Cornerstone Insurance Plc has reported a Profit After Tax (PAT) of N25.89 billion for the 2024 financial year, according to its Chairman, Segun Adebanji, during the company’s 33rd Annual General Meeting (AGM) held in Lagos.
Adebanji announced that the company recorded insurance revenue of N38.6 billion, a 49% increase from the N25.9 billion posted in 2023. Additionally, profit before tax rose to N28.6 billion, representing a 68% year-on-year growth.
He attributed the strong performance to strategic execution, a diversified portfolio, and prudent risk management. Significant contributions came from the firm’s core business lines, particularly General Business. The Engineering, Oil and Gas, and Motor Insurance segments generated N6.11 billion, N5.24 billion, and N4.75 billion respectively.
Adebanji also highlighted the role of investment income, driven by strategic asset allocation and a favourable yield environment. Based on this performance, shareholders will receive a dividend of 27 kobo per 50 kobo ordinary share.
Looking ahead, he said Cornerstone Insurance is set for continued growth with a focus on expanding into the retail and microinsurance markets.
“With Nigeria’s growing youth population and increasing digital inclusion, we see strong potential to offer affordable, tailored insurance products,” Adebanji said.
He emphasized the company’s commitment to technology investment, automation, and AI to improve customer engagement and claims processing. The company also plans to enhance its enterprise risk management framework to address emerging threats and adapt to market changes.
On the topic of possible regulatory recapitalisation, Adebanji assured shareholders that the company has retained earnings and maintained a strong capital buffer, stating:
“Whatever form these reforms take, Cornerstone is prepared to emerge stronger, more competitive, and more impactful.”
He expressed gratitude to customers, employees, partners, and shareholders for their support, noting:
“With your continued commitment, the years ahead promise even greater accomplishments.”
Shareholder Reactions
The National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, applauded the company’s performance, describing the dividend as the best he’s seen in his long tenure as a shareholder. He praised the chairman for instilling integrity in the firm and urged the board to maintain these standards, noting that integrity is key to success in insurance.
Another ISAN coordinator, Moses Igbrude, also praised the company’s performance. He urged the board to harness information technology to tap into emerging insurance opportunities and align with the government’s ambition of building a $1 trillion economy.
Shareholder activist Nona Awo called on the board to honour the company’s late founder, Tunji Ogunkanmi, by immortalising his legacy.
Strategic Outlook
Managing Director Stephen Alangbo reiterated the company’s strategic priorities, which include retail expansion, technology leadership, capital optimization, sustainable impact, and enhanced customer satisfaction.
