Cornerstone Insurance Settles N3.82bn Outstanding Claims, Eyes Record Year-End Performance at Abuja Brokers Engagement
L-R: Charles Nwachukwu (GM Business Development), Stephen Alangbo (MD/ CEO), and Peter Ekwueme (ED Technical Operations).
Cornerstone Insurance Plc, a leading underwriter in Nigeria’s insurance industry has announced that it has settled all documented outstanding claims in the region of N3.82 billion made by policyholders as of October 2024 and is on track to close the year with total assets exceeding N100 billion.
Stephen Alangbo, Managing Director and Chief Executive Officer of Cornerstone Insurance, disclosed these achievements during a brokers engagement event held in Abuja on Friday, November 10, 2024.
Alangbo highlighted the company’s substantial growth and financial strength, despite persistent challenges within the Nigerian insurance industry, which has been marred by some players’ inability to meet claim obligations.
Reflecting on Cornerstone’s remarkable growth, Alangbo said, “Our ability to settle all documented claims demonstrates our commitment to policyholders and underscores that they are with the right organization.”
Cornerstone reported a 2023 gross revenue of N25.9 billion, a 38% increase from the N22.2 billion recorded in 2022, alongside an impressive 4,301% rise in Profit Before Tax (PBT) to N17 billion from N388.1 million in the previous year. The firm’s assets also saw substantial growth, increasing from N49.5 billion in 2022 to N82 billion in 2023.
As part of the event, Alangbo shared the company’s vision for the future. “Cornerstone is on a strong upward trajectory, with total assets already surpassing N100 billion by Q3 of 2024. We are fully capitalized per NAICOM’s requirements, and we are committed to further increasing our shareholders’ fund in alignment with regulatory capital standards,” Alangbo added.
Cornerstone’s outstanding performance has earned it continental recognition, including winning the African Insurance Organisation’s ‘African Insurance Company of the Year’ award in Namibia in June 2024, as well as a close second-place finish in the ‘African CEO of the Year’ category. These honors underscore the firm’s dedication to excellence and its contributions to the African insurance landscape.
Alangbo also shared Cornerstone’s year-end projections for 2024, reaffirming the company’s target of surpassing the N100 billion mark in assets and positioning it as a trusted partner in the industry. “Our third quarter report already reflects this strength, and we are poised for even greater accomplishments by year-end,” he noted.
The brokers engagement concluded with Cornerstone Insurance’s commitment to maintaining its leadership in the industry, providing security for policyholders, and building on its remarkable growth trajectory.
Cornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to do both general and life business. As the first insurance company in Nigeria to provide customers with an online platform for insurance transactions, our services are technologically driven by cutting-edge insurance applications. These services are accessible with ease through the internet and on mobile.
At Cornerstone, we remain committed to both our core values of integrity, empathy, professionalism, innovation, and team spirit and our continued mission of delivering value beyond expectations through needs-based products and quality service.
