Insurer raises revenue to N25.91 billion

Despite the economic situation that characterised the financial year, Cornerstone Insurance Plc said its revenue increased by 26.5 per cent to N25.91 billion in the December 2023 financial year.

The Chairman of the insurer, Segun Adebanji, disclosed this while presenting the financial report to the shareholders at its 32nd yearly general meeting held in Lagos.

He said the underwriter, alongside its subsidiaries (Cornerstone Group) recorded 38 per cent growth in its top line from N22.2 billion in 2022 to N30.6 billion in 2023.

According to him, following the implementation of the new IFRS 17 standards, the group reported insurance revenue of N25.91 billion for the year under review.
This represents a robust growth of 26.5 per cent compared to FY 2022 revenue of N20.48 billion.

“Insurance revenue from life portfolio rose marginally by two per cent from N5.18 billion in the previous year to N5.28 billion in 2023 and accounted for 20 per cent of the total insurance revenue,” he said.

“The significant increases were driven by gains attributable to investment portfolios and Qunderscore the strategic focus on profitability and sustainable growth, thereby reinforcing strong financial position,” he added.