Cornerstone Insurance Reports Decline in Pre-Tax Profit

Cornerstone Insurance Plc (NGX: CORNERST) released its unaudited financial results for the nine months ending September 30, 2026, showing a pre-tax profit of N7.74 billion, a decline of 6.93% from N8.32 billion in the same period of 2025. Insurance revenue increased by 16.70% to N43.31 billion from N37.11 billion, attributed to growth in both life and non-life insurance sectors.

However, profit after tax decreased by 8.56% to N7.41 billion from N8.10 billion, and earnings per share fell by 8.89% to 41 kobo from 45 kobo. The company noted that increased reinsurance expenses, foreign exchange losses, and insurance finance costs negatively impacted earnings.

Net expenses from reinsurance contracts surged by 75.52% to N13.70 billion. Despite these challenges, the insurance service results improved by 8.09% to N11.75 billion.

Investment returns rose by 27.99% to N5.38 billion, although foreign exchange losses expanded to N4.76 billion. Total assets grew by 5.75% to N149.14 billion, while shareholders' funds increased by 10.29% to N80.36 billion.