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Cornerstone Insurance
On this page
Company details
- Legal name
- Cornerstone Insurance Plc
- Listing
- CORNERST on the Nigerian Exchange, active · ISIN NGCORNERST03 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
Read with these figures
- Auditor's emphasis of matter. No emphasis-of-matter or material-uncertainty paragraph.
Full wording and sources
Auditor's emphasis of matter
No emphasis-of-matter or material-uncertainty paragraph. 'Contraventions': the Company contravened sections of the SEC Act on late filing of accounts to SEC and Nigerian Exchange Group (note 37) (p38).
Source: Cornerstone Insurance Plc Annual Report 31 December 2025 (dated 2026-06-17)
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Insurance revenue (IFRS 17)
NGN 51.7 billion
51,656,203 NGN thousands · p64
+33.6% vs 2024
IFRS 17 insurance revenue, as printed: not gross written premiums.
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Insurance service result
NGN 13.5 billion
13,476,491 NGN thousands · p64
+527.3% vs 2024
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Profit / (loss) for the year
NGN 11.8 billion
11,756,687 NGN thousands · p64
−54.6% vs 2024
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Total assets
NGN 141 billion
141,033,691 NGN thousands · p63
+16.1% vs 2024
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Insurance contract liabilities
NGN 55.1 billion
55,083,953 NGN thousands · p63
+22.0% vs 2024
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Total equity
NGN 72.9 billion
72,860,041 NGN thousands · p63
+20.4% vs 2024
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Insurance revenue | 51,656,203 | 38,669,485 |
| Insurance service expense | (23,156,016) | (25,457,869) |
| Net expenses from reinsurance contracts held | (15,023,697) | (11,063,395) |
| Insurance service result | 13,476,491 | 2,148,221 |
| Interest revenue using effective interest rate method | 7,424,152 | 6,159,024 |
| Net fair value (loss)/gain | 6,156,247 | (1,656,842) |
| Other investment income1 | 359,426 | 325,685 |
| Net (loss)/gain from foreign exchange | (6,129,250) | 30,831,685 |
| Gain on deposit administration / investment contracts2 | 562,514 | 453,294 |
| Impairment losses on financial assets | 21,050 | (298,566) |
| Investment return | 8,394,140 | 35,814,281 |
| Net finance expenses from insurance contracts issued | (4,353,209) | (481,300) |
| Net finance income/(expense) from reinsurance contracts3 | 392,912 | (648,221) |
| Net insurance finance expenses | (3,960,298) | (1,129,520) |
| Net Insurance and Investment result | 17,910,333 | 36,832,982 |
| Other operating income | 178,456 | 74,151 |
| Management expenses | (9,359,153) | (8,287,647) |
| Profit before minimum and income tax4 | 8,729,636 | 28,619,486 |
| Minimum tax5 | (233,850) | (461,076) |
| Profit before tax | 8,495,786 | 28,158,410 |
| Tax expense | 3,260,901 | (2,264,906) |
| Profit for the year | 11,756,687 | 25,893,504 |
| Other comprehensive income, net of tax | 5,537,069 | 3,583,361 |
| Total comprehensive income for the year | 17,293,755 | 29,476,865 |
| Profit attributable to: Non-controlling interests6 | 143,979 | 310,223 |
Notes and alternative reported figures (6)
- “Other investment income” is an issuer-specific line, not mapped to a shared definition: Note 30.
- “Gain on deposit administration / investment contracts” is an issuer-specific line, not mapped to a shared definition: Note 18.1.
- “Net finance income/(expense) from reinsurance contracts” is an issuer-specific line, not mapped to a shared definition: Note 27.2.
- “Profit before minimum and income tax” is an issuer-specific line, not mapped to a shared definition: Subtotal before minimum tax.
- “Minimum tax” is an issuer-specific line, not mapped to a shared definition: Note 21.1: minimum tax under Nigerian company income tax law.
