The project, commissioned recently, reflects Cornerstone’s vision of protecting lives and property by promoting health, and sustainability. It also aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 6 – Clean Water and Sanitation and SDG 13 –Climate Action.

Speaking at the handover ceremony, the Head of Marketing and Corporate Communications Cornerstone Insurance Plc, Cordelia Ekeocha, who represented the MD/CEO Stephen Alangbo. said the initiative emphasises its commitment to supporting communities and promoting sustainability. We believe that all our initiatives should have a lasting impact in the lives of the recipients.

The CIPLCF is committed to promoting community support, education, and health & safety, hence this borehole project is significant.

Receiving the project on behalf of the NDLEA Chairman, Brigadier-General Mohammed Buba Marwa (Rtd), the Director of Technical Services, DCG Ambrose Umoru, commended the Foundation for the donation, noting that the borehole would provide reliable access to clean water for the agency.

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The awareness walk was aimed at promoting healthy living and increasing public awareness of the importance of insurance in everyday life.

Through its active participation, the company once again reaffirmed its commitment to employee wellness, teamwork, and fostering strong professional relationships within the Nigerian insurance industry.

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Flooding remains one of the most pressing environmental and economic challenges facing Lagos State, with vulnerable and low-income communities bearing the greatest impact during the annual rainy season. As a low-lying coastal city with an average elevation of about 1.5 metres above sea level, Lagos is increasingly exposed to flood risks driven by rising sea levels, land subsidence, rapid urbanisation, and drainage systems frequently clogged by waste.

Over the years, the state has witnessed worsening flood incidents, particularly between April and July, causing extensive damage to infrastructure, businesses, livelihoods, and economic activities. The annual economic losses resulting from flooding in Lagos are estimated at nearly $4 billion.

In response to these growing threats, the United Nations Development Programme (UNDP) and the Insurance Development Forum (IDF), with funding support from the German Federal Ministry for Economic Cooperation and Development (BMZ), developed the Lagos Flood Risk Transfer Scheme in collaboration with the Lagos State Government.

The initiative aims to provide rapid financial assistance to vulnerable residents through an innovative parametric insurance solution designed to enable quicker response and recovery after major flooding events.

Following comprehensive technical assessments and modelling exercises, a flood footprint-based index was selected as the most suitable insurance model for Lagos State, considering the city’s exposure to pluvial, fluvial, and coastal flooding. Under the scheme, insurance payouts are triggered once flood depths reach 50 centimetres.

After receiving regulatory approval from the National Insurance Commission (NAICOM), the scheme is now being underwritten by Cornerstone Insurance Plc alongside three other leading insurance companies, with Africa Re providing reinsurance support.

Speaking on the initiative, the Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, said:

“At Cornerstone Insurance, we recognise that climate-related risks such as flooding continue to threaten livelihoods, businesses, and vulnerable communities across Lagos State. Our participation in the Lagos Flood Risk Transfer Scheme reflects our commitment to delivering innovative insurance solutions that strengthen resilience, support rapid recovery, and provide meaningful financial protection to those most affected by environmental challenges.”

The long-term sustainability of the initiative is further reinforced by the Lagos State Government’s commitment to phased premium payments over the next three years. The scheme has also been integrated into the state’s broader disaster management framework, strengthening coordinated efforts to improve preparedness, response, and recovery for flood-prone communities across Lagos State.

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Cornerstone Insurance Plc, one of Nigeria’s most trusted insurance providers has been named 2025 Insurance Company of the Year at the annual awards ceremony recently organised by Champion Newspapers. The prestigious recognition was announced at a well-attended ceremony held at Eko Hotels & Suites.

The award celebrates outstanding performance, innovation, and industry leadership within Nigeria’s financial services sector. Cornerstone Insurance stood out among strong contenders for its consistent commitment to customer satisfaction, digital transformation, and the delivery of innovative insurance solutions tailored to the evolving needs of individuals and businesses.

The event attracted top executives and leading organisations across various sectors of the economy, including Monie point, Heirs Energies, Access Bank, Zenith Bank, and Globus Bank, further highlighting the significance of the recognition within Nigeria’s corporate landscape.

