Cornerstone Insurance Plc experienced a remarkable surge in revenue, reaching N17 billion by the end of 2023, up from N2.9 billion in 2022, signaling a substantial growth trajectory under the leadership of Managing Director/Chief Executive Officer, Stephen Alangbo.

Addressing reporters at a recent press briefing in Lagos, Alangbo highlighted the firm’s achievements during his tenure, which included being awarded the Insurance Company of the Year 2024 by the African Insurance Organisation (AIO). He attributed the success to the dedication of the team and strong support from brokers and clients.

“Our performance in 2023 was exceptional, with a 40% increase in business growth and profitability soaring from N2.9 billion to N17 billion,” Alangbo stated confidently. “Looking ahead, I anticipate unprecedented results and a continuation of our upward trajectory. With our recent accolades and achievements, including the AIO award, the future looks promising.”

Alangbo, who assumed office on July 1, 2023, succeeding Ganiyu Musa, emphasized Cornerstone Insurance’s commitment to maximizing opportunities in the retail insurance market. He highlighted the firm’s strategic focus on digitizing operations to enhance its presence and competitiveness in the retail insurance sector.

“Our goal is to deliver improved returns to shareholders, as evidenced by our proposed dividend of N2.91 billion at 16 Kobo per share, up from N1.09 billion in 2022,” Alangbo assured shareholders ahead of the upcoming annual general meeting.

Cornerstone Insurance Plc’s robust financial performance and strategic initiatives underscore its ambition to deepen insurance penetration and cement its position as a leading player in Nigeria’s insurance industry.