comprehensive income shows that both the Group and Company recorded a net change in fair value of N423.43 million and N441.48 million, respectively, adding to the overall comprehensive income.
The group’s total comprehensive income for the year was N17.32 billion, significantly up from N519.13 million, while that of the company was N10.85 billion, up from N368.58 million.
Earnings per share, showing basic and diluted earnings depicts that per share for the group increased to 93 kobo from 3 kobo, while that of the company rose to 58 kobo from 2 kobo.
The released Cornerstone Insurance Plc unaudited financial statements for the first quarter ended March 31, 2024, revealed substantial growth in both revenue and profit.
The consolidated and separate statements of profit or loss and other comprehensive income highlight significant achievements across various financial metrics.
Cornerstone Insurance Plc’s strong financial performance in Q1 2024 demonstrates the company’s resilience and effective strategy in navigating the insurance market.
The remarkable increase in profit and comprehensive income reflects the company’s commitment to delivering value to shareholders and stakeholders alike.
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