Receiving the award on behalf of the company, the Group Managing Director of Cornerstone Insurance, Stephen Alangbo, expressed appreciation to the organisers and reaffirmed the company’s commitment to excellence and innovation in the insurance industry.

“This recognition by Champion Newspapers is a strong affirmation of the dedication, resilience, and professionalism of our entire team at Cornerstone Insurance Plc. We remain committed to building trust, delivering value, and continually improving our products and services to meet the needs of our customers and stakeholders. As the insurance landscape evolves, we will continue to invest in innovation, technology, and talent to ensure we remain a dependable partner in protecting the dreams and aspirations of Nigerians.”

The award reflects Cornerstone Insurance’s growing influence in Nigeria’s insurance sector and its sustained focus on strengthening financial protection for individuals, families, and businesses. Over the years, the company has distinguished itself through strategic investments in digital platforms, efficient claims management, and customer-centric product offerings.

Industry analysts note that recognitions such as this reinforce the company’s reputation as one of Nigeria’s leading insurers and a trusted partner in risk management.

As Cornerstone Insurance continues to expand its footprint and deepen its impact in the market, the company remains focused on delivering innovative solutions that empower customers to confidently navigate life’s uncertainties.

Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via the internet and mobile platforms.

At Cornerstone, we are committed to our core values of integrity, empathy, professionalism, innovation, and team spirit. Our mission remains delivering value beyond expectations through need-based products and quality service.

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The company also delivered a significant improvement in its insurance service result, which rose to ₦10.7 billion, representing a 353 per cent growth year-on-year.

According to statement released by the insurer, the robust results reflect its disciplined underwriting strategy, operational efficiency, and sustained investment in innovative, customer-focused solutions, further reinforcing its resilience and growth trajectory within Nigeria’s insurance industry.

Speaking on the company’s performance, the Group Managing Director and Chief Executive Officer, Mr. Stephen Alangbo, described the results as a clear indication of Cornerstone’s commitment to excellence and long-term value creation.

“Our 2025 financial performance is a testament to the strength of our strategic direction and the deliberate steps we have taken to strengthen our operations and enhance service delivery. Despite the complexities within the operating environment, we remained consistent in our pursuit of disciplined underwriting, improved customer experience, and digital transformation. This achievement reflects the unwavering dedication of our employees, the trust reposed in us by our customers, and the strong support from our stakeholders. As we move forward, we will continue to explore growth opportunities, invest in innovation, and deepen our market presence to sustain our upward trajectory.”

Also commenting on the results, the Chief Financial Officer, Mr. Jubril Ajose, emphasised the company’s sound financial management and efficient cost structure as key contributors to the impressive growth recorded during the year.

“The remarkable increase in both insurance revenue and insurance service result highlights the effectiveness of our financial discipline and strategic cost management initiatives. Our focus on balancing revenue growth with prudent risk management and expense optimisation has strengthened our profitability and enhanced our overall financial health. We remain committed to maintaining strong corporate governance standards, ensuring transparency in our reporting processes, and consistently delivering value to our shareholders.”

Cornerstone Insurance Plc has continued to distinguish itself in Nigeria’s insurance industry through innovative product offerings, strategic partnerships, and technology-driven service delivery channels. The company’s consistent investment in digital solutions has improved customer engagement, simplified claims processes, and enhanced overall operational efficiency.

The underwriting firm sustains its growth momentum, the company remains focused on expanding insurance penetration, strengthening stakeholder confidence, and reinforcing its reputation for reliability, professionalism, and service excellence. With its strong 2025 financial performance, the company is well-positioned to capitalise on emerging opportunities and further consolidate its leadership position within Nigeria’s insurance sector.

About Cornerstone Insurance

Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services. As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via the internet and mobile platforms.

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Group Managing Director and Chief Executive  Officer of Cornerstone Insurance Plc, Stephen Alangbo, disclosed this while addressing annuitants at the company’s Annuity Forum held on Monday in Lagos.

Lasaco Assurance Plc had, in September 2025, announced plans to transfer its annuity portfolio to Cornerstone Insurance Plc as part of a broader strategic realignment aimed at streamlining operations and improving efficiency.

