Cornerstone Insurance declares 27kobo/share dividend

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5 days ago

THE board of Cornerstone Insurance has declared a final dividend of 27 kobo for every share of 50 kobo, to be paid to qualified shareholders.

The final dividend of 27 kobo translates to a total payout of N4.9 billion.

The announcement, made in a corporate disclosure filed with the Nigerian Exchange (NGX) and signed by the company secretary, PAC Solicitors, noted that the dividend is for the financial year ended December 31, 2024, and will be paid to shareholders whose names appear on the company’s register as of July 7, 2025.

The dividend, which is subject to withholding tax and necessary approvals, will be paid electronically on July 29, 2025.

Cornerstone also highlighted the need for e-dividend registration and encouraged shareholders to complete the process to enable seamless direct payment into their bank accounts.

Based on the share price of N3.73, this represents a dividend yield of 7.24 percent . The dividend also reflects a payout ratio of 18.94 percent.

It will be recalled that in Q1 2025, Cornerstone Insurance Plc received premiums amounting to N13.8 billion in Q1 2025, up from N9.8 billion in the same period last year.

Meanwhile, claims paid rose to N3.9 billion, compared to N1.2 billion in March 2024, reflecting increased underwriting activity.

On the balance sheet, the company showed strong growth, with total assets rising to N126.5 billion, up from N121.3 billion in the prior period.

Retained earnings stood at N31.5 billion, slightly below the N32.6 billion recorded previously.

On the income statement, pre-tax profit declined sharply to N1.86 billion, down from N18.1 billion in Q1 2024.

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