Cornerstone Insurance Plc grew its revenue by 26.5% to N25.91bn in 2023 financial year.
The Chairman, Cornerstone Insurance Plc, Segun Adebanji, disclosed this while presenting the financial report to the shareholders during its 32nd annual general meeting in Lagos.
He said, “Cornerstone Insurance Plc, together with its subsidiaries (Cornerstone Group) recorded 38 per cent growth in its topline from N22.2bn (2022) to N30.6bn (2023).
“However, following the implementation of the new IFRS 17 standards the Group reported an insurance revenue of N25.91bn for the year under review. This represents a robust growth of 26.5 per cent compared to FY 2022 revenue of N20.48bn.
“Insurance revenue from our life portfolio rose marginally by two per cent from N5.18bn in the previous year to N5.28bn in 2023 and accounted for 20 per cent of the total insurance revenue.”
He added, “Furthermore, we concluded the financial year with a profit before tax of N17.08bn, which showed a remarkable rise over the restated IFRS 17 loss of N1.06bn recorded in the previous year.
“The significant increases 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.”
The Group Managing Director, CEO, Mr Stephen Alangbo, noted that during the year under review, it achieved 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 N5.36bn in insurance revenue.
The figure represents 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.
“As we look ahead, we remain steadfast in our vision of becoming the leading insurance-based financial services group,” Alangbo said.
