NAICOM Review Delaying Our 2017 Full-year, 2018Q1 Results- Cornerstone

Barely one week after trading was suspended on its shares by the Nigerian Stock Exchange (NSE), Cornerstone Insurance Plc, on Friday became the second company this year that has been forced to offer reasons for the delayed filing of its audited 2017 full year result and the unaudited first quarter ended March 30, 2018.
The company, in a statement by its company secretary, PAC Solicitors, apologized for the delay, assuring that the company’s audited financials for both periods “are currently undergoing review by the National Insurance Commission (NAICOM).”
The results, the company said, “will be filed together with its quarterly audited accounts immediately the company obtains the approval of NAICOM.”
The company’s financials have remained negative for some time now, posting loss after tax of N2.11bn in its 2017 Q3 ended September 30, several times more than the N435.83m loss in the corresponding period of previous year.
The loss was blamed on the company’s rising claims and underwriting expense with more customers making claims, resulting in underwriting loss of N622m, compared to previous profit position of N381.65m.
Total claims expenses increased during the period by 46.21% to N3.86bn in September 2017 from N2.64 billion the previous year.
Another sign of the rough whether company is having to navigate was shown in its May notice to the NSE, announcing the closure of its branches in Kaduna and Calabar, Cross Rivers States and merger of those in Bode Thomas, Surulere with that in Ikeja.