By David Akinmola
Cornerstone Insurance Plc has raised industry expectations with the declaration of a 27 kobo dividend per 50 kobo ordinary share, following a strong financial performance that saw the insurer post N38.6 billion in revenue for the 2024 financial year.
The payout considered substantial in an industry known for conservative returns signals renewed investor confidence and underscores the company’s growth strategy, robust underwriting, and sound risk management practices.
At the company’s 33rd yearly general meeting, in Lagos, shareholders lauded the performance, with veteran investor and leading shareholders advocate Sunny Nwosu describing the dividend as “unprecedented.”
“This is a landmark moment,” Nwosu said. “Cornerstone has not only kept its promise of rewarding investor confidence but has also raised the bar for corporate governance and shareholder value in the industry.”
Speaking on the development, Chairman, Cornerstone, Segun Adebanji, attributed the strong dividend to the company’s stellar financial performance in 2024, highlighted by a 49 per cent surge in insurance revenue, from N25.9 billion in 2023 to N38.6 billion. Profit before tax also soared 68 per cent year-on-year, hitting N28.6 billion.
“This reflects not just strategic execution but the strength of our diversified portfolio and sound risk management practices,” Adebanji said. He added that the company saw robust contributions from its engineering (N6.11 billion), Oil and Gas (₦5.24b), and Motor Insurance (N4.75b) portfolios. Strategic investment decisions and favorable market conditions also significantly boosted income.
The chairman further outlined plans to optimise operations through improved.
Expense control, stricter underwriting discipline, and greater adoption of technology to streamline claims and enhance customer service.
Looking ahead, Adebanji said Cornerstone is preparing to deepen its presence in the retail and micro insurance segments, targeting Nigeria’s growing youth population and digitally connected communities.
“We believe there is vast untapped potential to create affordable, needs-based insurance solutions that speak to the realities of everyday Nigerians,” he said, adding that the company is also well-prepared for upcoming regulatory changes regarding industry recapitalisation.
Cornerstone has retained significant earnings and built a solid capital buffer in anticipation of new minimum capital thresholds expected from the National Insurance Commission (NAICOM). “Whatever shape the reforms take, we are confident Cornerstone will emerge stronger, more competitive, and more impactful,” Adebanji affirmed.
Group Managing Director/Chief Executive Officer, Stephen Alangbo, also provided insight into the performance of the company’s subsidiaries, FIN Insurance Limited, which earned ₦7 billion, and Halal Takaful Nigeria Limited, which generated ₦1.3 billion in 2024. He noted that synergy within the group remains a key strategic focus.
“Our five-point strategic thrust retail business expansion, technological advancement, capital optimization, sustainable impact, and customer satisfaction will guide our journey forward,” Alangbo said.
