Cornerstone Insurance PLC has settled all documented outstanding claims made by policy owners and the firm eyes an impressive year-end performance with over N100bn in total assets.
The firm’s Managing Director and Chief Executive Officer, Stephen Alangbo, made the disclosure during a customer and brokers engagement covered by THE WHISTLER in Abuja.
The underwriter has seen impressive growth in the 33 years of its establishment despite poor sentiments in the Nigerian insurance industry due to lack of payment of claims by some players.
In 2023, the firm grew its gross revenue to N25.9bn representing a 38 per cent rise from the N22.2bn recorded in 2022 while Profit Before Tax (PBT) rose 4,301 per cent to N17bn from N388.1m in 2022.
During the period, the insurance company grew its assets to N82bn from N49.5bn in 2022.
Alangbo told customers and brokers that the company’s financial performance and its ability to clear its documented claims positioned it to win the African Insurance Organisation’s ‘African Insurance Company of the Year’ awarded in Namibia back in June 2024 and came second in the ‘African CEO of the Year.’
The CEO said the firm was also listed among the top 25 CEO of the year by Business Day.
Alangbo said, “It means you have your insurances with the right organisation. As an organisation, our audited accounts as of 2023 was N25.9bn it grew significantly. We were less than N20bn and in 2023 we grew significantly.”
Revealing the firm’s financial projections for 2024 year-end, Alangbo said that Cornerstone is positioned to do better, adding that the firm targets a surge in assets from N82bn to over a N100bn by 2024 ending.
He said, “I don’t need to tell you what our numbers for this year are because the company is waxing stronger. As of today, our third quarter (Q3) report is showing an asset over a N100bn. By the capital requirement required by National Insurance Commission (NAICOM), we are fully capitalised.
“So, you don’t need to worry about capitalisation when it comes to Cornerstone because our shareholders fund has grown significantly and our assets have grown significantly. We also pay claims. Part of our expansion in the coming year is in the area of partnership, retail products and annuity business.”
On settlement of claims, he said, “I was with the Commissioner for Insurance, compulsorily, from January 1, 2025, any company that doesn’t pay its claims is in trouble. The commissioner, NAICOM is very determined to make sure that they will. Companies that are failing, I tell you, NAICOM will take them over because they have dynamic and focused leadership that is determined to ensure that things continue to be better.
“For claims payments, I say it very confidently to all our customers or potential customers that if you have your documented claim unpaid with cornerstone, you raise your hand because we will clear it. Just inform us, and we will get it paid because we want to keep to our promise.”
He said for 2025, the firm targets a strong partnership with brokers, adding that the firm targets to continue focusing on prompt claims payment and continue its turn around time standard.
“We will continue to increase shareholders fund to align with capital requirement stipulated by NAICOM,” he added.
Cornerstone Assets Hit Over N100bn As Firm Clears All Documented Insurance Claims is first published on The Whistler Newspaper