- “Profit attributable to: Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Share of profit for the year attributable to non-controlling interests.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Cash and cash equivalents | 24,169,631 | 24,061,223 |
| - measured at FVOCI | 41,104,559 | 40,925,655 |
| - measured at FVTPL | 46,029,690 | 22,430,537 |
| - measured at amortised cost | 1,287,977 | 13,015,608 |
| Premium receivables1 | 754,408 | 549,140 |
| Other receivables and prepayments2 | 1,782,469 | 1,274,283 |
| Reinsurance contract assets | 16,142,513 | 12,834,142 |
| Investment in subsidiaries3 | –4 | –4 |
| Investment properties | 1,584,000 | 872,000 |
| Property and equipment | 5,967,919 | 4,323,243 |
| Intangible assets | 10,525 | 15,172 |
| Statutory deposit5 | 2,200,000 | 1,200,000 |
| Total Assets | 141,033,691 | 121,501,003 |
| Insurance contract liabilities | 55,083,953 | 45,144,044 |
| Reinsurance contract liabilities | 92,832 | 143,619 |
| Investment contract liabilities | 1,348,313 | 1,053,426 |
| Other insurance related liabilities6 | 6,696,695 | 4,659,561 |
| Other payables and accruals7 | 2,870,476 | 4,551,197 |
| Current tax liabilities | 801,784 | 925,416 |
| Deferred tax liabilities | 1,251,500 | 4,519,968 |
| Employees benefit obligations8 | 28,096 | 7,048 |
| Total liabilities | 68,173,650 | 61,004,280 |
| Share capital | 9,083,196 | 9,083,196 |
| Share premium | 183,165 | 183,165 |
| Treasury shares9 | (67,130) | (67,130) |
| Contingency reserve10 | 14,200,564 | 11,799,411 |
| Fair value and other reserves11 | 11,201,820 | 5,884,720 |
| Retained earnings | 37,284,440 | 32,833,838 |
| Equity attributable to owners of the company | 71,886,056 | 59,717,199 |
| Non-controlling interest | 973,985 | 779,523 |
| Total equity | 72,860,041 | 60,496,723 |
| Total liabilities and equity | 141,033,691 | 121,501,003 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
Notes and alternative reported figures (10)
- “Premium receivables” is an issuer-specific line, not mapped to a shared definition: Note 8.
- “Other receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Note 9.
- “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 11: nil in the Group columns.
- “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Note 15: deposit with the Central Bank of Nigeria required by insurance law.
- “Other insurance related liabilities” is an issuer-specific line, not mapped to a shared definition: Note 19.
- “Other payables and accruals” is an issuer-specific line, not mapped to a shared definition: Note 20.
- “Employees benefit obligations” is an issuer-specific line, not mapped to a shared definition: Note 22.
- “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 23.3.
- “Contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 23.5: statutory contingency reserve of an insurer.
- “Fair value and other reserves” is an issuer-specific line, not mapped to a shared definition: Note 23.6.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Insurance premium received1 | 63,049,655 | 41,434,202 |
| Premium deposits received2 | 1,474,240 | 827,429 |
| Deposit liabilities - contributions during the year3 | 1,042,659 | 618,561 |
| Deposit liabilities - withdrawals during the year4 | (812,415) | (409,400) |
| Reinsurance premium paid5 | (23,512,343) | (16,801,465) |
| Commission received6 | –7 | 20,844 |
| Claims paid during the year8 | (23,587,661) | (13,582,988) |
| Reinsurance claims recovered9 | 7,133,599 | 2,904,036 |
| Acquisition cashflows10 | (7,011,644) | (5,150,893) |
| Management expenses and other operating cash payments11 | (8,502,704) | (8,146,469) |
| Payment for statutory deposits12 | (1,000,000) | –7 |
| Cash generated from operations (unlabelled subtotal) | 8,273,385 | 1,713,856 |
| Income tax paid | (620,670) | (312,826) |
| Net cash flows from operating activities | 7,652,715 | 1,401,030 |
| Interest received | 6,186,261 | 6,235,114 |
| Dividend received13 | 377,444 | 197,581 |
| Rent received14 | 12,000 | 12,000 |
| Purchase of property and equipment | (1,012,606) | (383,746) |
| Purchase of intangibles | (840) | (12,571) |
| Proceeds from sale of property and equipment | 12,842 | 9,862 |
| Purchases of financial assets15 | (15,749,729) | (10,290,105) |
| Proceeds from sale/disposal/redemption of financial assets16 | 9,490,677 | 677,441 |
| Net cash flows used in investing activities | (683,951) | (3,554,425) |
| Dividend paid | (4,904,926) | (2,906,623) |
| Net cash flows used in financing activities | (4,904,926) | (2,906,623) |
| Net (decrease)/increase in cash and cash equivalents | 2,063,838 | (5,060,018) |
| Cash and cash equivalents, beginning of the year | 24,061,223 | 19,217,453 |
| Effect of exchange rate changes on cash and cash equivalents held | (1,955,430) | 9,903,789 |
| Cash and cash equivalents, end of the year | 24,169,631 | 24,061,224 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_generated_from_operations.
