Suggestions




·

Cornerstone Insurance’s Revenue Up By 49%, Profit Rises To N25.89bn

June 10, 2025
by
N3.57bn FX Loss, Trading Gain Decline... Why Cornerstone Insurance's Profit Dropped By 67%

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 Channel

Cornerstone 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.

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

How Wellness Coaches Monetize Meal Plans and Nutrition Advice in Nigeria
Previous Story

How Wellness Coaches Monetise Meal Plans, Nutrition Advice In Nigeria

Dangote Cement, Rand Merchant Bank Begin Commercial Paper Issuances On FMDQ Exchange
Next Story

Lafarge Shareholders Gain N215bn As Dangote, BUA Cements Struggle To Attract Investors

Featured Stories

Related Posts

Latest from Business

Nestle Invests Over ₦1.8bn in Dairy Development, Unveils Demonstration Farm 

Nestlé Nigeria Returns to Profit as Naira Stabilises

Nestlé Nigeria has returned to profit after two years of losses, helped by a more stable exchange rate and stronger sales. The company reported a net profit of 105bn naira ($) for 2025, compared with a post-tax loss of 164.6bn naira the

Aston Martin to Cut 20% of Workforce Over Rising Losses

British luxury carmaker Aston Martin has announced plans to reduce its workforce by up to 20 percent, following widening annual losses linked to US tariffs and weak demand in China. The cuts will affect around 600 employees, out of the company’s 3,000-strong
Production Cost Gulped More Than Half Of Fidson's Revenue In 2025

Production Cost Gulped More Than Half Of Fidson’s Revenue In 2025

Fidson Healthcare Plc generated N119.06 billion revenue in 2025, exceeding the N84.18 billion topline recorded in 2024, representing 41.42 percent. In the company’s unaudited report and financial statements for the period ended December 31, 2025, Fidson spent N69.91 billion on the cost
How Wellness Coaches Monetize Meal Plans and Nutrition Advice in Nigeria
Previous Story

How Wellness Coaches Monetise Meal Plans, Nutrition Advice In Nigeria

Dangote Cement, Rand Merchant Bank Begin Commercial Paper Issuances On FMDQ Exchange
Next Story

Lafarge Shareholders Gain N215bn As Dangote, BUA Cements Struggle To Attract Investors

Don't Miss

IBB Book Launch: Ex-Head Of State Receives N17.5bn Donation For Presidential Library

IBB Book Launch: Ex-Head Of State Receives N17.5bn Donation For Presidential Library

Former Nigeria’s military head of state, Ibrahim Badamasi Babangida, has
7th Ayurveda Day Celebration in Nigeria

Indians Celebrate 7th Ayurveda Day, Unveils Happiness Centre for Health Services In Lagos

GIVEN the rising challenge in Nigeria’s health sector, an Indian