Cornerstone Insurance’s profit grows from N2.7bn to N17bn

Cornerstone Insurance Plc has recorded a remarkable growth in profitability with its profit growing from N2.7bn in 2022 to N17bn in 2023.

The growth, according to the Managing Director/CEO, Stephen Alangbo, is unprecedented, adding that, “We have never experienced the sort of growth we have had in the last six months.”

He spoke while briefing newsmen on his one-year stewardship as the chief executive of the foremost insurance company which recently won the African Insurance Company of the Year.

Alangbo stated that the last one year had been very impressive for the company, with its financial performance and the expansion of its offerings through new products that met the yearnings of the people.

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He attributed the performance to the hard work of the entire team at Cornerstone and the innovation, resilience and creativity brought into the business.

He added that the growth in profitability was also made possible through new products and policies of the government that had increased insurance penetration.

He said, “Our number for the year 2023 was very, very good. Our regulators have approved our 2023 accounts. Our Annual General Meeting will happen in a few days. We did over N30bn as a group, and as a company we did about N26bn. We recorded N17bn profit from N2.7bn.