Alangbo said the takeover followed regulatory approval and assured annuitants that payments had continued seamlessly under Cornerstone’s management.

On transfer of Niger insurance annuity portfolio to Cornerstone he said  “following the liquidation at Niger insurance Plc, the  regulator, in its wisdom, must always give Nigerians confidence that when they take an insurance policy, they are protected,” he said.

“This transfer was carried out following a regulatory process, and Cornerstone Insurance Plc was selected because of the confidence the regulator has in our capacity, competence, and financial strength.”

He explained that the successful transfer was based on Cornerstone’s proven track record in underwriting life insurance and annuity businesses, as well as the company’s strong governance structure.

“The regulator assessed the market and identified Cornerstone as a reliable insurance company with the competence to manage annuity obligations. Our reputation, financial strength, management, and board were critical factors considered before the portfolio was transferred,” Alangbo said.

On the transfer of Lasaco Assurance’s annuity portfolio, he expressed his pleasure in taking it over and said Cornerstone Insurance remains open to acquiring additional annuity and insurance portfolios as opportunities arise.

“Cornerstone is well positioned and financially strong. We are ready to take on more annuity portfolios, and where necessary, we will communicate further developments to annuitants and the public,” he said.

According to Alangbo, the acquisition further strengthens confidence in the insurance industry and underscores Cornerstone’s commitment to protecting retirees and policyholders.

The event also provided annuitants with the opportunity to ask questions about the transformation and other matters of interest. It featured a dance competition, and various activities offering participants the chance to win recharge cards, among other attractions.

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The Group Managing Director, Stephen Alangbo, disclosed this on the sidelines of the company’s annuity forum held in Ikeja. He said the company has already met the recapitalisation requirements, subject to verification by the National Insurance Commission (NAICOM).

“Subject to NAICOM’s verification, we have met the recapitalisation requirement without sourcing additional capital or entering into any merger,” Alangbo said.

He further revealed that the company’s subsidiaries—FIN Insurance Limited and Hilal Takaful Nigeria Limited—have also met the minimum capital base prescribed by the regulator.

“Cornerstone Insurance Plc has two subsidiaries: FIN Insurance Limited, a specialist general insurance company, and Hilal Takaful Nigeria Limited, which operates under the Islamic insurance model. We own 96 per cent of FIN Insurance and 99 per cent of Hilal Takaful,” he explained.

According to him, Hilal Takaful Nigeria Limited currently has sufficient capital to operate in line with NAICOM’s regulatory requirements.

On FIN Insurance, Alangbo said the company, subject to NAICOM verification, has capital in excess of ₦15 billion and has already paid the required capital to the Central Bank of Nigeria to demonstrate its capacity to operate independently, without a merger or business combination.

Speaking on the parent company, he noted that Cornerstone Insurance Plc, as a composite insurance firm, is also adequately capitalised.

“Cornerstone, being a composite company, has more than enough capital to meet NAICOM’s requirements, subject to verification of our accounts. We are not seeking additional capital or considering a merger. Rather, we are fully positioned to acquire insurance companies that are unable to recapitalise,” he said.

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Annuitants at the event

Annuitants at the event

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Brokers in Nigeria insurance space have appluded the outstanding performance of Cornerstone Insurance Plc despite the harsh economic situation in the country.

Speaking at the 2024 brokers’ engagement forum organized by Company, the President of Nigerian Council of Registered Insurance Brokers, (NCRIB), Prince Babatunde Oguntade attested to solid foundation of the company.

According to him your brand has remained unshaken, you have been able to work and talk in the insurance industry. I have no doubt that your company has contributed into capacity building by engaging, building and creating leaders of value who are in different sectors of the industry today.

“Therefore, you should have a Cornerstone insurance academy or alumni that brings everyone together.
“When we see a good thing, we talk about it by encouraging our members to get involved with the company. I have the backing of the entire leadership of NCRIB to congratulate you and to confirm to you that you have done very well, but it can be better.

“Your leadership capability has shown a lot in your divestment in the finance sectors. We are aware your stock is doing well. We are also aware that they are sone customers who see you as their delight. But what is outstanding is that despite the change in management the brand did not come down.

