Prime Business Africa
Cornerstone Insurance Plc saw its insurance revenue grow by 49 percent in 2024, after recording N38.66 billion, against the N25.91 billion reported in 2023.
The company’s insurance service expenses grew similarly, as it rose by 42 percent year-on-year from N17.95 billion to N25.45 billion.
Join our WhatsApp ChannelCornerstone also recorded a double-digit growth in its net expenses from reinsurance contracts held, which increased from N8.29 billion in 2023 to N11.06 billion in 2024, reflecting an increase of 33.31 percent.
According to the company’s consolidated and separate statements for the year ended December 31, 2024, Cornerstone recorded N2.14 billion in insurance service result, recovering from the N337.56 million loss reported in 2023.
Also, investment return increased by 46.11 percent to N35.81 billion in 2024, exceeding the N24.51 billion posted in the previous year, while net insurance finance expenses rose by 10.90 percent year-on-year from N1.01 billion to N1.12 billion.
The annual reports also showed that net financial result climbed from N23.49 billion in 2023 to N34.68 billion last year, indicating an increase of 47.64 percent.
Also, profit before tax (PBT) grew in double-digit or 68 percent, to N28.61 billion in 2024, against the N17.08 billion recorded during the year before.
However, during the year in review, Cornerstone reported that it paid less tax, after filing N2.72 billion income tax for last year, compared to the N3.24 billion tax charged on its profit in 2023, reflecting a 16 percent decline.
This supported the company’s bottom line, which increased by 87 percent year-on-year, as it posted N25.89 billion profit after tax (PAT) in 2024, surpassing the N13.83 billion reported in the previous year.
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