Cornerstone records N17.53 bn gross premium for 2020


L- Managing Director/Chief Executive Officer, Cornerstone Insurance, Mr Ganiyu Musa, Mrs Chidinma Onwubere, Company Secretary, Cornerstone Insurance and Chairman of the Board, Mr Segun Adebanji at the 29th Annual General Meeting of the insurance firm held in Lagos


By Favour Nnabugwu


Cornerstone Insurance Plc, attained a Gross Premium of N 17.53 billion for the year ended December 31, 2020,

The company’s chairman, Mr Segun Adebanji, at the Annual General Meeting in Lagos, explained that the amount represented an increase of 34 percent over the previous year, despite the challenging environment of the year under review.

He said: “Premiums from life insurance grew from N3.84 billion in the previous year to N5.54 billion in 2020 and accounted for 31 percent of the gross premium written.

“The largest contributors to general business gross premium written were oil, gas, aviation, engineering; while motor classes contributed N3.53 billion, N2.86 billion and N1.52 billion respectively,” he said.

According to him, “The investment portfolios of the underwriter also yielded positive figures, driven mainly by the effect of changes in foreign exchange rates and also from sales of foreign currency denominated assets during the year.

The Chairman said investment and treasury activities contributed N3.73 billion to the overall revenue.

Adebanji said the gross claims ratio for the year under review stood at 41 percent and had been relatively stable year on year since the company put in place stricter risk acceptance parameters.

“Even though the overall ratio of claims to revenue has remained relatively stable, the effects of the fourth quarter 2020 protests are clearly noticeable in our financial statements.

“As non-life gross claims incurred increased by 62 percent when compared with the previous year, and gross claims from the fire class specifically rose by 85 percent, from N816 million in 2019 to N1.51 billion,” he said.

Adebanji explained that personnel and other operating costs dropped by close to 7 percent as the management executed remote working protocols and other measures to safeguard the welfare of staff.

He noted the insurance firm’s investment in a robust nationwide technology infrastructure over the years ensured that normal operations were carried out unabated.

“Consequently, our Group ended the year with a profit before tax of N1.76 billion. The global and domestic economic events of the year 2020 had significant repercussions for the financial services sub-sector in Nigeria.

“The ramifications of the novel Coronavirus pandemic and ensuing governmental responses were felt across the globe.

“The impact of the economic situation and the pandemic on the insurance industry was multifaceted,as the revenues and disposable incomes of corporate and individual customers alike were affected, so too were insurers’ premiums,” he said.

According to the Chairman, the board and management of the insurance company, however, acted proactively to minimise the effects on its financial performance.

Adebanji lauded the insurance company shareholders for their support and sustained interest in the growth of the company and the staff for their unrelenting efforts.

“While 2021 may not be a year for expansion, it is a year in which we are discovering new strengths and capabilities as the world embraces new ways of working and communicating through technology,” he said.

In his remark, the Managing Director/Chief Executive Officer of the insurance company, Mr Ganiyu Musa, commended the insurer’s shareholders for their constructive feedback and promised that the board would address grey areas pointed out.

Musa attributed the financial performance of the insurance firm to its focus on strengthening its enterprise risk management framework over the past few years.

Olugbenga Falekulo takes over as new MD/CEO of Nigeria Re

By Favour Nnabugwu





The reorganisation of the board and executive management of Nigeria Reinsurance in which Mr Olugbenga Falekulo came on board as the new Managing Director, is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country.

Falekulo with over 25 years of experience spanning across the sector said he brought his wealth of experience and professionalism to the fore.

The new Managing Director stated that he and his team are prepaid to take Nigeria Re to the next level in the market.

Nigeria Re is taking a new dimension in the insurance industry though he did not disclose the strategic plans he and his team have put together but promise that a new era is here for the reinsurance company

He has BSc in Insurance, Masters in Business Admin, a.member of the Chartered Insurance Institute of London. He worked the NICON Insurance, Great Nigeria and Continental Re, he left Continental and an Exexutive director before he left in 2014 and went into his private business until this appointment.

He is well travelled and has attended so many course within and outside Nigeria. He is married with children.

Supporting Falekulo is the Executive Director, Fiance & admin, Mr Olsegun Ilori,  as astute professional as well

The board and management of Nigeria Reinsurance Corporation has Mr Mela Audu Nunghe SAN as Chairman, Gbenga Falekulo ACII serves as Managing Director/Chief Executive Officer and Mr Olusegun Ilori FCA ACIIN comes in as Executive Director, Finance & Admin. Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Mrs Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent).

Nigeria Reinsurance Corporation on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria.

In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.

PenCom to begin online enrollment for retirees next month

By Favour Nnabugwu



The National Pension Commission (PenCom) will next month commence the pilot run of its online pre-retirement verification and enrolment exercise for retirees in government ministries, departments and agencies (MDAs).

PenCom announced during a two-day workshop for journalists, titled “Positioning the Pension Industry in a Post-COVID era, says the enrolment will take off in August 2021.

The commission said it recently developed an online application which has the capability to register, verify and enrol prospective retirees of treasury-funded federal government MDAs for the purpose of computing their accrued pension rights and budgetary allocation.

“As a prelude to the formal deployment of the online Enrolment Application, PenCom would commence a Pilot Run of the exercise from 2nd to 20th August 2021 with selected MDAs in the six Geo-Political Zones and the Federal Capital Territory (FCT) in order to test-run the application with real-time data,” it said.

“Accordingly, the online Enrolment Application would be hosted on PenCom website:

“The application would GO-LIVE after the conclusion of the pilot run on a date to be announced by PenCom in due course.”

PenCom said prospective retirees are required to undergo the data recapturing exercise with their respective pension fund administrators (PFAs) as it is a prerequisite for the online enrolment.

Mrs Maryam Bello, PenCom’s assistant general manager of the national databank management department, said since the commencement of the retirement savings account (RSA) transfer system  25,645 workers has transferred a total value of N102.59 billion to other PFAs.

Bello explained that 2,799, 12,681 and 10,165 workers transferred N18.90 billion, N47.78 billion and N35.91 billion in the fourth quarter (Q4) of 2020, Q1 2021 and Q2 2021 respectively.

Meanwhile, the commission said pension fund assets surged to N12.66 trillion as at June 30, 2021, with 9.38 million registered RSAs