Cornerstone insurance profit grows to N5.3bn in Q2 2025
Cornerstone Insurance has revealed that it grew its profit before tax by 235 per cent from N1.5 billion to N5.3 billion in the second quarter of 2025, while announcing that it has long met the recapitalisation benchmark as provided by the newly signed Nigeria Insurance Industry Reform Act (NIIRA) subject to the confirmation by the […]
Cornerstone Insurance has revealed that it grew its profit before tax by 235 per cent from N1.5 billion to N5.3 billion in the second quarter of 2025, while announcing that it has long met the recapitalisation benchmark as provided by the newly signed Nigeria Insurance Industry Reform Act (NIIRA) subject to the confirmation by the National Insurance Commission (NAICOM).
Stephen Alangbo, the Managing Director of Cornerstone Insurance Plc made the disclosure on Thursday at an Annuity Forum organised by the company in Abuja
He said, “Our profit before tax has hit N5.3 billion in the second quarter of 2025 while the overall group’s profit for 2024 was over N40 billion. This is because we are one of the most profitable companies that give high dividend and also diligent in our operations
“We are also the first insurance company to create a virtual assistant called CiCi that can reach 250 million at a go and Nigerians can make enquiries on our insurance policies with that,” he explained
Speaking further, Alangbo noted the insurance company is currently acquiring annuitants from Niger Insurance
“Niger insurance got liquidated not quite long and the regulator in their wisdom have thrown it open and all the annuitants are now being transferred to Cornerstone so that the assurance of continuous payment of the annuity will be done by a more trusted insurance company which is cornerstone,”
On meeting insurance sector capital requirements, he stated that “Subject to NAICOM’s confirmation, we are not raising any capital, nor are we merging with any other company except we want to acquire another insurance company. Our capital is enough to allow us to continue to run the business and we want to assure them. The minimum capital stipulated in NIIRA for life insurance moved from N2 billion to N10 billion, for non-life moved from N3 billion to N15 billion. For us in cornerstone, subject to NICOM’s confirmation, we don’t have anything less than those figures but we will be making it public as we get opportunity from the regulator,” he added.