Cornerstone Insurance Plc has projected gross premium of N2.612bn for the fourth quarter ending December 31, 2020.
In a notification to the Nigerian Stock Exchange on Wednesday, the company said it would post a profit before tax of N873m and profit after tax of N611m.
The company had announced bonus shares of seven new shares for every 30 existing shares held by shareholders whose names appear in the register of members on 12 August 2020, subject to the approval of the appropriate regulatory authorities.
The bonus shares will lead to the transfer of N1.7bn 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.
