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Chuks Udo Okonta
Cornerstone Insurance Plc reported an insurance revenue of N25.9 billion in 2023, a growth of 26.5 per cent against N20.48 billion attained in 2022, its Chairman Segun Adebanji, has said.
He disclosed this today at the company’s Annual General Meeting (AGM) in Lagos, adding that the Cornerstone Group recorded 38 per cent growth in its top line from N22.2 billion in 2022 to N30.6 billion in 2023.
Adebanji submitted that insurance revenue from the company’s life portfolio rose marginally by two per cent from N5.1 billion in the previous year to N5.28 billion in 2023 and accounted for 20 per cent of the total insurance revenue.
According to him, the largest contributors to the central business insurance revenue were; engineering contributing N4.48 billion; oil and gas N3.49 billion and motor N2.5 billion.
He maintained that the company concluded the financial year with a profit before tax of N17.08 billion, which showed a remarkable rise over the restated International Financial Reporting Standard (IFRS) 17 loss of N1.06 billion recorded in the previous year.
He stated that the significant increase was driven by gains attributable to the firm’s investment portfolios and underscores its strategic focus on profitability and sustainable growth, thereby reinforcing its strong financial position.
He posited that the firm would persist in executing its strategic plans across all operational areas, aspiring to become the most vibrate and dynamic insurance company in Nigeria.
He appreciated the company’s employees for their hard work and dedication; customer for trust and loyalty and shareholders for continuous support while pledging that the firm would remain committed to delivering sustainable value and generating attractive returns for all its stakeholders.
The Group Managing Director Cornerstone Insurance Plc Stephen Alangbo, said the company looks ahead and remain steadfast in its vision of becoming the leading insurance-based financial services group.
He submitted that the firm would continue to innovate; invest in its people; invest in technology and operate with integrity, while staying responsive to the evolving needs of its customers and community.
He said the company is well positioned for any recapitalisation measures that may be introduced by the regulator, stressing that the recapitalisation would enhance the firm’s financial stability, expand its underwriting capacity and allow them to invest in new technology; innovative products and attract top talent.
Shareholders commended the firm for the outstanding performance, whilst craving that it should do more.
