Cornerstone Insurance Plc has assured insurance brokers and shareholders of increased investment returns as the insurer strategises for future expansion.
Speaking at the 2024 Brokers’ Engagement Forum organised by the company in Ikeja, Lagos recently, the managing director/CEO, Cornerstone Insurance, Stephen Alangbo, said, the company values the satisfaction of its esteemed brokers, customers, shareholders and stakeholders.
While appreciating brokers for supporting the company so far, he said, “there were challenges that confronted us, some stood by us, and today, we are waxing stronger. Some have collaborated with us and we have done exceptional things together. Today, we can say Cornerstone Insurance is the number one company in Africa; it is all because of you, and that is why we felt it is good for us to come, present the award to you, and celebrate you for standing by us.”
He noted that the company intends to analyse and examine possibilities in the coming year, and see how to position and take advantage of the opportunities ahead, adding that, “we also want to hear from you how we have served you so that we can serve you better. We are partnering with the brokers and we want to do more, we want to see how we can add more value to our brokers.”
The company, he stated, paid N11.8 billion as claims to policyholders with N17.1 billion as Profit Before Taxation while the Shareholders fund was in excess of N33.4 billion even as the total assets stood at N82.5 billion at the close of the financial year 2023.
The insurer’s insurance revenue grew to N25.9 billion which the shareholders and brokers commended the company.
Similarly, the general manager, Business Development, Cornerstone Insurance Plc, Charles Nwachukwu, said: “Last year, we made a profit of over N17billion, we won the African insurance award of the year, and my CEO was also acknowledged as one of the first 25 best CEOs in Nigeria. None of these achievements would have been possible without your support. We felt it was right and nice to bring everybody in, and thank you for your support.”
On his part, the president of Nigerian Council of Registered Insurance Brokers(NCRIB), Prince Babatunde Oguntade, while applauding the brands and the prudent management of the company, said, “your brand has remained unshaken, you have been able to work and talk in the insurance industry. I have no doubt that your company has contributed into capacity building by engaging, building and creating leaders of value who are in different sectors of the industry today.”
He lauded the leadership of Cornerstone Insurance Plc, saying, “your leadership capability has shown a lot in your divestment in the finance sectors.
We are aware your stock is doing well. We are also aware that there are some customers who see you as their delight. But what is outstanding is that despite the change in management the brand did not come down.”
The keynote paper presenter who is the chief consultant, B. A Adedipe Associates LTD, Dr. Abiodun Adedipe, called on the insurer to regularly increase its capital, noting that sustainability of the brand cannot be achieved without regularly increasing its capital. He also advised them to establish and maintain quality relationships with 10 top insurance broking firms in the country.
Calling for human capital development, he said, ‘the more you invest in people in the areas of remuneration, human capital development, the more it helps build confidence among staff.’
