Nigeria: Cornerstone Insurance Pays N3.8bn Claims in 2024

11 November 2024
Daily Trust (Abuja)
By Philip Shimnom Clement

Cornerstone Insurance Plc says it has settled all documented outstanding claims to its customers amounting to N3.82billion as at October 2024, adding that its total assets is estimated to grow over N100 billion by the end of 2024.

The firm's Managing Director and Chief Executive Officer, Stephen Alangbo, made the disclosure during a customer and brokers' engagement in Abuja over the weekend.

He said, "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.

"Also, we have paid all documented outstanding claim for 2023 financial year, it was N4.45 billion and N3.8bn as at October 2024 billion and we have been able to do that due to our innovation and strategies to boost our operations.

"Our financial projections for 2024 year-end, we are targeting a surge in assets from N82bn to over a N100bn by 2024 ending. As of today, our third quarter (Q3) report is showing an asset over a N100bn," he explained.

He further stated that the recent move by the federal government to insure local aircraft is a welcome development as it will help to conserve forex and promote growth.

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