Cornerstone Insurance recorded nearly thrice as much as the net profit it reported in the first half of 2023 in the same period of this year as the bottom line derived a substantial boost from foreign exchange, its newly issued financial report shows.
Shares in the company advanced significantly in early trading on the Nigerian Exchange, already 9.9 per cent up as of 11:09 West Africa Time. The maximum daily price appreciation allowed by the stock exchange is 10 per cent.
Insurance revenue, the main income source of the underwriter, climbed 75.5 per cent to N16.9 billion.
