BY NKECHI NAECHE-ESEZOBOR—-Cornerstone Insurance Plc has announced 16.7 per cent growth in insurance revenue for the nine months ended September 30,2026.
According to statement released by the insurer to dealing members and investing public, insurance revenue grew to ₦43.31 billion for the third quarter of 2026.
The unaudited financial results shows the growth in insurance revenue was driven by increased contributions from its life and non-life insurance businesses, reflecting sustained demand from policyholders and business partners.
The insurer also disclosed that Insurance service result went up from ₦10.87 billion achieved in 2025 to 11.75 billion reported in 2026, this representing 8.09 per cent increase.
However, the group’s net insurance and investment result came down from ₦14.12 billion in 2025 to ₦13.50 billion in 2026, this indicating 4.4 per cent drop. The company attributed the decline to higher net foreign exchange losses and lower fair value gains, compared with the strong performance recorded in the third quarter of 2025.
Cornerstone Insurance’s profit before tax stood at ₦7.91 billion, down from ₦8.32 billion in Q3 2025, while profit after tax fell to ₦7.41 billion from ₦8.10 billion.
Similarly, earnings per share declined to 41 kobo from 45 kobo in the corresponding period of the previous year.
On its financial position, the insurer recorded a 5.75 per cent increase in total assets to ₦149.14 billion as of September 30, 2026, compared with ₦141.03 billion at the end of December 2025.
Shareholders’ funds also increased by 10.3 per cent to ₦80.36 billion from ₦72.86 billion at year-end 2025.
The company said the growth in shareholders’ funds reflected retained earnings during the period and favourable fair value movements on its investment portfolio.
Looking ahead, Cornerstone Insurance said it would focus on expanding its underwriting business, strengthening its capital position and implementing its new group structure, which involves separating its life and general insurance businesses in line with regulatory requirements.
The Board and Management also reaffirmed their commitment to service delivery, prompt claims settlement and sustainable long-term value for shareholders.
The financial results were signed by the company’s Chief Financial Officer, Jubril Ajose.