Notes and alternative reported figures (15)
- “Insurance premium received” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Premium deposits received” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Deposit liabilities - contributions during the year” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Deposit liabilities - withdrawals during the year” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Reinsurance premium paid” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Commission received” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Claims paid during the year” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Reinsurance claims recovered” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Acquisition cashflows” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Management expenses and other operating cash payments” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Payment for statutory deposits” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method).
- “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Rent received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Purchases of financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds from sale/disposal/redemption of financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Dividend paid |
(4,904,926) | NGN thousands | Annual report, p67 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividend paid |
(2,906,623) | NGN thousands | Annual report, p67 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Cornerstone Insurance Plc Annual Report 31 December 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: Deloitte & Touche (Chartered Accountants), unmodified opinion · signed
Auditor's sign-off: Joshua Ojo, FCA, for Deloitte & Touche
Final status: Independent auditor's report on the consolidated and separate financial statements signed for Deloitte & Touche (engagement partner Joshua Ojo, FCA) with a handwritten signature and the ICAN seal, dated 17 June 2026 (PDF p38, page image). The statement of financial position is signed by the acting chairman, the managing director/CEO and the chief financial officer (PDF p63, page image), with no date; no board approval date is printed.
- Document date
- 17 Jun 2026
- Auditor's report
- 17 Jun 2026
- Board approval
- date not found in this document
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · NGN thousands (printed “In thousands of naira”)
- Group cash at the end of 2024 is printed as 24,061,224 in the cash-flow statement (p67, compared on the page image) but 24,061,223 on the balance sheet (p63) and as cash at the beginning of 2025 (p67); kept as printed (the two cash-continuity checks for 31 December 2024 fail by 1).
- Profit for 2025 attributable to owners is printed as 11,612,687 in the 'Profit/(Loss) for the year' block and 11,612,708 in the 'Profit attributable to' block; only the latter adds with non-controlling interests (143,979) to profit for the year (11,756,687) (p64). The statement of changes in equity (p65) shows the whole 11,756,687 as owners' profit and 143,979 for non-controlling interests (total 11,900,665).
- Operating cash receipts and payments are subtotalled on an unlabelled row (8,273,385; 2024: 1,713,856) before income tax paid; interest received is presented in investing activities (p67).
- TEXT LAYER DIFFERS FROM THE PRINTED PAGE (p64): the text layer holds '1,,' where the statement prints profit attributable to owners (11,612,687 and 11,612,708) and profit for the year in the attribution blocks (11,756,687), and '6' where it prints 2025 basic and diluted EPS of 64 kobo; the pypdfium2 page text also runs several 2025/2024 cells in swapped order. All p64 values were read on the render.
Technical details
- File
- 197 pages, with a text layer
- SHA-256
1352d9c0346a3f16fcc02ef6c3bef81fe2ba3cf3ca118c1c163906f86908190c- Entity as printed
- Cornerstone Insurance Plc and its subsidiaries (the Group and Company)
- Exchange copy
- retrieved 2026-10-08T18:02:15Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.