Cornerstone Insurance Plc has announced settling all documented outstanding claims of about N3.82 billion made by policyholders as of October 2024.
The leading underwriter in Nigeria’s insurance industry added that it is on track to close the year with total assets exceeding N100 billion.
This accomplishment was disclosed by Stephen Alangbo, Managing Director and Chief Executive Officer of Cornerstone Insurance during a brokers’ engagement event held in Abuja.
He highlighted the firm’s substantial growth and financial strength, despite persistent challenges within the Nigerian insurance industry, which has been marred by some players’ inability to meet claim obligations.
Mr. Alangbo, while reflecting on Cornerstone’s remarkable growth said, “Our ability to settle all documented claims demonstrates our commitment to policyholders and underscores that they are with the right organisation.”
In 2023, the company reported gross revenue of N25.9 billion, a 38 percent increase from the N22.2 billion recorded in 2022, and an impressive 4,301 percent rise in Profit Before Tax (PBT) to N17 billion from N388.1 million in the previous year.
Cornerstone Insurance’s assets also witnessed substantial growth, increasing from N49.5 billion in 2022 to N82 billion in 2023.
The Managing Director and Chief Executive Officer of Cornerstone Insurance as part of the event also shared the company’s vision for the future.
He said: “Cornerstone is on a strong upward trajectory, with total assets already surpassing N100 billion by Q3 of 2024. We are fully capitalized per NAICOM’s requirements, and we are committed to further increasing our shareholders’ fund in alignment with regulatory capital standards”.
Cornerstone’s outstanding performance has earned it continental recognition, including winning the African Insurance Organisation’s ‘African Insurance Company of the Year’ award in Namibia in June 2024, as well as a close second-place finish in the ‘African CEO of the Year’ category.
Mr. Alangbo noted that these honours underscore the company’s dedication to excellence and its contributions to the African insurance landscape.
He projected Cornerstone’s year-end performance for 2024, reaffirming the company’s target of surpassing the N100 billion in assets and positioning it as a trusted partner in the industry, saying “Our third quarter report already reflects this strength, and we are poised for even greater accomplishments by year-end”.
Cornerstone Insurance reiterated its commitment to maintaining leadership in the industry, providing security for policyholders, and building on its remarkable growth trajectory.
The company 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, Mr. Alangbo said the firm’s services are technologically driven by cutting-edge insurance applications. These services are accessible with ease through the internet and on mobile.
He added, “At Cornerstone, we remain committed to both 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”.
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