Cornerstone Insurance Plc has recorded 49 per cent growth in revenue to N38.6 billion in 2024 from N25.9 billion recorded in 2023.
Disclosing this to shareholders at the companys annual general meeting in Lagos, the Chairman of the company, Mr. Segun Adebanji, said profit before tax rose by 68 per cent to N28.6 billion, reflecting not only the companys commitment to strategic execution but also the strength of diversified portfolio and prudent risk management.
He stated: "This performance was driven by growth across our core business lines, particularly in General Business. The Engineering, Oil and Gas, and Motor Insurance portfolios delivered robust returns, contributing N6.11 billion, N5.24 billion, and N4.75 billion respectively. Our investment income also contributed significantly, owing to strategic asset allocation and a favorable yield environment.
"We continued to optimize our expense base, enhance underwriting discipline, and deploy technology to improve claims management and customer experience."