Cornerstone Insurance Grows Revenue By 26.5%

Harboursandport.com: Lagos - Cornerstone Insurance Plc has grown its revenue by 26.5 per cent to N25.9 billion in the financial year ended 2023 from N20.48 recorded in 2022.

Chairman of the Company, Mr. Segun Adebanji disclosed this to shareholders at the company’s annual general meeting in Lagos.

According to the Chairman, insurance revenue from life portfolio rose marginally by two per cent to N5.28 billion in 2023 from N5.18 billion in the previous year.

AGM - L-R: Chidiebere Nwokeocha, Executive Director, Business Development/Chief Client Officer; Uloma Okoro, Representative, PAC Solicitors, Company Secretary; Prof. Ogechi Adeola, Independent Non-Executive Director; Segun Adebanji, Chairman;  Stephen Alangbo, Managing Director/CEO; and Peter Ekwueme, Executive Director, Technical Operations, all of Cornerstone Insurance Plc during the company’s annual general meeting in Lagos.

Adebanji said: “The largest contributors to general business insurance revenue were engineering, Oil and Gas, and motor classes, contributing N4.48 billion, N3.49 billion and N2.51billion respectively.

“We concluded the financial year with a profit before tax of N17.08 billion, which showed a remarkable rise over the restated IFRS 17 loss of N1.06 billion recorded in the previous year. This significant increase was driven by gains attributable to our investment portfolios and underscores our strategic focus on profitability and sustainable growth, thereby reinforcing our strong financial position.”

On International Financial Reporting Standard, IFRS, 17 implementation, Adebanji said that the company has successfully completed the migration from IFRS 4 to IFRS 17, aligning with global best practices and local regulations.

He said: “This transition significantly enhances our financial reporting by increasing transparency, accountability, promoting long-term sustainability, and improving shareholder confidence. The adoption of IFRS 17 provides a clearer, more accurate depiction of our financial health, allowing for better decision-making and strategic planning. These improvements, not only foster greater confidence in our stability and growth prospects, but also ensure that our financial practices support sustainable growth and resilience.

On the outlook of the company, Adebanji said that Cornerstone Insurance will continue to leverage all financial and human resources to capitalise on opportunities within the insurance market, driving future growth and profitability.

He said: “We are committed to consistently delighting our shareholders and stakeholders. With over three decades of experience in the Nigerian insurance industry, we are well-prepared to tackle current and emerging challenges and take advantage of the opportunities they create.

“We will persist in executing our strategic plans across all operational areas, aspiring to become the most vibrant and dynamic insurance company in Nigeria. Our unwavering commitment to using technology to streamline our processes and strengthen our business remains central to our growth strategy, and we will maintain this focus as we pursue our goals and objectives in the coming years. Additionally, our dedication to sustainable business practices will ensure that our growth is responsible and beneficial to the broader community and environment.

“Furthermore, we are placing a significant emphasis on improving insurance penetration within Nigeria by growing our retail business. By expanding our reach and making insurance products more accessible to the wider population, it is our goal to enhance financial security and resilience among Nigerians. The focus on retail growth will be a key driver of our strategy to increase market penetration and foster a more inclusive insurance landscape.”