Nigeria: Cornerstone Insurance aims for accelerated growth

The Managing Director and CEO of Cornerstone Insurance, Stephen Alangbo, has projected a promising future for the company as he celebrated his first year in office.

During a press briefing in Lagos on Friday, Alangbo outlined several key achievements the company has reached under his leadership.

He noted that Cornerstone Insurance Plc was honored with the Insurance Company of the Year 2024 Award by the African Insurance Organisation and reported a profit before tax of approximately N17 billion.

Alangbo stated, “We have recorded remarkable achievements in the last year, and we will continue to ensure continuous improvements. We have a fantastic relationship with our brokers, and clients who are supporting the achievements we are seeing today.

“Our 2023 financial account was very good; we grew by about 40 per cent in our business. In profitability, we moved from N2.9bn in 2022 to N17bn at the end of 2023. It has been very wonderful, the team has worked tirelessly to ensure that the vision, dreams, our goals are achieved.”

On the outlook, he declared, “In the next year, I’m expecting an unprecedented result. I’m expecting a mind-blowing result. If in the last year, we were able to achieve N17bn and African Insurance Company of the Year, you can see the future is bright. As the leader of the team, with God’s help and hard work, we can achieve whatever we want to achieve and that is the goal. For me, I believe, we have a bright future.”

He also promised the shareholders improved returns on their investments at the upcoming annual general meeting of the firm.

In its recently filed 2023 annual report with the NGX, the firm proposed a dividend of N2.91 billion at 16 Kobo per share, an increase from the N1.09 billion declared in 2022.

Alangbo, who was appointed MD/CEO of Cornerstone Insurance on July 1, 2023, succeeded Ganiyu Musa.