Last year was really good for Cornerstone Insurance Plc as its revenue soared significantly moving from N2.9 billion in 2022 to N17 billion at the end of 2023.
The Managing Director/Chief Executive Officer of the Frontline underwriting firm, Stephen Alangbo, is hopeful that better days are ahead for the company.
Alangbo, who is just one year in the saddle of affairs of the company at a press briefing in Lagos recently, highlighted some of the company’s achievements in his time in office.
He said Cornerstone Insurance emerged as the recipient of the Insurance Company of the Year 2024 Award by the African Insurance Organisation (AIO) and has witnessed tremendous leap all round it’s operations.
“We have recorded remarkable achievements in the last year, and we will continue to ensure continuous improvements. We have a fantastic relationship with our brokers, and clients who are supporting the achievements we are seeing today.
“Our 2023 financial account was very good; we grew by about 40 per cent in our business. In profitability, we moved from N2.9 billion in 2022 to N17 billion at the end of 2023. It has been very wonderful, the team has worked tirelessly to ensure that the vision, dreams, our goals are achieved.”
“In the next year, I’m expecting an unprecedented result. I am expecting a mind-blowing result. If in the last year, we were able to achieve N17 billion and African Insurance Company of the Year, you can see the future is bright. As the leader of the team, with God’s help and hard work, we can achieve whatever we want to achieve and that is the goal. For me, I believe, we have a bright future,” he posited.
He also promised the shareholders improved returns on their investments at the upcoming annual general meeting of the firm.
According to its 2023 annual report recently filed with the NGX, the firm proposed a dividend of N2.91bn at 16 Kobo for each share, higher than the N1.09bn declared in 2022.
Alangbo, who was appointed Managing Director of the firm on July 1, 2023, and succeeded Ganiyu Musa, noted that the company has reposited to fully maximized opportunities in the retail insurance market space, stressing that life insurance has the potential to facilitate the deepening of insurance penetration.
He said the firm has digitized its operations to enable it play big in the retail insurance space.
