Cornerstone Insurance Plc closed its 2024 financial year on a strong note, reporting a remarkable 87% rise in profit after tax to ₦25.9 billion.
At the 33rd Annual General Meeting in Lagos, Board Chairman Segun Adebanji announced that the company boosted its profit before tax by 68%, rising from ₦17.08 billion in 2023 to ₦28.62 billion.
Even more striking, profit after tax jumped by 87% to ₦25.9 billion, up from ₦13.84 billion the previous year.
Adebanji attributed the growth to strategic execution, a strong and diverse portfolio, and prudent risk management.
Importantly, he noted that the Engineering, Oil and Gas, and Motor Insurance portfolios collectively generated over ₦16 billion—with ₦6.11 billion, ₦5.24 billion, and ₦4.75 billion respectively.
Insurance Revenue And Investment Gains
Simultaneously, the company increased its insurance revenue by 46%, reaching ₦38.67 billion, compared to ₦25.91 billion in 2023.
Strategic asset allocation and a favourable yield environment also drove strong investment income.
Looking ahead, Adebanji reaffirmed the company’s commitment to deepening market penetration, particularly in the retail and microinsurance segments.
“We plan to design affordable, need-based products that reflect the daily realities of Nigerians—especially as digital inclusion grows,” he said.
Furthermore, Cornerstone will continue investing in technology to improve customer engagement, automate claims processing through AI, and strengthen its enterprise risk management framework to stay ahead of market shifts.
Shareholders Applaud And Future Plans Unveiled
Shareholders responded with enthusiasm.
They approved a dividend payout of 27 kobo per share—one of the highest in the company’s history.
Veteran shareholder Sunny Nwosu praised the board for maintaining integrity, stating that honesty remains critical to building trust in the insurance sector.
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He urged the board to preserve this culture.
Similarly, shareholder Moses Igbrude applauded the company’s performance and encouraged the board to leverage technology further to explore untapped opportunities in the insurance space.
Meanwhile, Managing Director/CEO Stephen Alangbo reflected on the journey: “We transformed our operations through rigorous execution and innovation.
Despite a challenging business climate, we achieved strong results and advanced our vision of becoming Nigeria’s leading insurance-based financial services group.”
He explained that the company’s Life business revenue surged by 46.1% to ₦7.6 billion, driven by growth in Group Life Assurance and new retail-focused offerings like the C-REST Plan, Flexi Endowment, and the Cornerstone Life Insurance Plan.
These products enhanced customer value and increased competitiveness.
At the same time, Cornerstone expanded its General Business portfolio by 54.4% to ₦22.7 billion, which contributed 58.8% of total insurance revenue.
By combining strategic agility with technological innovation, Cornerstone Insurance didn’t just outperform expectations—it set a new benchmark for excellence in Nigeria’s insurance industry.
