BY NKECHI NAECHE-ESEZOBOR–Cornerstone Insurance Plc, together with its subsidiaries recorded 38% growth in its topline from N22.2billion in 2022 to N30.6billion 2023.
The Chairman of the Company, Segun Adebanji, disclosed this during the company’s 32nd Annual General Meeting held in Lagos, that following the implementation of the new IFRS 17 standards, the group reported an Insurance Revenue of N25.91billion for the year under review, this represents a robust growth of 26.596 compared to FY 2022 revenue of N20.48billion.
He added that insurance revenue from its life portfolio rose marginally by 29% from N5.18billion in the previous year to N5.28billion in 2023 and accounted for 20% of the total insurance revenue. The largest contributors to general business insurance.
Speaking further on its financial performance, the group managing director, Stephen Alangbo, said “life assurance business saw a marginal increase of 2% in our life business segment, rising from N5.18 billion in 2022 to N5.28 billion in 2023.
With the development of new products aimed at the retail segments and strategic distribution alliances in the microinsurance space, we anticipated significant growth trajectory in 2024. We are confident that these initiatives will drive substantial progress and enable us to capture a larger share of the life assurance market. Additionally, we have embarked on an expansion of our agency salesforce, the effects of which will become increasingly evident in the coming years.
On general insurance business, he said during the year under review, “we achieved a 24%%
growth in our general business portfolio, increasing from N11.84billion (2022) to N14.73billion (2023).
This growth was predominantly driven by substantial gains in our Motor, Aviation, and Engineering business, which grew by 46%%, 34%, and 30% respectively. The impact of the increased premium rates on motor Insurance is evident in our financial results. Despite the increased rates, there is a noticeable market shift towards comprehensive insurance from 3rd
party insurance among the insuring public.
On its subsidiary, he said Fin Insurance, achieved a remarkable performance, generating N5.36billion in insurance revenue.
This figure represents 21% contribution to the Group’s overall insurance revenue and a substantial 77% growth compared to N3.03bn achieved in 2022.
“We will however continue to focus on optimizing operational efficiencies and leveraging our collective strengths to further drive growth. This strategic approach is expected to enhance our market presence and deliver increased value to our stakeholders.”
On the company’s future outlook, he said: “we remain steadfast in our vision of becoming the leading insurance-based financial services group. Our commitment to being a responsible and sustainable business that creates long-term value for all our stakeholders remains unwavering. We will continue to innovate, invest in our people, invest in technology, and operate with integrity, while staying responsive to the evolving needs of our customers and communities.
“We are well positioned for any recapitalization measures that may be introduced by the regulator. We believe that this will enhance our financial stability, expand our underwriting capacity, and allow us to invest in new technologies and innovative products. It will also help us attract top talent, deliver robust returns to shareholders, and support community development initiatives, while ensuring we provide greater value to all our stakeholders.
On AI, he said “we recognize the importance of Artificial Intelligence (Al) in strengthening our participation in existing value chains. By
integrating Al into our operations, we can further enhance our efficiency, improve customer experiences, and stay ahead in an increasingly competitive market.”
