An underwriting firm, Cornerstone Insurance Plc, said despite the economic situation that characterised the financial year edded December 2023, grew its revenue by 26.5 per cent to N25.91billion in 2023 financial year.
The Chairman of the insurer, Segun Adebanji, revealed while presenting the financial report to the shareholders at its 32nd yearly general meeting held in Lagos.
He added that the underwriter with its subsidiaries (Cornerstone Group) has recorded 38 per cent growth in its top line from N22.2 billion in 2022 to N30.6 billion in 2023.
According to him, following the implementation of the new IFRS 17 standards the Group reported insurance revenue of N25.91 billion for the year under review.
This represents a robust growth of 26.5 per cent compared to FY 2022 revenue of N20.48 billion.
“Insurance revenue from life portfolio rose marginally by two per cent from N5.18 billion in the previous year to N5.28 billion in 2023 and accounted for 20 per cent of the total insurance revenue.”
He added, that we concluded the financial year with a profit before tax of N17.08 billion, which showed a rise of over the restated IFRS 17 loss of N1.06 billion recorded in the previous year.
“The significant increases were driven by gains attributable to investment portfolios and underscores the strategic focus on profitability and sustainable growth, thereby, reinforcing strong financial position.”
The Group Managing Director/ Chief Executive Officer, Stephen Alangbo, said in the year under review, the insurer attained a 24 per cent growth in its general business portfolio, increasing from N11.84bn (2022) to N14.73bn (2023).
Its subsidiary, FIN Insurance, achieved a remarkable performance, generating N5.36 billion in insurance revenue.
The figure represents a 21 per cent contribution to the Group’s overall insurance revenue and a substantial 77 per cent growth, compared to N3.03bn achieved in 2022, he said.
