BY NKECHI NAECHE- ESEZOBOR— Cornerstone Insurance Plc was incorporated on 26 July, 1991 as a private limited liability company and became a public limited liability company, quoted on the Nigerian Stock Exchange in 1997.
The organisation was established to conduct insurance business in a professional, ethical and customer-focused manner. As part of its corporate brand strategy, the company implemented a re-branding exercise in 2008 to position Cornerstone as a leader in the industry, part of which was the unveiling of the new corporate identity for the company.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses.
Products
It provides qualitative and professional services in all classes of insurance business namely: bespoke Risk Management Solutions; general Business Insurance Solutions, personal & Group Life Assurance Solutions, deposit Administration & Investment Management Solutions and Takaful Solutions
As part of its efforts to transform the industry; Cornerstone Insurance was the first company in Nigeria to offer both general and family Takaful products approved by NAICOM.
The company’s issued and fully paid share Capital and Market Capitalization is ₦9.083 billion and ₦65.399 billion respectively as of December 31, 2024. Total assets of over N78 Billion at the end of 2024.
Financial Performance
Key Highlights in Q1 2024
*Revenue grew by 19.10% from N6.68bn to N7.95bn
*Profit before tax stood at N18.2bn
*Profit after tax stood at N16.9bn
*Share price currently stands at N2:05
*Total Assets N114.540 billion
Technology
Cornerstone’s services are technology driven by cutting edge Insurance applications. These services are accessible with ease through the internet or mobile devices.
The company was the first insurance company in Nigeria to provide
customers with an online platform for insurance transactions. Hence in 2016, the Nigerian Technology Awards adjudged it as the Insurance Company with the ‘Best Use of technology.
Stephen Alangbo, managing director/ CEO, Cornerstone Insurance Plc on the side – line of last year’s Insurance Meet Tech 3.0 Conference held in Lagos said as operators in insurance, the place of technology in shaping services cannot be overlooked any longer.
“We are using technology to be able to build our processes to ensure that we satisfy our customers, and that is why we are regularly looking at what to do to make Cornerstone the choice underwriter for potential customers”.
On how to take innovative products to the insurance public with tech, he said “We believe in product design through data analytics to be able to see the products that meets the need of the people, and we give the products to them.
“We have gone into partnership with organisations such as InsurTech, Brokers, stand-alone Agents, Telcos and these are making Cornerstone different from every other organisation.”
