According to notice filed by the company on the floor of Nigerian Exchange Plc, to all  dealing members and stockbrokers, Sovereign Trust the group’s total assets grew by 43% surging from ₦28.31 billion in June 2025 to ₦40.47 billion in June 2026.

The insurer equity base also went up from ₦12.49 billion to ₦23.20 billion expanding by 86%, signaling robust capital adequacy and underlying balance sheet strength.

Insurance service expenses for the period under review dropped by 51% from  ₦19.55 billion to ₦9.50 billion while net expenses from reinsurance contracts appreciated to ₦11.01 billion, impacting overall operational margins.

Investment returns rose sharply from 1.03 billion in H1 2025 to  ₦2.96 billion in same time of 2026, indicating 188 percent increase, demonstrating effective asset management in a high-yield environment.

While Earnings Per Share stood at 5 kobo for the group (6 kobo at the company level.

Overall, the H1 2026 performance highlights Sovereign Trust Insurance’s resilience in fortifying its capital position and leveraging investment returns to buffer operational shifts in a dynamic macroeconomic environment.

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‎Speaking today during the company’s 34th Annual General Meeting (AGM), held in Lagos, its Acting Chairman, Afolabi Balogun, said the company’s  profit after tax rose to N11.76 billion at the end of 31st December, 2025 when compared to N25.89 billion reported in 3025. D

‎According to him the Group recorded insurance revenue of N51.66 billion, representing 34% increase over the previous year of  2024, while earnings per share stood at 64 kobo per share.

‎Total assets rose to  N141.03 billion while shareholders’ fund rose to N72.86 billion from  N60.50 billion in the previous year of 2024. 

In recognition of these performance, the Board recommended a dividend of N0.28 per share.

‎These results he noted reflect the strength of its  franchise, the quality of its customer relationships, and the disciplined execution of our strategy. 

‎‎On future outlook he said “Cornerstone enters this new phase from a position ‎strength. We have a clear strategy, a strengthened Capital base, an experienced leadership team, and the support a committed majority shareholder. Most importantly, ‎have a trusted brand and a growing customer franchise that provides a strong platform for sustainable growth.

‎Managing Director, Stephen Alangbo, further  explained that the company’s profit before tax declined to ₦8.73 billion from ₦28.62 billion in 2024 due to the normalisation of earnings after the exceptional foreign exchange gains recorded in the previous year. 

‎‎He noted that the company had posted ₦30.83 billion in one-off foreign exchange gains in 2024 following the Naira devaluation.

‎“Adjusting for this one-off effect, our underlying performance demonstrates sustained growth in our core insurance operations,” Alangbo said.

‎The company’s report also showed that net profit for the year stood at ₦11.76 billion, down from ₦25.89 billion in 2024, further reflecting the normalisation of earnings after the exceptional gains recorded in the previous year.

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The insurer forecast insurance revenue of ₦6.615 billion during the period, while insurance service expenses are expected to amount to ₦2.419 billion.

The company also projected net expenses on reinsurance contracts of ₦795.8 million, resulting in an insurance service result of ₦3.400 billion.

The forecast further showed that investment income is expected to reach ₦1.713 billion, with no projected fair value gains on investment properties or impairment losses on financial assets measured at amortised cost. This brings the company’s net investment income to ₦1.713 billion.

It also estimated net insurance finance expenses of ₦42.5 million, comprising finance expenses of ₦23.6 million from insurance contracts issued and ₦18.9 million from reinsurance contracts held.

Consequently, the company expects to achieve a net insurance and investment result of ₦5.071 billion.

After accounting for other operating expenses of ₦2.252 billion, the insurer projected a profit before tax of ₦2.819 billion. Following an estimated income tax expense of ₦36.75 million, the company forecast a profit after tax of ₦2.782 billion for the third quarter ending September 30, 2026.

The forecast provides investors with an outlook on Guinea Insurance’s expected financial performance for the period, subject to prevailing business and market conditions.

