Prime Business Africa
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 ChannelHowever, 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.
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