Cornerstone Insurance Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2016 - 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2016 - 2020
Premiums & Annuity Revenue	46,188	38,669	25,914	20,484	8,666	5,603	Upgrade
Total Interest & Dividend Income	6,520	5,355	2,222	1,288	1,643	1,416	Upgrade
Gain (Loss) on Sale of Investments	-2,062	-2,062	529.08	83.54	-817.66	1,220	Upgrade
Other Revenue	453.29	453.29	382.76	319.16	2,228	1,618	Upgrade
Total Revenue	51,099	42,416	29,048	22,175	11,720	9,857	Upgrade
Revenue Growth (YoY)	44.17%	46.02%	31.00%	89.21%	18.89%	-6.85%	Upgrade
Policy Benefits	28,375	26,870	17,543	12,659	2,595	3,955	Upgrade
Policy Acquisition & Underwriting Costs	5,015	5,015	4,278	2,773	2,963	1,883	Upgrade
Amortization of Goodwill & Intangibles	-	-	-	-	13.41	16.93	Upgrade
Depreciation & Amortization	-	-	-	-	198.94	219.29	Upgrade
Selling, General & Administrative	9,123	8,288	6,094	6,715	42.76	32.81	Upgrade
Provision for Bad Debts	-	-	-	-	-	-4.12	Upgrade
Other Operating Expenses	4,585	4,636	4,431	193.37	1,425	1,343	Upgrade
Total Operating Expenses	47,104	44,814	32,240	22,500	9,482	9,315	Upgrade
Operating Income	3,995	-2,398	-3,192	-324.72	2,237	542.48	Upgrade
Earnings From Equity Investments	-	-	0.36	-	95.23	-283.01	Upgrade
Currency Exchange Gain (Loss)	2,891	30,832	20,244	606.36	1,386	1,350	Upgrade
Other Non Operating Income (Expenses)	486.19	83.3	-70.42	51.44	-0.61	125.67	Upgrade
EBT Excluding Unusual Items	7,373	28,517	16,982	333.07	3,718	1,735	Upgrade
Gain (Loss) on Sale of Assets	-4.73	-4.73	13.88	0.05	0.14	-9.58	Upgrade
Asset Writedown	107	107	85	55	23	42	Upgrade
Pretax Income	7,475	28,619	17,081	388.13	3,741	1,767	Upgrade
Income Tax Expense	2,323	2,726	3,243	371.74	205.07	-427.76	Upgrade
Earnings From Continuing Ops.	5,152	25,894	13,839	16.39	3,536	2,195	Upgrade
Minority Interest in Earnings	9.39	-310.22	-137.33	-16.32	-24.72	-13.78	Upgrade
Net Income	5,161	25,583	13,701	0.07	3,511	2,181	Upgrade
Net Income to Common	5,161	25,583	13,701	0.07	3,511	2,181	Upgrade
Net Income Growth	-82.97%	86.72%	21079026.15%	-100.00%	60.99%	-46.39%	Upgrade
Shares Outstanding (Basic)	18,032	18,032	18,032	18,032	18,032	18,050	Upgrade
Shares Outstanding (Diluted)	18,032	18,032	18,032	18,032	18,032	18,050	Upgrade
Shares Change (YoY)	0.24%	-	-	-	-0.10%	-	Upgrade
EPS (Basic)	0.29	1.42	0.76	0.00	0.19	0.12	Upgrade
EPS (Diluted)	0.29	1.42	0.76	0.00	0.19	0.12	Upgrade
EPS Growth	-83.00%	86.72%	25327700.00%	-100.00%	61.14%	-46.39%	Upgrade
Free Cash Flow	-7,921	1,017	3,815	1,953	464.59	1,634	Upgrade
Free Cash Flow Per Share	-0.44	0.06	0.21	0.11	0.03	0.09	Upgrade
Dividend Per Share	0.270	0.270	0.160	0.060	0.050	-	Upgrade
Dividend Growth	68.75%	68.75%	166.67%	20.00%	-	-	Upgrade
Operating Margin	7.82%	-5.65%	-10.99%	-1.46%	19.09%	5.50%	Upgrade
Profit Margin	10.10%	60.31%	47.17%	0.00%	29.96%	22.13%	Upgrade
Free Cash Flow Margin	-15.50%	2.40%	13.13%	8.81%	3.96%	16.57%	Upgrade
EBITDA	4,376	-2,028	-2,934	-117.57	2,450	715.59	Upgrade
EBITDA Margin	8.56%	-4.78%	-10.10%	-0.53%	20.90%	7.26%	Upgrade
D&A For EBITDA	380.43	369.94	257.89	207.15	212.35	173.12	Upgrade
EBIT	3,995	-2,398	-3,192	-324.72	2,237	542.48	Upgrade
EBIT Margin	7.82%	-5.65%	-10.99%	-1.46%	19.09%	5.50%	Upgrade
Effective Tax Rate	31.08%	9.53%	18.98%	95.78%	5.48%	-	Upgrade

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.