Agusto & Co. Limited has reaffirmed Cornerstone Insurance Plc’s financial resilience, assigning the insurer a national scale financial strength rating of “A-” with a Stable Outlook in its 2025 Rating Report.
The rating agency cited Cornerstone’s strong capital position, adequate liquidity, solid asset quality, and experienced leadership as key drivers of the assessment. It also highlighted the company’s stable earnings profile, strengthened reinsurance framework, and improving underwriting results, all of which continue to enhance its standing in Nigeria’s competitive insurance market.
According to the report, Cornerstone’s capital base remains significantly above regulatory requirements, offering a substantial buffer against underwriting and investment risks. Agusto & Co. further commended the company’s sustained investments in digital solutions and process automation, noting that these advancements have boosted operational efficiency and customer engagement.
Reacting to the rating, Mr. Stephen Alangbo, Group Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, described the affirmation as a testament to the company’s resilience and disciplined approach to governance.
“This recognition reflects the strength of our business fundamentals,” Alangbo said. “It reinforces confidence in our ability to meet our obligations to policyholders and partners. As we work toward our goal of becoming Nigeria’s largest insurance-led financial institution by 2030, we remain committed to transparency, innovation, and sustainable growth.”
Echoing this sentiment, Chief Financial Officer Mr. Jubril Ajose noted that the rating underscores the effectiveness of the company’s capital and risk management strategies.
“The A- rating and Stable Outlook validate our prudent financial practices and consistent performance despite economic headwinds,” Ajose stated. “We will continue to optimize our investment portfolio and enhance our solvency position to deliver long-term value to stakeholders.”
Cornerstone Insurance Plc emphasized that the rating strengthens its reputation as one of the nation’s most dependable insurers, recognized for its claims-paying reliability and professional service delivery. The company plans to further expand its retail and digital distribution channels, elevate customer experience, and deepen its penetration across key market segments.
Established in 1991 and listed on the Nigerian Exchange Limited (NGX), Cornerstone Insurance Plc offers a comprehensive suite of Life and Non-Life insurance products, including Motor, Life, Health, Travel, and Specialized Risks. The company is widely acknowledged for its innovative approach, customer-centric focus, and strong corporate governance standards.
Agusto & Co. Limited, Nigeria’s pioneer credit rating agency, provides independent credit assessments, research, and risk analysis across West Africa. Its ratings are relied upon by regulators, investors, and industry stakeholders as credible benchmarks of financial stability and performance.
