Cornerstone Posts Strong Revenue Growth, Expands Retail Insurance Drive

Cornerstone Insurance Plc has reported a 16 per cent increase in total assets to N141.03 billion for the 2025 financial year and unveiled plans to strengthen its retail insurance business through expanded partnerships, digital platforms, and customer-focused products.

The company announced the results at its 34th Annual General Meeting in Lagos, where it also revealed a 34 per cent rise in insurance revenue to N51.66 billion from N38.67 billion in 2024.

Group Managing Director and Chief Executive Officer, Stephen Alangbo, said shareholders’ equity increased from N60.50 billion to N72.86 billion, highlighting the company’s strong financial position despite economic challenges.

According to him, the insurer plans to deepen its retail market presence by improving distribution channels, expanding digital services, and offering products tailored to customers’ needs.

Cornerstone recorded a profit before tax of N8.73 billion, down from N28.62 billion in 2024 due to exceptional foreign exchange gains recorded in the previous year.

However, the company said its core insurance operations continued to perform strongly.

Acting Chairman, Afolabi Balogun, said Cornerstone paid N23.59 billion in claims across its life, non-life, and takaful businesses during the year, reaffirming its commitment to customers.

The board also recommended a dividend of 28 kobo per share and confirmed that the company has met the new capital requirements under the Nigerian Insurance Industry Reform Act 2025, positioning it for continued growth.

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