Total assets at Cornerstone Insurance reached N70 billion in Q2 – MD

According to Mr. Stephen Alangbo, managing director of Cornerstone Insurance Plc, the company’s total assets would reach N70 billion by the end of the second quarter of 2023.

This information was revealed by Alangbo, who is also the insurance company’s Chief Executive Officer (CEO), at a news conference held in Lagos to discuss his administration’s plans.

At the company’s 2023 Annual General Meeting on Tuesday, Mr. Segun Adebanji, Chairman of the Board of Cornerstone Insurance, announced the selection of Alangbo as the new managing director of the organisation, effective July 3.

According to Adebanji, after Mr. Ganiyu Musa’s term as group managing director of the underwriting company expired, Alangbo took over.

According to him, the board also accepted Mr. Peter Ekwueme’s appointment as the insurance company’s Executive Director (ED), Technical Operations.

According to Alangbo, the insurance company had total assets of N50 billion at the end of 2022, and it paid out at least N4 billion in claims.

According to the managing director, as of December 31, 2022, the company’s market capitalization was N10.899 billion and its issued and fully paid share capital was N9.083 billion.

Alangbo stated that creating capable individuals and a streamlined, technologically-driven insurance business process were top priorities for his team.

He said that the business will also create cutting-edge products that would set it apart in the insurance industry.

“We intend to create top insurance industry executives and individuals who are content to contribute their fair share to the system in the knowledge that Cornerstone is also there to look after them.

He declared, “We will create cutting-edge, microinsurance products that are distinct from traditional insurance products and that people would readily purchase.”

He said the company would also look towards developing its Artificial Intelligence (AI) capabilities to help it with customer onboarding and claim payment.(NAN)