Cornerstone Insurance Plc’s earnings increased from N2.7 billion in 2022 to N17 billion in 2023, demonstrating a notable rise in profitability.
Stephen Alangbo, Managing Director/CEO, claims that the rise is unprecedented and adds: “We have never experienced the sort of growth we have had in the last six months.”
Speaking to reporters about his first year in charge as the CEO of the prestigious insurance firm that just took home the African Insurance Company of the Year award, he gave a briefing.
According to Alangbo, the company has had an extremely successful year in terms of both its financial performance and the expansion of its product line with the addition of new items that satisfy consumer demand.
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He credited the success to the hard work of Cornerstone’s whole staff as well as the creativity, resiliency, and innovation they provided to the company.
Continuing with the local brand news, he pointed that new government initiatives and policies that had raised the penetration of insurance had also contributed to the rise in profitability.
He had this to say: “Our number for the year 2023 was very, very good. Our regulators have approved our 2023 accounts. Our Annual General Meeting will happen in a few days. We did over N30bn as a group, and as a company we did about N26bn. We recorded N17bn profit from N2.7bn.”
