Cornerstone Insurance bags N25.89bn profit in 2024
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Chuks Udo Okonta
Cornerstone Insurance Plc said it attained N25.89 billion Profit After Tax (PAT) in year 2024
Chairman, Cornerstone Insurance Plc Segun Adebanji, disclosed this today at the firm’s 33rd Annual General Meeting (AGM) in Lagos, adding that the company posted insurance revenue of N38.6 billion, representing a 49 per cent increase over 2023 N25.9 billion.
“Our profit before tax rose to ₦28.6 billion, marking a 68 per cent year-on-year growth.
“This reflects not only our commitment to strategic execution but also the strength of our diversified portfolio and prudent risk management,” he submitted.
He maintained that the performance was driven by growth across the firm’s core business lines, particularly in General Business, stressing that the Engineering, Oil and Gas and Motor Insurance portfolios delivered robust returns, contributing N6.11 billion, N5.24 billion and ₦4.75 billion respectively.
He noted that the firm’s investment income also contributed significantly, owing to strategic asset allocation and a favorable yield environment.
Adebanji impressed the shareholders, informing them that the firm declared a dividend of 27 kobo per ordinary share of 50 kobo each.
Looking ahead, he stated that Cornerstone Insurance Plc is poised for continued growth, noting that the firm intends to deepen its market penetration, especially in the retail and microinsurance segments.
“With a growing youth population and increasing digital inclusion, we see significant opportunities to design affordable, need-based products that align with the realities of everyday Nigerians.
“We will also continue to invest in technology, improve customer engagement channels, and enhance our claims process through automation and AI. Our enterprise risk management framework will be further strengthened to
anticipate emerging threats and capitalize on market shifts,” he posited.
He said in preparation for potential regulatory recapitalisation,
the company has strategically retained earnings and maintained a solid capital buffer, stating that: “We are confident that, whatever form these reforms take, Cornerstone will emerge stronger, more
competitive, and more impactful.”
He thanked the firm’s customers, employees, partners and shareholders for their unwavering commitment.
“I am confident that with your continued support, the years ahead will be marked by even greater accomplishments,” he submitted.
The National Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, applauded the company’s outstanding performance, noting that he has been a shareholder in the company for long and this is the first time shareholders are getting such a dividend payout.
He commended the Chairman of the company for bringing integrity to the firm.
He emphasised that integrity drives insurance business and implored the board and management to sustain the already entrenched integrity.
The National Coordinator Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, commended the firm for the outstanding performance, whilst urging the board and management to leverage information technology to harness the enormous insurance opportunities.
He also implored the company to effectively position to enable it key into the government’s anticipated $1 trillion economy.
Shareholders’ activist Nona Awo, also commented the company for the dividend payout, while imploring the board and management to immotalised the founder of the firm late Tunji Ogunkanmi.
The Managing Director Stephen Alangbo, said the company is focusing on retail expansion; technology leadership; capital optimization; sustainable impact and customer delight.
