Cornerstone Insurance Plc has declared a 27 kobo dividend per 50 kobo ordinary share, following a strong financial performance that saw the insurer post N38.6 billion in revenue for the 2024 financial year.

The payout, considered substantial in an industry known for conservative returns, signals renewed investor confidence and underscores the company’s growth strategy, robust underwriting and sound risk management practices.

At the company’s 33rd yearly general meeting, in Lagos, shareholders lauded the performance, with a leading shareholder advocate, Sunny Nwosu, describing the dividend as “unprecedented”.

“This is a landmark moment,” Nwosu said, noting that “Cornerstone has not only kept its promise of rewarding investor confidence but has also raised the bar for corporate governance and shareholder value in the industry.”

Chairman, Cornerstone, Segun Adebanji, attributed the strong dividend to the company’s stellar financial performance in 2024, highlighting a 49 per cent surge in insurance revenue, from N25.9 billion in 2023 to N38.6 billion.

Its profit before tax (PBT) also soared 68 per cent year-on-year, hitting N28.6 billion.
“This reflects not just strategic execution but the strength of our diversified portfolio and sound risk management practices,” Adebanji said.

He added that the company saw robust contributions from its engineering (N6.11 billion), oil and gas (N5.24 billion) and motor insurance (N4.75 billion) portfolios.

Strategic investment decisions and favourable market conditions also significantly boosted income, he said.
He outlined plans to optimise operations through improved expense control, stricter underwriting discipline and greater adoption of technology and enhanced customer service.

Looking ahead, Adebanji said that Cornerstone was preparing to deepen its presence in the retail and micro insurance segments, targeting Nigeria’s growing youth population and digitally-connected communities.