Cornerstone Insurance Plc has announced a remarkable 87.11% increase in profit after tax, reaching ₦25.89 billion for the 2024 financial year, up from ₦13.84 billion in 2023. The impressive performance was disclosed in the company’s annual report filed with the Nigerian Exchange Limited.
The insurer, known for offering both life and non-life insurance solutions to corporate and individual clients, operates through three key subsidiaries: FIN Insurance Company Limited, Hilal Takaful Nigeria Limited (formerly Cornerstone Takaful), and Cornerstone Leasing & Investment Limited.
During the reporting period, Cornerstone’s insurance revenue surged by 49.22% to ₦38.67 billion, with ₦30.99 billion generated from non-life insurance. Other income streams included annuity, group life, and credit life policies.
A major contributor to the company’s bottom line was a ₦30.83 billion net gain from foreign exchange, up from ₦20.24 billion the previous year. This was largely driven by the devaluation of the naira and the translation of foreign currency balances in accordance with international accounting standards.
The results align with projections made by CEO Stephen Alangbo, who had forecast a record-breaking year back in July 2024. Reflecting on the company’s trajectory, Alangbo stated:
> “We achieved about 40% business growth in 2023 and moved from ₦2.9 billion in 2022 to ₦17 billion in profit. 2024 has surpassed expectations, and I believe the future is even brighter.”
To reward shareholders, the board has proposed a ₦4.90 billion dividend—equivalent to 27 kobo per share, a notable increase from 16 kobo in 2023.
However, the year was not without its challenges. Cornerstone incurred ₦22.67 million in penalties from the National Pension Commission for pension-related compliance issues.
With continued momentum, the company is well-positioned for sustained growth and stronger shareholder value in the coming years.
