Cornerstone Insurance PLC has successfully settled all documented outstanding claims from policyholders, positioning itself for a strong year-end performance with assets exceeding N100bn.
This milestone underscores the company’s robust financial growth and commitment to customer trust in the insurance sector.
Cornerstone’s Managing Director and CEO, Stephen Alangbo, made this announcement during a customer and brokers’ engagement event in Abuja, highlighting the firm’s impressive progress over its 33-year history.
In 2023, Cornerstone achieved a 38 per cent growth in gross revenue, reaching N25.9bn, while its profit before tax surged by an astonishing 4,301 per cent, from N388.1m in 2022 to N17bn in 2023.
During the same period, the firm’s assets climbed to N82bn from N49.5bn in 2022.
These achievements, coupled with the company’s commitment to settling claims, helped Cornerstone earn the African Insurance Organisation’s ‘African Insurance Company of the Year’ award in 2024 and a second-place ranking for ‘African CEO of the Year.’
Alangbo expressed confidence in the firm’s future, projecting that by year-end 2024, Cornerstone’s assets will surpass N100bn.
He assured customers and stakeholders that the company remains fully capitalised, meeting all regulatory requirements set by the National Insurance Commission.
Discussing the firm’s plans, Alangbo noted a focus on expanding partnerships, enhancing retail products, and strengthening the annuity business.
He also highlighted that Cornerstone remains committed to prompt claim settlements, with the CEO pledging to clear any documented claims from customers as part of the company’s dedication to service excellence.
Looking forward, Alangbo emphasized the importance of continuous growth in shareholders’ funds to align with NAICOM’s capital requirements, reaffirming Cornerstone’s mission to build customer confidence and drive industry standards.