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The company disclosed at its fifth Annual General Meeting (AGM) held recently in Abuja that its Gross Written Premium (GWP) increased by 32 per cent, rising from ₦48.9 billion in 2024 to ₦64.5 billion in 2025.

Insurance revenue also recorded notable growth, climbing by approximately 12 per cent from ₦50.9 billion in 2024 to ₦57.2 billion in 2025.

A major highlight of the company’s performance was the turnaround in its insurance service result. FBS Reinsurance posted a profit of ₦20.3 billion in 2025, reversing the loss of ₦6.6 billion recorded in the previous year. Profit before tax equally improved, increasing from ₦10.1 billion in 2024 to ₦16.7 billion in 2025.

Speaking at the AGM, the Chairman of the Board, Bala Zakariyau, attributed the impressive performance to improved underwriting discipline, stronger portfolio management and enhanced operational efficiency.

“This performance reflects improved underwriting discipline, stronger portfolio management, and enhanced operational efficiency during the year,” Zakariyau said.

The reinsurer also strengthened its liquidity position during the period under review. Cash and cash equivalents, alongside financial assets, grew by 17 per cent from ₦58.8 billion in 2024 to ₦69 billion in 2025. According to the company, the growth reflects enhanced liquidity management, stronger investment performance and a continued focus on maintaining financial resilience amid prevailing market uncertainties.

Shareholders’ funds rose significantly by 38 per cent, increasing from ₦37 billion in 2024 to ₦51 billion in 2025. The company said the growth underscores its strong capital base, improved profitability and commitment to creating sustainable long-term value for shareholders.

In a further boost to its market standing, FBS Reinsurance announced that it has been affirmed by GCR Ratings with an International Scale Financial Strength Rating of B- with a Stable Outlook. On the National Scale, the company received a Financial Strength Rating of AA(NG), also with a Stable Outlook, reflecting confidence in its financial strength and operating performance.

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Profit before tax climbed to ₦17.41 billion, representing a 47.5 per cent increase from ₦11.80 billion in the previous year, while profit after tax rose to ₦16.42 billion from ₦11.32 billion in 2024.

The insurer also strengthened its balance sheet during the period, with total assets rising to ₦176.25 billion from ₦147.13 billion in the prior year.

Total equity increased to ₦69.73 billion from ₦54.79 billion in 2024, supported by retained earnings growth and improved profitability.

Earnings per share rose to 81 kobo from 54 kobo, reflecting enhanced shareholder value during the year under review.

Mutual Benefits recorded notable growth in investment income, with net investment income increasing to ₦19.87 billion, driven by higher interest income, fair value gains and disciplined portfolio management. Interest income alone stood at ₦10.88 billion during the period.

Operationally, the company reported a sharp improvement in insurance service result, which rose to ₦8.77 billion from ₦1.07 billion in 2024.

The performance was attributed to stronger underwriting discipline, improved claims management and more effective reinsurance arrangements.

Financial assets measured at amortised cost increased significantly to ₦86.99 billion, contributing to the expansion of the group’s investment portfolio and overall asset base.

Shareholders’ funds attributable to owners of the parent company also strengthened to ₦65.00 billion, underscoring the company’s continued capital growth and prudent financial management.

Commenting on the results, the Managing Director of Mutual Benefits Assurance Plc, Olufemi Asenuga, said the performance reflected the success of the company’s long-term growth strategy and operational transformation initiatives.

“The 2025 results demonstrate the strength of our underwriting discipline, the resilience of our investment strategy and the effectiveness of our ongoing transformation agenda. We remain committed to delivering sustainable value to our policyholders, shareholders and all stakeholders, while strengthening our leadership position in Nigeria’s insurance industry,” he said.

The company said it would continue to focus on digital transformation, operational efficiency and enhanced customer experience as part of its long-term growth strategy.

Looking ahead, Mutual Benefits plans to deepen its digital distribution channels, improve claims efficiency and expand across retail and corporate insurance segments in Nigeria and selected African markets.

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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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