L—R: Chidiebere Nwokeocha, Executive Director, Business Development/Chief Client Officer, Prof. Ogechi Adeola, Independent Non-Executive Director, Stephen Alangbo, Managing Director/CEO, Segun Adebanji, Chairman, Uloma Okoro, Representative of PAC Solicitors, Company Secretary, and Peter Ekwueme Executive Director, Technical Operations.
(Lagos, Nigeria — July 31, 2024) Cornerstone Insurance Plc has posted an impressive 38% growth in top line from N22.2bn in 2022 to N30.6bn in 2023.
Disclosing this at the company’s 32nd Annual General Meeting (AGM) in Lagos yesterday, the Chairman, Cornerstone Insurance Plc, Segun Adebanji, said that following the implementation of the new IFRS 17 standards, the group reported an Insurance Revenue of N25.91bn for the year under review, representing a robust growth of 26.596 compared to FY 2022 revenue of N20.48 bn.
He submitted that Insurance revenue from its Life portfolio rose marginally by 29% from N5.18bn in the previous year to N5.28bn in 2023 and accounted for 20% of the total Insurance revenue. Engineering, Oil and Gas and Motor classes contributed N4.48bn, N3.49bn and N2.51bn respectively.
Adebanji said the company concluded with a Profit Before Tax of N17.08bn, which showed a remarkable rise over the stated IFRS 17 loss of N1.06bn recorded in the previous year.
He said “This significant increase was driven by gains attributed to our investment portfolios and underscores our strategic focus on profitability and sustainable growth, thereby reinforcing our strong financial position.”
Also speaking on the company’s financial performance, the Group Managing Director/CEO, Stephen Alangbo, said:
“Life assurance business saw a marginal increase of two per cent in our life business segment, rising from N5.18bn in 2022 to N5.28bn in 2023.
“With the development of new products aimed at the retail segments and strategic distribution alliances in the microinsurance space, we anticipated a significant growth trajectory in 2024.
“We are confident that these initiatives will drive substantial progress and enable us to capture a larger share of the life assurance market. Additionally, we have embarked on an expansion of our agency sales force, the effects of which will become increasingly evident in the coming years.”
On General Insurance business, he said the company achieved a 24% growth from N11.84bn in 2022 to N14.73bn in 2023.
“This growth was predominantly driven by substantial gains in the Motor, Aviation, and Engineering businesses, which grew by 46%, 34%, and 30% accordingly.
“The impact of the increased premium rates on Motor Insurance is evident in our financial results. Despite the increased rates, there is a noticeable market shift towards comprehensive insurance from 3rd Party Insurance among the insuring public.”
On its subsidiary, Alangbo added that Fin Insurance, achieved a remarkable performance, generating N5.36bn in insurance revenue.
“This figure represents a 21% contribution to the Group’s overall insurance revenue and a substantial 77% growth compared to N3.03bn achieved in 2022.
On the company’s future outlook, he said: “we remain steadfast in our vision of becoming the leading insurance-based financial services group. Our commitment to being a responsible and sustainable business that creates long-term value for all our stakeholders remains unwavering. We will continue to innovate, invest in our people, invest in technology, and operate with integrity, while staying responsive to the evolving needs of our customers and communities.
“We will however continue to focus on optimizing operational efficiencies and leveraging our collective strengths to further drive growth. This strategic approach is expected to enhance our market presence and deliver increased value to our stakeholders.”
About Cornerstone Insurance
Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life business. As the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, our services are technologically driven by cutting-edge insurance applications. These services are accessible with ease through the internet and on mobile.
At Cornerstone, we remain committed to our core values of integrity, empathy, professionalism, innovation, and team spirit, and our continued mission of delivering value beyond expectations through needs-based products and quality service.
Media Contact:
Paul Iwunwa
Marketing and Corporate Communications
