Cornerstone Insurance Plc has posted an impressive ₦25.89 billion profit after tax (PAT) for the 2024 financial year, marking one of its strongest performances in over three decades.
The announcement was made by the company’s Chairman, Segun Adebanji, during its 33rd Annual General Meeting (AGM) in Lagos.
Strong Financial Performance
Adebanji reported that the company’s insurance revenue hit ₦38.6 billion, a 49% increase compared to ₦25.9 billion in 2023. Profit before tax also surged to ₦28.6 billion, reflecting 68% year-on-year growth.
He attributed the results to strategic execution, a diversified portfolio, and prudent risk management.
Key contributors included:
- Engineering Insurance – ₦6.11 billion
- Oil & Gas Insurance – ₦5.24 billion
- Motor Insurance – ₦4.75 billion
The chairman also noted that investment income played a significant role, thanks to strategic asset allocation and a favourable yield environment.
Shareholders were rewarded with a dividend of 27 kobo per ordinary share of 50 kobo each — the highest payout in the company’s history.
Focus on Retail Expansion and Technology
Looking ahead, Adebanji said the company will deepen market penetration, particularly in retail and microinsurance segments.
“With Nigeria’s growing youth population and increasing digital inclusion, we see huge opportunities to design affordable, need-based products tailored to everyday realities,” he said.
The company also plans to:
- Invest in technology to improve customer engagement
- Automate claims processes using AI
- Strengthen its enterprise risk management framework to address emerging threats
In anticipation of potential regulatory recapitalisation, Cornerstone has been retaining earnings and building a solid capital buffer, positioning itself to adapt and thrive.
Shareholders Applaud Performance
The company’s outstanding results drew praise from stakeholders:
- Sir Sunny Nwosu, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), commended the board for its integrity and historic dividend payout.
- Moses Igbrude, ISAN National Coordinator, urged the company to leverage technology to tap into Nigeria’s targeted $1 trillion economy.
- Nona Awo, a shareholder activist, called for the immortalisation of the company’s founder, the late Tunji Ogunkanmi.
A Future-Ready Vision
Managing Director Stephen Alangbo reaffirmed the company’s commitment to retail expansion, technology leadership, capital optimisation, sustainable impact, and customer delight.
With its strong financial foundation, strategic focus, and shareholder support, Cornerstone Insurance is well-positioned to capture emerging opportunities in Nigeria’s evolving insurance market.
