Cornerstone Insurance Plc
ANNUAL REPORT
31 DECEMBER 2022
Contents | |
Page | |
Corporate Information | 2 |
Consolidated Results at a Glance | 4 |
Directors' Report | 5 |
Corporate Governance Report | 14 |
Risk Management Declaration | 19 |
Report of the Statutory Audit Committee | 20 |
Statement of Directors' Responsibilities | 21 |
Statement of Corporate Responsibility | 22 |
Independent Auditor's Report | |
Company Information and Accounting Policies | 23 |
Critical Accounting Estimates and Judgment | 51 |
Consolidated and Separate Statements of Financial Position | 53 |
Consolidated and Separate Statements of Profit or Loss and other Comprehensive Income | 54 |
Consolidated and Separate Statements of Changes in Equity | 55 |
Consolidated and Separate Statements of Cash Flows | 57 |
Life Business Revenue Account | 58 |
Life Deposit Administration Revenue Account | 59 |
Non-life Business Revenue Account | 60 |
Segment Information | 61 |
Notes to the Financial Statements | 65 |
Other National Disclosures: | |
Value Added Statements | 115 |
Financial Summary | 116 |
Chain ladder table | 118 |
1
Cornerstone Insurance Plc
Annual Report 31 December 2022
Corporate Information
Directors
Company SecretaryRegistered OfficeCorporate Head Office
Mr. Segun Adebanji Mr. Ganiyu Musa Mr. Steve Iwenjora Mr. Ekwunife Okoli
Mrs. Elizabeth Amadiume Dr. Ogechi Adeola
Mr. Chidiebere Nwokeocha Mr. Stephen Alangbo *Appointed on 1 July, 2022
PAC Solicitors
10, Canaanland Street, Off Whitesands Avenue, Lekki Phase 1,
Lagos.
Cornerstone Insurance Plc 136, Lewis Street,
Lagos Island Lagos.
Tel: 01-2806500
Website:www.cornerstone.com.ng
Cornerstone Insurance Plc
21, Water Corporation Drive, Victoria Island,
Lagos
Tel: 01-2806500
Website: www.cornerstone.com.ngE-mail:enquiries@cornerstone.com.ng
Registrars
Lighthouse Registrars Limited,
2/4 Davies Street,
Marina,
Lagos.
Auditor
KPMG Professional Services KPMG Tower,
Bishop Aboyade Cole Street, Victoria Island,
P.M.B 40014, Falomo, Ikoyi, Lagos.
Website:www.kpmg.com/ng
Bankers
Access Bank Plc
First Bank of Nigeria Limited Standard Chartered Bank Limited Guaranty Trust Bank Plc
Wema Bank Plc
United Bank for Africa Plc Stanbic IBTC Bank Plc
First City Monument Bank Limited Heritage Bank Plc
Polaris Bank Limited Union Bank PlcChairman
Group Managing Director/CEO Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Executive Director
Executive Director*
2
Cornerstone Insurance Plc
Annual Report 31 December 2022
Zenith Bank Plc
Accion Microfinance Bank Ecobank
Fidelity Bank Plc
FSDH Merchant Bank Limited Keystone Bank
Sun Trust Bank Sterling Bank Plc
ActuaryProperty ValuersCustodian for Annuity FundLagos BranchesOther Branches
NAICOM Number TIN Number
O & A Hedge Actuarial Consulting Suite 21, 1st Floor, Motorways Center Alausa, Ikeja,
Lagos. FRC/2019/00000012909
Funsho Oladimeji & Company
4, Ikosi Road, Off Kudirat Abiola Way, Oregun, Ikeja,
Lagos. FRC/2012/0000000000109
John Odiba & Partners
29, Majia Plaza, Opposite Al-Ansar Centre for Comprehensive Education, Sahara Estate, Gwarimpa,
Abuja. FRC/2022/00000014211
Access Pension Fund Custodian Limited 18, Ahmadu Bello Way,
Victoria Island,
Lagos.
1.) 136, Lewis Street, Lagos. Tel: 01-2632863, 2630722, 2631832
2.) 6, Adeniyi Jones Avenue, (Opp. Wahum) Ikeja, Lagos. Tel: 08028339619
3.) Polysonic Mall (2nd floor), 42/44, Warehouse Road, Apapa, Lagos. Tel: 08034419914
4.) 191, Herbert Macaulay Street, Yaba. Tel: 08033809494, 07029043354
1.) 67, Aboderin Layout, Oni & Sons Area, Ring Road, Ibadan. Tel: 08029094320
2.) 222, Aba/Portharcourt Road, Portharcourt, Rivers State. Tel: 08030609056, 08098609056
3.) 34, Gana Street, Maitama, Abuja. Tel: 08035026956, 07028415441
4.) 103, Hadejia Road, Fagge, Kano. Tel: 08157223541
5.) Km 4, Refinery Road, Thomas House, Ekpan, Warri, Delta State.
