Cornerstone Insurance Approves N5.086bn Dividend Payout

Shareholders of Cornerstone Insurance Plc approved a final dividend payout of N5.086 billion, translating to 28 kobo per ordinary share of 50 kobo, for the financial year ended December 31, 2025. This approval occurred during the company’s 34th Annual General Meeting in Lagos.

Acting Chairman Afolabi Balogun noted the company’s resilient performance despite a challenging environment, with insurance revenue rising by 34% to N51.66 billion and profit after tax increasing to N11.76 billion. Balogun highlighted that the company paid N23.59 billion in claims across its various business lines and met new capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Group Managing Director and CEO Stephen Alangbo reported a decline in profit before tax to N8.73 billion from N28.62 billion in 2024, attributing the previous year's performance to a one-off foreign exchange gain. He emphasized strong growth in the core insurance business and outlined future strategies for retail expansion and digital capabilities.