Cornerstone Insurance Plc has reported a pre-tax profit of N7.74 billion for the nine months ended September 30, 2026, down 6.93% from N8.32 billion recorded in the corresponding period of 2025, according to its unaudited financial statements.
Insurance revenue grew 16.70% to N43.31 billion from N37.11 billion, supported by increased contributions from both the life and non-life businesses. The non-life segment remained the largest contributor, generating N32.84 billion, or 75.83% of total insurance revenue.
The stronger top line, however, did not translate into higher earnings. Profit after tax declined 8.56% to N7.41 billion from N8.10 billion, while earnings per share fell 8.89% to 41 kobo from 45 kobo.
Underwriting performance improved during the period. Insurance service expenses dropped 3.13% to N17.86 billion from N18.43 billion, helping lift the insurance service result by 8.09% to N11.75 billion from N10.87 billion.
Those gains were partly offset by a sharp rise in costs. Net expenses from reinsurance contracts jumped 75.52% to N13.70 billion from N7.81 billion, while insurance finance expenses climbed to N3.63 billion from N958.46 million. Foreign exchange losses also widened to N4.76 billion from N1.73 billion.
Investment activities provided some support, with investment return rising 27.99% to N5.38 billion from N4.21 billion. Interest income more than doubled to N6.64 billion from N2.94 billion, and net fair value gains increased to N3.11 billion from N2.67 billion. Still, the net insurance and investment result declined to N13.50 billion from N14.12 billion.
Management expenses remained broadly flat at N5.91 billion, compared with N5.90 billion a year earlier.
On the balance sheet, total assets increased 5.75% to N149.14 billion as at September 2026, from N141.03 billion at December 2025. Financial assets measured at fair value through other comprehensive income rose to N41.10 billion from N12.51 billion, while statutory deposits roughly doubled to N4.20 billion. Premium receivables climbed to N2.30 billion from N754.41 million.
