Cornerstone Insurance Plc has reported a strong financial result for the 2024 financial year, with profit before tax climbing by 68 per cent to ₦28.62 billion, compared to ₦17.08 billion recorded in 2023.
Chairman of the Board, Mr Segun Adebanji, announced the results during the company’s 33rd Annual General Meeting (AGM) held in Lagos.
Profit after tax jumped by 87 per cent to ₦25.9 billion, from ₦13.84 billion in the previous year. Insurance revenue also saw a marked increase of 46 per cent, rising to ₦38.67 billion from ₦25.91 billion.
Mr Adebanji attributed the improved performance to the company’s strategic focus, diversification of its business portfolio, and prudent risk practices.
“Growth in our core business lines, particularly General Business, Engineering, Oil and Gas, and Motor Insurance, significantly contributed to the strong performance,” he said.
The general business segment brought in ₦6.11 billion, engineering ₦5.24 billion, while oil and gas recorded ₦4.75 billion.
The chairman also credited strategic investment decisions and a favourable yield environment for the enhanced earnings. “Our investment income also contributed significantly, owing to strategic asset allocation,” he noted.
Looking ahead, Adebanji said the company intends to strengthen its presence in the retail and microinsurance markets, particularly by leveraging digital platforms to reach Nigeria’s expanding youth demographic. Planned initiatives include further investment in technology, automation of claims processing, and improvements to customer experience systems.
Shareholders approved a dividend of 27 kobo per share in recognition of the strong performance.
Speaking at the AGM, veteran shareholder Sunny Nwosu welcomed the payout as the highest seen in recent years and commended the board for maintaining strong governance—essential, he said, for sustaining credibility in the insurance sector.
Fellow shareholder Moses Igbrude encouraged the company to ramp up its adoption of technology in order to drive further growth within the insurance industry.
Managing Director and Chief Executive Officer, Mr Stephen Alangbo, described 2024 as a “transformative year” for the company, pointing to operational discipline and product innovation as central to the gains. He reported growth across both life and general insurance segments.
Revenue from life insurance rose by 46.1 per cent to ₦7.6 billion, supported by offerings such as the C-REST Plan, Flexi Endowment, and the Cornerstone Life Insurance Plan. General business revenue surged by 54.4 per cent to ₦22.7 billion, contributing 58.8 per cent of overall insurance revenue.
“We are on track to becoming the leading insurance-based financial services group in Nigeria,” Alangbo stated.
The company’s 2024 financial results reflect solid growth, improved customer engagement, and a renewed strategic direction as it positions itself to navigate an increasingly digital and competitive insurance landscape.
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