He enjoined other brokers to partner with the company to grow the insurance market in Nigeria and Africa at large.

On its journey so far with brokers, the Managing Director/Chief Executive Officer, Cornerstone Insurance, Mr Stephen Alangbo, said, the company values the satisfaction of its esteemed brokers, customers and all stakeholders.

“We want to appreciate all of us for supporting us this far. There were challenges that confronted us, some stood by us, and today, we are waxing stronger. Some have collaborated with us and we have done exceptional things together.

“Today, we can say Cornerstone Insurance is the number one company in Africa; it is all because of you, and that is why we felt it is good for us to come, present the award to you, and celebrate you for standing by us.”

He noted that company intends to analyse and examine possibilities in the coming year, and see how to position and take advantage of the opportunities ahead.
“We also want to hear from you how we have served you so that we can serve you better. We are partnering with the brokers and we want to do more, we want to see how we can add more value to our brokers.”

On its financial performance, he said the company paid in excess of N11.8billion as claims to policyholders while a total of N17.1 billion was achieved as Profit Before Taxation.

Shareholders fund wad in excess of N33.4 billion while total assets stood at N82.5billion at the close of the financial year 2023.

The insurer’s insurance revenue grew to N25.9 billion which the shareholders and brokers commended the company.

Dr. Abiodun Adedipe, Chief Consultant, B. A Adedipe Associates LTD, while presenting his keynote paper, urged the company to regularly increase its capital, noting that sustainability of the brand cannot be achieved without regularly increase in capital.

He also advised them to establish and maintain quality relationship with 10 top insurance broking firms in the country.

The need for human capital development was also raised by the economist, according to him the more you invest in people in the areas of remuneration, human capital development it helps to build confidence among staffs.

He said everyone must be involved in business development of the company.

General Manager, Business Development, Cornerstone, Charles Nwachukwu, said, “Last year, we made a profit of over N17billion, we won the African insurance award of the  year, and my CEO was also acknowledged as first 25 best CEOs in Nigeria. None of these achievements would have been possible without your support. We felt it was right and nice to bring everybody in, and thank you for your support.“

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He disclosed this on the sideline of just concluded insurance meet tech conference held recently in Lagos, that last year, the company had four awards related to the innovative company of the year award.

According to him in Nigeria’s insurance penetration is very low, and we as an organization have identified, what we can do to be able to make the difference.

In making a difference, the GMD said the company has deployed the use of Artificial intelligence for distribution of products, identify the needs of the people; product design; claims payment and built their processes

“Today, technology is in the hand both the old man and young people in school and they have opportunity to have technology in their hands. Now, when you compare banking to insurance, the adoption of banking products is very high when you compare to insurance, and we as an organisation is looking at what is responsible for this .

On partnership, he said, we have gone into partnership with lots of organisation such as Insurtech, Brokers, stand alone.firms, Telecoms and it has made the company to be different from other companies in the market place.

On capacity he said “We are also building capacity to be able to ensure that we have a real understanding of the insurance our customers wants to buy. Is easier for you to know the product you want to sell to those that need it because you be able to identify their needs because of the knowledge that you have.”

Cornerstone Insurance Plc (the Group), paid a dividend of N0.16-kobo to its shareholders for the financial year ended 31st December 2023, against a 6kobo dividend paid out 2022 financial year.

The Company during the review period achieved a 38 per cent growth in top line from N22.2 billion in 2022 to N30.6 billion for the year ended 31st December 2023.

Insurance Revenue of N25.91 billion for the year under review, representing a robust growth of 26.5 per cent compared to N20.48 billion recorded in the same period of 2022.

According to the company “insurance Revenue from our life portfolio rose marginally by two per cent from N5.18 billion in the previous year to N5.28 billion in 2023, which accounted for 20 per cent of the total Insurance Revenue as the largest contributors to General Business Insurance.”

While Engineering, Oil and Gas and Motor classes contributed N4.48 billion, N3.49 billion and N2.51 billion respectively.

The lead insurer concluded the year with a Profit Before Tax of N17.08 billion, which showed a remarkable rise over last year.

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