Shareholders of Cornerstone Insurance Plc were rewarded with a dividend of 27 kobo per ordinary share of 50 kobo each, even as the insurer recorded N25.89 billion Profit After Tax (PAT) in its 2024 financial year.
While its Insurance revenue rose to N38.6 billion, representing a 49 per cent growth over N25.9 billion declared in 2023, its profit before tax rose to N28.6 billion, marking a 68 per cent year-on-year leap.
Speaking at its 33rd Annual General Meeting (AGM) in Lagos recently, its chairman, Segun Adebanji said, the performance was driven by growth across the firm’s core business lines, particularly, in General Business, noting that, the Engineering, Oil and Gas and Motor Insurance portfolios delivered robust returns, contributing N6.11 billion, N5.24 billion and N4.75 billion respectively.
Disclosing that the firm’s investment income also contributed significantly to the bottom line, owing to strategic asset allocation and a favourable yield environment, he added, ‘this reflects not only our commitment to strategic execution but also the strength of our diversified portfolio and prudent risk management.’
Although Cornerstone Insurance Plc is poised for continued growth, he added that the firm intends to deepen its market penetration, especially in the retail and microinsurance segments.
With a growing youth population and increasing digital inclusion, he said, “we see significant opportunities to design affordable, need-based products that align with the realities of everyday Nigerians. We will also continue to invest in technology, improve customer engagement channels, and enhance our claims process through automation and AI. Our enterprise risk management framework will be further strengthened to anticipate emerging threats and capitalise on market shifts.”
On recapitalisation, he said: “We are confident that, whatever form these reforms take, Cornerstone will emerge stronger, more competitive, and more impactful. I am confident that with your continued support, the years ahead will be marked by even greater accomplishments.” He added that the company has a robust capitalisation and it’s in a good financial state to honour its claims obligations.
Various shareholder groups at the event applauded the company’s outstanding performance while commending the chairman and management for maintaining the insurer’s integrity and market share.
On his part, the national coordinator the Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, commended the firm for the outstanding performance, whilst calling on the board and management to leverage information technology to harness the enormous insurance opportunities.
Similarly, another shareholder, Nona Awo, implored the board and management to immortalise the late Tunji Ogunkanmi, the founder of the firm.
