Cornerstone Insurance Plc has proposed a final dividend of 27 kobo for the period ended December 31, 2024. The proposed final dividend which will be recommended to shareholders for approval at the company’s forthcoming Annual General Meeting (AGM) will amount a total payout of N4.904billion as against N2.906billion which the company paid in 2023 when it declared 16 kobo dividend per share.
Cornerstone Insurance has 18.166billion shares outstanding. According to the register of members at December 31, 2024, no shareholder of Cornerstone Insurance Plc held more than 5 percent of the issued share capital of the Company except: Capasure Limited which holds 5,547,786,518 units or 30.54 percent, and Banc-Assure Limited which held 8,803,503,588 units or 48.46 percent.
Capasure Limited and Banc-Assure Limited will be paid 79 percent of this proposed final dividend amounting to N3.86billion. Capasure Limited will get about N1.48billion as final dividend from Cornerstone Insurance while Banc-Assure will receive about N2.38 billion as dividend from Cornerstone Insurance Plc.
The share price of Cornerstone Insurance stood at N3.7kobo per share as at June 11. It had reached a 52-week high of N4.76 and a 52-week low of N1.85.
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Cornerstone Insurance Plc annual report for the year ended December 31, 2024 shows that its profit before tax (PBT) increased to N28.619billion from N17.081billion in 2023, up by 68 percent. Also, the group’s profit for the year printed 87percent higher in 2024 to N25.893billion as against N13.838billion in 2023 financial year.
The principal activity of Cornerstone Insurance continues to be the provision of risk underwriting and related financial services to its customers. Such services include provision of life and non-life insurance services for both corporate and individual customers.
The proposed final divided, subject to appropriate withholding tax (WHT) and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on July 7, 2025.
The register of shareholders will be closed from the July 8 to 23. On July 29, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at July 7, 2025, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Cornerstone Insurance Plc has three subsidiaries – FIN Insurance Company Limited, Hilal Takaful Nigeria Limited previously called Cornerstone Takaful Nigeria Limited and Cornerstone Leasing & Investment Limited.
FIN Insurance Company Limited is a private limited liability company incorporated in Nigeria and its primary activity is the provision of general insurance business.
Cornerstone Insurance Plc acquired 96.68 percent equity interest in Fin Insurance Company Limited in 2015 thereby qualifying Fin Insurance Company Limited as a subsidiary.
Hilal Takaful Nigeria Limited previously called Cornerstone Takaful Nigeria Limited is a Company incorporated in Nigeria and its primary activity is the provision of Takaful insurance business.
Cornerstone Takaful Nigeria Limited commenced operation on April 1, 2020, with Cornerstone Insurance Plc owning 99.99percent equity interest in Cornerstone Takaful Nigeria Limited.
Cornerstone Leasing and Investment Limited commenced operations on July 1, 2004 and provided convenient asset acquisition options to both corporate organisations and individuals.
Cornerstone Insurance Plc has 100percent equity interest in Cornerstone Leasing and Investment Limited which is currently dormant. The consolidated financial statements include the results of its three subsidiaries. The Group’s insurance revenue grew by 49percent to N38.669billion in 2024 from N25.914billion in 2023 financial year.
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