Cornerstone Insurance Plc has received a strong vote of confidence as Agusto & Co. Limited, Nigeria’s leading credit rating agency, assigned the insurer a national scale financial strength rating of “A-” (A minus) with a Stable Outlook in its 2025 Rating Report.
This rating reflects Cornerstone’s solid financial footing, disciplined management, and continuing leadership within Nigeria’s insurance landscape.
Why Cornerstone Earned an “A-” Rating
According to Agusto & Co., the rating was driven by several key strengths, including:
- Strong capitalisation well above regulatory requirements
- Adequate liquidity and good asset quality
- Experienced and capable management team
- Stable earnings and improving underwriting performance
- Robust reinsurance arrangements
The agency also highlighted Cornerstone’s ongoing investments in digital transformation and process automation, which have boosted operational efficiency and enhanced customer engagement.
Agusto & Co. noted that the company’s strong capital buffer provides significant protection against underwriting and investment risks—an important factor in today’s evolving financial environment.
Leadership Reacts to the Rating
“A vote of confidence in our resilience” — GMD/CEO Stephen Alangbo
Reacting to the announcement, Mr. Stephen Alangbo, Group Managing Director/CEO of Cornerstone Insurance Plc, expressed pride in the affirmation from Agusto & Co.:
“This rating reflects the underlying strength and resilience of our business. It validates our governance standards, financial discipline, and our commitment to meeting obligations to policyholders and partners. As we work toward becoming the largest insurance-led financial institution in Nigeria by 2030, we remain focused on sustainable growth built on transparency, innovation, and customer trust.”
“A testament to strong risk management” — CFO Jubril Ajose
Cornerstone’s Chief Financial Officer, Mr. Jubril Ajose, noted that the A- rating and stable outlook demonstrate the company’s disciplined capital management strategy:
“The rating reaffirms our commitment to maintaining a solid balance sheet and prudent risk management. Despite the challenging economic environment, we continue to optimize our investment portfolio and strengthen our solvency position to deliver long-term value to stakeholders.”
Strengthening Position as a Trusted Insurer
With this rating, Cornerstone reinforces its reputation as one of Nigeria’s most dependable insurers, recognized for:
- Reliable claims-paying ability
- Strong corporate governance
- Professional service delivery
The company remains focused on scaling its retail and digital distribution channels, deepening insurance penetration, and elevating customer experience across its Life and Non-Life business lines.
About Cornerstone Insurance Plc
Incorporated in 1991 and listed on the Nigerian Exchange Limited (NGX), Cornerstone Insurance Plc is a major provider of Life and Non-Life insurance solutions in Nigeria. The company’s product offerings span Motor, Life, Health, Travel, and Specialized Risks.
Cornerstone is widely recognized for its innovation, customer-centric culture, and commitment to responsible underwriting.
About Agusto & Co.
Agusto & Co. Limited is Nigeria’s pioneer credit rating agency, delivering independent credit ratings, research, and risk assessments across West Africa. Its reports serve as trusted benchmarks for investors, regulators, and financial institutions evaluating performance and stability.