Shareholders of Cornerstone Insurance Plc will receive a dividend of 16 kobo per share on Friday, August 2, 2024, following the company’s impressive financial performance for the year ended December 31, 2023.

The dividend payment was approved by shareholders at the company’s 32nd Annual General Meeting (AGM) in Lagos.

The company reported a revenue of N25.9 billion in 2023, representing a 26.5% growth from N20.48 billion in 2022.

Insurance revenue from the life portfolio rose marginally by 2% to N5.28 billion, while the largest contributors to the central business insurance revenue were engineering, oil and gas, and motor.

Despite the impressive performance, shareholders raised concerns about the N55 million paid as penalties during the period and urged the board to explore investment opportunities for the foreign exchange gain recorded.

The company’s chairman, Segun Adebanji, attributed the success to the company’s strategic focus, according to him the largest contributors to the central business insurance revenue were engineering, oil and gas, and motor, with N4.48 billion, N3.49 billion, and N2.5 billion respectively.

The company concluded the financial year with a profit before tax of N17.08 billion, a significant improvement from the previous year’s loss of N1.06 billion.

On his part, the  Group Managing Director, Stephen Alangbo, expressed the company’s commitment to innovation, investing in people and technology, and operating with integrity.

He emphasized Cornerstone Insurance’s vision of becoming the leading insurance-based financial services group, delivering value beyond expectations through needs-based products and quality service.

As a licensed and re-certified insurance company by the National Insurance Commission (NAICOM), Cornerstone Insurance offers both general and life insurance services, leveraging cutting-edge technology to provide accessible and customer-centric .