Cornerstone Insurance Plc has set a new benchmark in Nigeria’s insurance industry by declaring a remarkable dividend of 27 kobo per 50 kobo ordinary share. This unprecedented payout has sparked renewed investor interest in the company’s stock, in an industry known for modest dividend distributions.
At the company’s 33rd Annual General Meeting held on Tuesday, August 29, 2025, at the MUSON Centre, Lagos, prominent shareholder Chief Sunny Nwosu lauded the development, describing it as a major milestone for the company. He commended the board and management for fulfilling their promise to reward shareholders’ trust.
“Existing and prospective investors will naturally gravitate towards companies like Cornerstone that deliver real value,” Nwosu stated, praising Chairman Mr. Segun Adebanji for his integrity and leadership.
Strong Financial Performance in 2024
Addressing shareholders, Mr. Adebanji disclosed that Cornerstone Insurance recorded a strong performance in 2024, achieving insurance revenue of N38.6 billion—a 49% increase from N25.9 billion in 2023. Profit before tax stood at N28.6 billion, reflecting a 68% year-on-year growth.
“This performance highlights the strength of our diversified portfolio and disciplined risk management,” Adebanji said. He noted that General Business lines drove the growth, with the Engineering, Oil & Gas, and Motor Insurance portfolios contributing N6.11 billion, N5.24 billion, and N4.75 billion respectively. Strategic investments and a favorable yield environment also boosted returns.
Looking ahead, Adebanji affirmed the company’s focus on cost optimization, enhanced underwriting practices, and the use of technology to improve claims management and customer experience.
“We aim to deepen market penetration, particularly in retail and microinsurance, by designing affordable, need-based products for everyday Nigerians,” he added. He also confirmed that Cornerstone has retained earnings and built a strong capital buffer in anticipation of potential regulatory recapitalization.
Subsidiaries Deliver Growth
Group Managing Director and CEO, Mr. Stephen Alangbo, reported that the company’s subsidiaries also delivered impressive results in 2024. FIN Insurance Limited and Halal Takaful Nigeria Limited generated N7 billion and N1.3 billion in insurance revenue respectively.
“By strengthening synergy across all our entities, we are positioning the Group to lead transformation in Nigeria’s insurance industry,” Alangbo said.
He outlined five strategic priorities for the future: expansion of the retail segment, technological enhancement, capital optimization, sustainable impact, and customer satisfaction.
“The journey ahead is bright. With the continued support of our customers, employees, partners, and shareholders, we are confident in redefining the future of insurance in Nigeria,” he concluded.
