Underwriting agency Cornerstone Insurance coverage Plc within the 2024 monetary 12 months recorded improved efficiency throughout all measurement indices, with revenue earlier than tax closing at N28.62 billion from N17.08 billion, indicating a 68 p.c development.
That is as revenue after tax grew by 87 p.c to shut at N25.9 billion, from N13.84 billion in 2023.
Segun Adebanji, chairman of the board of administrators, who disclosed this at Cornerstone Insurance coverage Plc’s thirty third Annual Common Assembly (AGM) held in Lagos mentioned its insurance coverage income within the 2024 monetary 12 months rose by 46 p.c to N38.67 billion, as towards N25.91 billion the earlier 12 months.
Adebanji mentioned the corporate’s revenue earlier than tax rose to N28.6 billion, marking a 68 p.c year-on-year development, reflecting not solely the corporate’s dedication to strategic execution but additionally the energy of its diversified portfolio and prudent danger administration.
The efficiency, he mentioned, was pushed by development throughout “Our core enterprise strains, significantly generally enterprise. The Engineering, Oil and Gasoline, and Motor Insurance coverage portfolios delivered strong returns, contributing N6.11 billion, N5.24 billion, and N4.75 billion, respectively. “Our funding revenue additionally contributed considerably, owing to strategic asset allocation and a beneficial yield atmosphere.”
On outlook, he mentioned, “Cornerstone Insurance coverage is poised for continued development. We intend to deepen our market penetration, particularly within the retail and micro insurance coverage phase. With a rising youth inhabitants and growing digital inclusion, we see important alternatives to design inexpensive, need-based merchandise that align with the realities of on a regular basis Nigerians.”
“With a rising youth inhabitants and growing digital inclusion, we see important alternatives to design inexpensive, need-based merchandise that align with the realities of on a regular basis Nigerians.
“We may even proceed to put money into expertise, enhance buyer engagement channels, and improve our claims course of by automation and AI. Our enterprise danger administration framework shall be additional strengthened to anticipate rising threats and capitalize on market shifts,” he mentioned.
With a dividend payout of 27 kobo per share accepted on the Assembly, shareholders expressed their appreciation to the board and administration on the efficiency, whereas urging for continued efficiency within the coming years.
Sunny Nwosu, a shareholder, praised the corporate’s efficiency and famous that is the primary time shareholders have obtained such a big quantity as a dividend, applauding the chairman for instilling integrity within the firm and urging the board to keep up it, as integrity is significant to the insurance coverage enterprise.
Moses Igbrude additionally recommended the agency’s efficiency and inspired the board to make the most of info expertise to capitalize on insurance coverage alternatives.
Stephen Alangbo, managing director/CEO of the corporate, gave a overview of the agency’s operational efficiency for the 2024 monetary 12 months.
He mentioned, “The previous 12 months was transformative, pushed by strategic recalibration, operational rigour, and innovation. In navigating a fancy enterprise atmosphere, we not solely delivered robust monetary outcomes but additionally made main strides towards realising our imaginative and prescient of turning into the main insurance-based monetary providers group in Nigeria.”
The corporate’s life enterprise income elevated by 46.1 p.c to N7.6 billion, pushed by development in Group Life Assurance, new retail-focused merchandise, and improved coverage retention. New choices just like the C-REST Plan, Flexi Endowment, and Cornerstone life insurance policy helped improve buyer worth and market competitiveness.
In the meantime, the final enterprise portfolio grew by 54.4 p.c to N22.7 billion in 2024, accounting for 58.8 p.c of complete insurance coverage income.
