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1. Head Office:
136, Lewis
Street, (1st - 4th Floors), Lagos.
P. O. Box
75370, Victoria
Island, Lagos.
Tel: 234-01-2632863, 2630722, 2710790, 2631832, 2647025.
E-mail:enquiries@ciplcng.com.
Website: www.cornerstoneinsuranceplc.com
2. Nature of Business:
General Insurance Business, Special Risks and Life and
Pensions.
3. Date of Incorporation:
26th April, 1991
4. Date Listed on The Exchange:
13th August, 1997
5. NSE Classification:
Insurance
6. Board of Directors:
Adedotun Sulaiman, (Chairman)
Mr. Dominic Ichaba (Ag- MD/CEO)
Dr. Okechukwu Enelamah,
Dr. Christopher Kolade
Mr. Richard O. Ikiebe
Alhaji Hussaini Abdulrahiman
Mr. Peter Ameadaji (Alternate)
Oladapo Egbeyemi
7. Company Secretary/Legal Adviser:
Mr. Donald Kanu
8. Auditors:
Dele Olufon & Co.
(Chartered Accountants)
11, Obafemi
Awolowo Way,
Ikeja, Lagos.
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9. Company Registrars:
Lighthouse Assets Management Limited
6th Floor, NICON House,
5, Customs
Street, Lagos.
10. Subsidiaries/Associates
Cornerstone Trustees Limited
Oak Pensions Limited
Cornerstone Leasing & Investment Limited
11. End of Accounting Year
31st December
12. Number of Employees
145
13. Capital Structure
i. Authorised: N3,000,000,000.00
ii. Paid-Up
N2,160,903,000.00
14. Analysis of Shareholding
IBTC Chartered Plc -
12.62%
Energy Resources MGI Ltd - 11.95%
Vetiva Capital Management Limited- 8.53%
Nigerian Citizens and Asso. - 54.28%
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FIVE-YEAR FINANCIAL SUMMARY
2006 2005 2004 2003 2002
N‘000 N‘000 N‘000 N‘000 N‘000
Cash and Bank 127,375 74,972 110,121 49,670 39,628
Debtors and others 1,565,833 823,005 676,331 477,376 397,491
Deferred Acquisition expenses 12,218 9,398 - - -
Short-term investment 3,243,991 1,306,764 1,057,735 449,353 333,051
Long-term investment 648,864 534,257 381,368 134,554 189,287
Investment properties 166,235 102,779 94,000 94,000 -
Statutory deposit 35,000 35,000 35,000 13,500 13,500
Fixed Assets 296,545 337,458 342,245 305,484 267,434
Trust and Managed funds (369,426) (691,111) (456,035) (171,382) (114,235)
Creditors and accruals (1,234,097) (375,757) (249,167) (104,496) (138,151)
Insurance fund (468,293) (322,843) (482,330) (429,783) (300,900)
Life Assurance fund 25,823 (30,074) (7,627) 1,330 64
Deposit Admin fund (299,064) (231,041) (155,292) (85,463)
Deferred Taxation (30,670) (21,518) (24,475) (21,442) (14,299)
------------ ------------ ----------- ----------- ------------
Net assets 3,720,335 1,551,289 1,321,874 712,701 638,856
======= ====== ====== ====== ======
REPRESENTED BY:
Paid up share capital 2,160,903 982,274 557,768 378,000 210,000
Contingency 335,422 259,868 196,894 148,990 113,146
Share premium 1,076,577 96,031 28,045 - 123,203
Bonus issue reserve - - 371,845 - -
Capital reserve 133,848 152,475 133,848 133,848 133,848
Revenue reserve 13,585 60,641 33,474 51,863 58,659
------------ ------------ ----------- ----------- ------------
Shareholders’ fund 3,720,335 1,551,289 1,321,874 712,701 638,856
======= ====== ====== ====== ======
Profit after tax 176,824 206,693 173,540 126,227 89,956
Earnings per share (basic)
kobo 4 11 16 17 21
Earnings per share (adjusted)
kobo 4 5 4 3 2
Dividend per share (basic)
kobo 4 5 13 13 10
Dividend per share (adjusted)
kobo 4 2 3 1 1
NOTE:
The adjusted earnings per
share and dividend per share are computed on profit after tax and the
number of ordinary shares in issue as at 31st December, 2006.
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