Q4: Cornerstone Insurance Projects N611m Profit after Tax

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Goddy Egene

Cornerstone Insurance Plc has projected gross premium of N2.612 billion for the fourth quarter ending December 31, 2020. In a notification to the Nigerian Stock Exchange (NSE) yesterday, the company also said it would post a profit before tax of N873 million and profit after tax of N611 million.

The company had announced a bonus shares of in the ratio of seven new share for every 30 existing shares held by shareholders whose names appear in the Register of Members at the close of business on Wednesday, 12thAugust 2020, subject to the approval of the appropriate regulatory authorities.

The bonus shares will lead to the “transfer N1.7 billion from the company’s share premium account to the share capital account by issuing bonus shares in the proportion of seven new shares for 30 existing shares to achieve the company’s recapitalisation plan.”