Cornerstone Insurance Plc is ready for any recapitalisation measures from the National Insurance Commission.
This was stated by the Managing Director, Stephen Alangbo, at the 32nd annual general meeting in Lagos. He emphasized the company’s commitment to financial stability, expanding underwriting capacity, and investing in new technologies.
The Nigerian Insurance Industry Reform Bill 2024 proposes increasing the minimum capital requirement for life insurance and general business. Shareholders at the AGM raised concerns about the impact of these changes on the company.
The chairman, Segun Adebanji, reassured that the firm is focusing on improving insurance penetration in Nigeria through retail growth.
For the financial year ending December 2023, Cornerstone Insurance saw a 38% growth in revenue to N30.6bn.
The company also reported a 26.5% increase in insurance revenue to N25.91bn and a profit before tax of N17.08bn, reversing the previous year’s loss.
(Punch)