From right: Managing Director Cornerstone Insurance Plc, Stephen Alangbo; Chairman, Segun Adebanji and Representative of PAC Solicitors, Mrs. Tosin Kembi at the event.
BY NKECHI NAECHE-ESEZOBOR—Cornerstone Insurance Plc on Tuesday said it was able to grow its Profit Before tax by 68% year-on-year to 28.6 billion.
Chairman, Cornerstone Insurance Plc, Segun Adebanji, disclosed this today during its 33rd Annual General Meeting (AGM) in Lagos, that it reflects not only its commitment to strategic execution but also the strength of its diversified portfolio and prudent risk management.
He said revenue for the year rose by 49% to N38.6 billion over ₦25.9 billion reported in the previous year of 2023 while Profit After Tax (PAT) stood at N25.89billion.
He stated that performance was driven by growth across the firm’s core business lines, particularly in General Business, stressing that the Engineering, Oil and Gas and Motor Insurance portfolios delivered robust returns, contributing ₦6.11 billion, ₦5.24billion and ₦4.75 billion respectively.
He noted that the firm’s investment income also contributed significantly, owing to strategic asset allocation and a favorable yield environment.
Following its outstanding performance, the board recommended a dividend of N0.27 kobo per ordinary share of 50 kobo each to shareholders for approval.
On the way forward he said: “Cornerstone Insurance Plc is poised for continued growth, noting that the firm intends to deepen its market penetration, especially in the retail and microinsurance segments.
“With a growing youth population and increasing digital inclusion, we see significant opportunities to design affordable, need-based products that align with the realities of everyday Nigerians.
“We will also continue to invest in technology, improve customer engagement channels, and enhance our claims process through automation and AI. Our enterprise risk management framework will be further strengthened to anticipate emerging threats and capitalize on market shifts,” he posited.
On recapitalisation, he said “We are confident that, whatever form these reforms take, Cornerstone will emerge stronger, more competitive, and more impactful.”
“I am confident that with your continued support, the years ahead will be marked by even greater accomplishments,” he submitted.
Also, the Managing Director of the company, Stephen Alangbo, noted that the company is focusing on retail expansion; technology leadership; capital optimization; sustainable impact and customer delight.
