By Rosemary Iwunze

Cornerstone Insurance Plc has recorded 49 per cent growth in revenue to N38.6 billion in 2024 from N25.9 billion recorded in 2023.

Disclosing this to shareholders at the company’s annual general meeting in Lagos, the Chairman of the company, Mr. Segun Adebanji, said profit before tax rose by 68 per cent to N28.6 billion, reflecting not only the company’s commitment to strategic execution but also the strength of diversified portfolio and prudent risk management.

He stated: “This performance was driven by growth across our core business lines, particularly in General Business. The Engineering, Oil and Gas, and Motor Insurance portfolios delivered robust returns, contributing N6.11 billion, N5.24 billion, and N4.75 billion respectively. Our investment income also contributed significantly, owing to strategic asset allocation and a favorable yield environment.

“We continued to optimize our expense base, enhance underwriting discipline, and deploy technology to improve claims management and customer experience.”

On corporate governance and compliance, Adebanji noted that the Board remains committed to upholding the highest standards of corporate governance.

Looking ahead, the Chairman stated: “We intend to deepen our market penetration, especially in the retail and microinsurance segments. With a growing youth population and increasing digital inclusion, 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 Al. Our enterprise risk management framework will be further strengthened to anticipate emerging threats and capitalize on market shifts. In preparation for potential regulatory recapitalisation, we have strategically retained earnings and maintained a solid capital buffer. We are confident that, whatever form these reforms take, Cornerstone will emerge stronger, more competitive, and more impactful.”