L-R Executive Director, Business Development & Chief Client Officer, Mr. Chidiebere Nwokeocha, Managing Director/Chief Executive Officer, Mr. Stephen Alangbo, Executive Director, Technical Operations, Mr. Peter Ekwueme, during a media briefing held today in Lagos.
BY NKECHI NAECHE-ESEZOBOR–Cornerstone Insurance Plc on Tuesday released its unaudited results for half year (H1) of 2023, reporting 40 percent growth in its premium income to N15 billion.
The Group Managing Director/ CEO, Mr. Stephen Alangbo, disclosed this during a media chat with journalists in its head office that it’s total assets of the company rose in excess of N70billion at the end of half year (H1) of 2023.
The underwriter’s Shareholders fund recorded a significant growth to N32.8 billion above the required shareholders fund of the industry.
The insurer’s profit was not left out as it appreciated in excess of N12 billion against the previous year.
Committed to it’s claims obligation, he said at the end of June 2023 a total of N4 billion was paid as claims to policyholders, while reassuring that they have remained focused in their growth plan across business lines.
On how to improve penetration, he said “for we to have high insurance penetration, we need to get to the level where bank taxes and charges are either removed or significantly reduce for low income earners, to encourage them to save and take insurance.
On the part of government, he said the government have been helpful with the creation of compulsory Insurances, adding that, the support of the government has contributed to the significant improvement in group life adoption.
According to him between 2007 to the time when the minimum rate of group life came up there have been significant growth in the life insurance business mainly because government has helped to make the premium better.
Cornerstone Insurance Plc was Incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. Our organization was established to conduct Insurance business in a professional, ethical, and customer-focused manner and has remained committed to these values over the years.
The Company is licensed and re-certified by the National Insurance Commission (NAICOM) to do both General and Life businesses and the classes of Insurance business we currently undertake include the following: Motor Vehicle, Aviation, Marine, Engineering All Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products and Takaful (Islamic Insurance)
The company’s Authorized Share Capital and Market Capitalization is ₦9.25 billion and ₦5 billion respectively.
The remain committed to both our core values of Integrity, Empathy, Professionalism, Innovation, and Team Spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
