Cornerstone Insurance Group posts N30bn revenue, declares N16kobo dividend for 2023

Cornerstone Group has announced insurance revenue of over N30.6billion in 2023 as against N22.2billion recorded in 2022 business year.

This represents 38 per cent growth in its topline. The company also announced to shareholders, a dividend at N0.16kobo per Ordinary Share of 50kobo per share amounting to N2.9billion gross dividend.

Mr Segun Adebanji, the Chairman, Board of Directors of the underwriting firm who made the announcement at the firm’s 32nd annual general meeting in Lagos last week, however, noted that following the implementation of the IFRS 17 standards, the group’s insurance revenue stood at N25.91billion representing a robust growth of 26.5per cent for the year under review when compared to 2022 financial year of N20.48billion.

The company further disclosed a 2per cent increase in its life portfolio, from N5.18billion in the previous year to N5.28billion and accounting for about 20per cent rise, noting that the largest revenue came from engineering, oil and gas, motor classes which contributed N4.48billion, N3.49billion and N2.51billion respectively.

“Furthermore, we concluded the financial year with a profit before tax of N17.08billion, which showed a remarkable rise over the restated IFRS 17 loss of N1.06billion recorded in the previous year. This significant increase was driven by gains attributable to our investment portfolios and underscores our strategic focus on profitability and sustainable growth, thereby reinforcing our strong financial position,” Adebanji said.

In the same vein, Mr Stephen Alangbo, the Group Managing Director/ CEO, reassured the company’s commitment of becoming a leading insurance-based financial services group in the Nigeria and would continue to focus on operational efficiencies leveraging its collective strengths to further drive growth.

“As we look ahead, we remain steadfast in our vision of becoming the leading insurance-based financial services group. Our commitment to being a responsible and sustainable business that creates long-term value for all our stakeholders remains unwavering. We will continue to innovate, invest in our people, invest in technology and operate with integrity while staying responsive to the evolving needs of our customers and communities.” Alangbo said.

He assured that the company has been well positioned for any recapitalization measures that may be introduced by the regulator believing that such move would enable its financial stability, expand underwriting capacity and invest in new technologies and innovative products.

Shareholders applauded the company’s performance especially for its consistent payment of dividend as they urge the board and management to build on its present strength to create more value for its stakeholders. They posited that the management should continue to work towards the recapitalization and make adequate provision barring any announcement by the regulator