Cornerstone Insurance Receives A- Rating from A.M. Best
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Cornerstone Insurance Receives “A-” Rating from Agusto & Co., Reinforcing financial Strength
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Published November 18, 2023, 09:02:52 AM PST
cornerstone Insurance Achieves high Credit Rating
Cornerstone Insurance Plc has announced it received an “A-” rating from Agusto & Co.Limited, a leading credit rating agency in Nigeria. The rating reflects the company’s robust financial health and operational resilience.
According to a company statement released November 17, 2023, the “A-” rating is a testament to Cornerstone’s strong governance standards, prudent financial management, and consistent ability to fulfill it’s commitments to policyholders and partners. This achievement supports the company’s strategic ambition to become the largest insurance-led financial institution in Nigeria by 2030.
CFO Highlights Prudent Risk Management
Jubril Ajose, Chief Financial Officer of Cornerstone Insurance, emphasized that the rating validates the company’s careful risk management practices, solid balance sheet, and consistent financial performance, even during periods of economic difficulty. He further noted ongoing efforts to optimize the company’s investment portfolio and bolster its solvency, ensuring long-term value for all stakeholders.
Company Overview: Cornerstone Insurance
Established in 1991 and listed on the Nigerian Exchange Limited (NGX), Cornerstone Insurance provides a comprehensive suite of Life and Non-Life insurance products. These include Motor, Life, Health, Travel, and Specialized Risk insurance solutions.Cornerstone Insurance is recognized for its commitment to innovation, customer satisfaction, and sound corporate governance. The company is actively expanding its retail and digital channels to increase its market reach.
Key Financial Highlights (Latest Available – 2022):
| Metric | Value (₦ Billions) |
|---|---|
| Gross Premium Written | 14.6 |
| Total Assets | 82.8 |
| Shareholders’ equity | 24.7 |
| Profit after Tax | 6.7 |
About Agusto & Co.
Agusto & Co. Limited, Nigeria’s first credit rating agency, offers independent credit ratings, in-depth research, and risk assessments throughout West Africa. Agusto & Co.’s ratings are widely utilized by investors, regulatory bodies, and financial institutions as benchmarks for evaluating financial stability and performance. The agency’s ratings provide crucial insights into the creditworthiness of companies operating in the region.