Cornerstone Insurance sustains loss position in Q1 2017

… Posts 100 % Q1 loss after tax

Against expectations of growth due to new opportunities for the Nigerian Insurance industry, Cornerstone First quarter 2017 periodic result showed depressed performance in revenue and profit and loss lines.

The results released by the Nigerian bourse for the period ended 31 March 2017, last Friday showed that even as revenue declined, loss after tax soared as well.

Cornerstone Q1 result showed that revenue declined to N3.31 billion in Q1 2017, against revenue of N3.94 billion recorded in 2016 Q1.

Loss after Tax in Q1 2017 recorded by Cornerstone was N278.151 million, against N140.556 million loss after tax recorded in the preceding period 2016.

Cornerstone Insurance PLC recently announced the resignation of the Company’s board chairman, Mr. Adedotun Suleiman and also the appointment of Mr. Paul Kokoricha as the new Chairman of the Board.

Mr. Paul Kokoricha is an Executive Partner at African Capital Alliance and has several years of experience in all aspects of private equity investment management.