Cornerstone Insurance Records N37.11bn Revenue — But Profit Drops By 68.72%

Cornerstone Insurance Plc has disclosed that its revenue increased by 39.08 percent to N37.11 billion between January and September 2025, exceeding the N14.23 billion turnover recorded in the same period in 2024.

The insurer revealed the growth in its consolidated and separate statements for the period ended September 2025, which also showed that the company’s insurance service expense grew by 29.52 percent year-on-year, from N14.23 billion to N18.43 billion.

However, net expenses from reinsurance contracts held by Cornerstone decreased by 14.07 percent to N7,80 billion in the first nine months of this year, compared to the N9,08 billion recorded between the first quarter (Q1) and third quarter (Q3) of last year.

Cornerstone also reported that its insurance service result closed the period under review at N10.86 billion, surpassing the N3.36 billion posted in the first nine months of 2024, indicating a 223.09 percent growth.

The company’s earnings, however, were impacted by a N1.72 billion net loss from foreign exchange for the reviewed period, failing to replicate the N24.18 billion net gain from foreign exchange recorded between Q1 and Q3 of 2024.

Also, Cornerstone suffered an 85.18 percent decline in its investment return, which dropped from N28.38 billion earned between January and September last year, to N4.20 billion during the same period in 2025.

In addition, net finance expenses from insurance contracts issued rose by 74.06 percent year-on-year, from N453.11 million to N788.69 million, and net finance income from reinsurance contracts held increased by 168.18 percent, from N63,29 million to N169.76 million.

Regardless, net insurance finance expenses jumped by 85.59 percent to N958.45 million in the first nine months of this year, from N516.41 million posted in the same period last year.

Also, net financial result dropped to N3.24 billion between Q1 and Q3 2025, falling short of the N27.86 billion recorded in the corresponding period in 2024, representing an 88.34 percent decrease.

Cornerstone added that profit before tax (PBT) also nosedived by 68.72 percent year-on-year, from N26.59 billion to N8.31 billion.

This led to the company’s tax income dropping to N214.99 million in the first nine months of this year, from N2.09 billion paid in 2024, representing a decline of 89.73 percent.

After the tax deduction, Cornerstone ended the period under review with N8.10 billion profit after tax (PAT), compared to the previous year, when it reached N24.5 billion PAT, reflecting a 66.93 percent decrease.