Cornerstone Insurance Plc has reported significant growth in its financial position, with total assets climbing to ₦135.76 billion as of September 30, 2025, representing an 11.7% increase from ₦121.50 billion recorded at the end of December 2024.
The company’s consolidated financial statements, signed by Chief Financial Officer Mr Jubril Ajose and Managing Director/CEO Mr Stephen Akinigbo, reveal robust expansion across multiple business lines.
Cash and cash equivalents stood at ₦23.45 billion, slightly down from ₦24.06 billion at year-end 2024.
However, the company’s investment portfolio showed impressive growth, with financial assets measured at fair value through other comprehensive income (FVOCI) reaching ₦42.77 billion, up from ₦40.93 billion.
Premium receivables surged to ₦1.01 billion from ₦549.14 million, indicating strong business growth and policy sales during the nine months.
Total liabilities increased to ₦67.88 billion from ₦61.00 billion, primarily driven by insurance contract liabilities, which rose to ₦50.13 billion from ₦45.14 billion. This growth reflects the company’s expanding underwriting portfolio and increased policy coverage.
Shareholders’ equity improved to ₦67.88 billion from ₦60.50 billion, with equity attributable to owners of the company reaching ₦67.06 billion. Retained earnings grew to ₦37.31 billion from ₦32.83 billion, demonstrating profitability during the period.
News.ng reports that the financial statements were approved by the board on October 20, 2025, and signal the company’s continued momentum in Nigeria’s competitive insurance market.
