Cornerstone Insurance Posts 253% Profit Growth In Q2

Cornerstone Insurance Plc has announced a 253 per cent surge in Profit Before Tax (PBT) for the second quarter of 2025, marking one of its strongest performances in recent years.

The company’s chief executive officer and group managing director, Stephen Alangbo, disclosed this yesterday at an annuity interactive session in Abuja themed “Securing Your Golden Years.”

According to the unaudited financial results, insurance revenue rose to N19.3 billion in Q2 2025, representing a 127 percent jump from N8.5 billion in Q1. PBT grew from N1.5 billion in Q1 to N5.3 billion in Q2, driven by disciplined risk selection, customer-focused innovation, and technology-driven distribution.

“These numbers reflect more than just financial growth; they represent the trust our customers continue to place in us, the commitment of our people, and the strength of our vision. We are building a future-ready business that stays relevant to the evolving needs of individuals, families, and businesses across Nigeria,” Alangbo said.

The CEO expressed optimism that Cornerstone would sustain its momentum into Q3, citing growth in retail and annuity portfolios.

He confirmed that annuity assets from other insurers had been transferred to Cornerstone, pending final regulatory approval.

Alangbo stressed the company’s strong capital base, noting: “We are not going to the market to raise capital — because we have enough capital. Neither are we planning to merge with another company. We can only acquire if opportunities arise.”

On regulatory reforms, he welcomed the Nigerian Insurance Industry Reform Act (NERA), which raises minimum capital requirements and establishes a policy protection fund to safeguard policyholders.

He also urged Nigerians to embrace compulsory insurance policies, retirement savings, and annuity packages.

Reaffirming Cornerstone’s commitment to claims settlement, Alangbo said: “Thirty-five years ago, we promised to honour every claim. Today, 34 years later, Cornerstone does not have a single documented claim that has not been paid.

Any properly documented claim is settled within 48 hours.”

Between 2020 and 2024, the company paid out over N13.6 billion in claims, while the wider insurance industry disbursed more than N600 billion in the same period.

Founded in 1991 and listed on the Nigerian Exchange in 1997, Cornerstone holds shareholder funds nearing N60 billion, well above regulatory thresholds.

It remains a leading provider of general and life insurance, covering sectors including motor, travel, marine, engineering, oil and gas, group life, and Takaful insurance.

The company has received several accolades in recent years, including being named African Insurance Company of the Year 2024 by the African Insurance Organisation and being recognised among Nigeria’s Top 100 Impact-making Businesses.