Suggestions




·

Cornerstone Insurance Suffers 77.59% Decline In Profit In H1 2025

August 7, 2025
by
Cornerstone Insurance Records N37.11bn Revenue -- But Profit Drops By 68.72%

Cornerstone Insurance grew its revenue to N24.46 billion in the first half (H1) of 2025, up from N16.94 billion turnover reported in the corresponding period in 2024, reflecting a 44.36 percent increase.

The company’s service expense also increased by two digits, according to the insurer’s financial statements for H1 2025, as it rose by 41.44 percent year-on-year, from N9.52 billion to N13.47 billion.

Join our WhatsApp Channel

However, net expenses from reinsurance contracts held by Cornerstone Insurance dropped by 46.17 percent to N2.84 billion in the first half of 2025, compared to the N5.28 billion posted in H1 2024.

At the end of the period under review, Cornerstone said its insurance service result grew to N8,14 billion, up by 281.69 percent from N2.13 billion reported in the first half of last year.

The insurer added that it secured N3.67 billion investment return between January and June this year, compared to the N29.23 billion recorded in the first six months of 2024, representing a drop of 87.42 percent.

Cornerstone also reported N958.45 million net insurance finance expenses in H1 2025, failing to replicate the N262.50 million net insurance finance income recorded during the same period last year.

Also, net financial result decreased by 90.78 percent year-on-year, from N29.49 billion to N2.71 billion.

In addition, Cornerstone suffered a 75.85 percent decline in profit before tax (PBT), which dropped from N27,87 billion in the first half of 2024 to N6,73 billion during the corresponding period in 2025.

Consequently, the insurer saw a 35.23 percent decrease in its tax expense, as Cornerstone filed N740,41 million income tax in H1 2025, compared to the N1,14 billion recorded as tax in H1 2024.

Cornerstone added that its profit after tax (PAT) fell to N5.99 billion during the reviewed period, falling short of the N26.73 billion reported in the first half of last year, indicating a 77.59 percent decline.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: publisher@primebusiness.africa and editor@primebusiness.africa

+ posts

Prime Business Africa

Related Posts

Previous Story

Naira Further Depreciates At Official Market

Next Story

Ikeja DisCo Receivership Controversy: CPPE Urges Govt Action To Stabilise Power Sector

Featured Stories

Related Posts

Latest from Business

MTN Shareholders, Karl Toriola Lose N581.57bn Within Three Days

FG to Review MTN Group’s Acquisition of IHS Towers Over Sector Impact

The Federal Government has said it will undertake a comprehensive assessment of the reported acquisition of IHS Towers by MTN Group, citing the strategic importance of telecommunications infrastructure to Nigeria’s national security, economic stability and digital growth, Prime Business Africa reports. In

Zenith Bank, Skyway Aviation Drag Down NGX Market Cap By N577.40bn

The market capitalisation of the Nigerian Exchange (NGX), also known as the stock market, decreased to N121.55 trillion on Tuesday, February 17, from the N122.12 trillion recorded on Monday, February 16. This represents a decline of N577.40 billion in the market capitalisation,

Soludo Seals Shops for Two Weeks over Monday Sit-at-Home

The Anambra State Government has sealed dozens of shops at two major markets in Idemili North council area after traders failed to open for business on Monday, despite a directive to resume trading. The affected markets are the Building Materials Market in
Previous Story

Naira Further Depreciates At Official Market

Next Story

Ikeja DisCo Receivership Controversy: CPPE Urges Govt Action To Stabilise Power Sector

Don't Miss

Nigerian Govt To Provide 5 Million Jobs In 5 Years Amid N-Power Suspension

Nigerian Govt To Provide 5 Million Jobs In 5 Years Amid N-Power Suspension

The Nigerian government has unveiled its plans to overhaul the
AfDB Boosts Nigerian Fertilizer Industry With $75m Loan

Multilateral Development Banks Pledge Action To Tackle Africa’s Climate Crisis

Multilateral Development Banks gathered at the 2023 UN Climate Change