Tel: 08020602974, 08033889679
6.) Jay-Cee Plaza, Otiotio Road, Yenezue - Cene Yenegoa, Bayelsa State Tel. 0803741444
RC No
RIC 008 00842273-0001 163170
3
Cornerstone Insurance Plc
Annual Report 31 December 2022
Consolidated Results at a Glance
In thousands of naira
As at 31 December | 2022 | 2021 | Change | |
Financial Position | ||||
Cash and cash equivalents | 10,885,696 | 14,402,330 | (3,516,634) | |
Financial assets | 23,672,930 | 18,563,816 | 5,109,114 | |
Trade receivables | 607,342 | 300,788 | 306,554 | |
Other receivables and prepayments | 774,064 | 1,273,809 | (499,744) | |
Reinsurance assets | 7,710,640 | 9,369,713 | (1,659,073) | |
Deferred acquisition cost | 1,017,300 | 853,729 | 163,571 | |
Investment in joint venture | 510 | 510 | - | |
Deferred tax assets | 861,211 | 861,211 | - | |
Investment property | 680,000 | 625,000 | 55,000 | |
Property and equipment | 2,977,613 | 1,838,314 | 1,139,299 | |
Intangible assets | 6,266 | 11,805 | (5,539) | |
Statutory deposit | 1,200,000 | 1,200,000 | - | |
Total assets | 50,393,572 | 49,301,025 | 1,092,548 | |
Insurance contract liabilities | 19,545,226 | 19,736,834 | (191,608) | |
Investment contract liabilities | 3,817,583 | 3,735,317 | 82,266 | |
Trade payables | 2,623,056 | 2,739,704 | (116,648) | |
Deferred commission income | 644,536 | 981,777 | (337,241) | |
Other payables and accruals | 942,956 | 1,058,081 | (115,125) | |
Income tax payable | 462,899 | 475,575 | (12,676) | |
Deferred tax liabilities | 331,604 | 88,026 | 243,578 | |
Employee benefit obligations | 19,493 | 13,553 | 5,940 | |
Total liabilities | 28,387,353 | 28,828,867 | (441,514) | |
Share capital | 9,083,196 | 9,083,196 | - | - |
Share premium | 183,165 | 183,165 | - | - |
Treasury shares | (67,130) | (67,130) | - | - |
AFS Fair value reserve | 280,901 | 387,889 | (106,988) | (28) |
Contingency reserve | 5,559,616 | 4,735,167 | 824,449 | 17 |
Retained earnings | 6,653,545 | 5,855,597 | 797,948 | 14 |
Shareholders' funds | 21,693,293 | 20,177,884 | 1,515,409 | 8 |
Non-controlling interest | 312,926 | 294,274 | ||
Total equity | 22,006,219 | 20,472,158 | 1,534,061 | 7 |
Total liabilities and equity | 50,393,572 | 49,301,025 | 1,092,547 | 2 |
Profit or Loss and Other Comprehensive Income | ||||
In thousands of naira | ||||
For the year ended 31 December | 2022 | 2021 | Change | % |
Gross premium written | 22,246,121 | 20,920,553 | 1,325,568 | 6 |
Gross premium income | 21,677,723 | 17,792,619 | 3,885,104 | 22 |
Net premium income | 8,869,471 | 8,666,266 | 203,205 | 2 |
Other income | 5,753,011 | 4,660,706 | 1,092,305 | 23 |
Total income | 14,622,482 | 13,326,972 | 1,295,510 | 10 |
Claim expenses (net) | (3,368,025) | (2,595,128) | (772,897) | 30 |
Underwriting expenses | (3,763,925) | (3,048,827) | (715,098) | 23 |
Other expenses | (4,571,754) | (3,942,010) | (629,744) | 16 |
Total benefits, claims and other expenses | (11,703,704) | (9,585,965) | (2,117,739) | 22 |
Profit before tax | 2,918,778 | 3,741,007 | (822,229) | (22) |
Income tax (credits)/ expense | (302,457) | (202,639) | (99,818) | 49 |
Profit for the year | 2,547,041 | 3,535,935 | (988,894) | (28) |
%
(24)
28
102
(39)
(18)
19
0
0
9
62
(47) - 2
(1)
2
(4)
(34)
(11)
(3) -
44 (2)
4
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Cornerstone Insurance plc published this content on 30 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2023 15:33:02 UTC.