BY NKECHI NAECHE- ESEZOBOR-
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.“
