What Cornerstone Insurance does

Cornerstone Insurance Plc is a Nigerian composite insurer incorporated in 1991 and listed on the Nigerian Stock Exchange (NGX:CORNERSTONE) since 1997. The company underwrites both general (non-life) and life insurance, with general lines including motor, travel, marine, home, fire and burglary, goods-in-transit, gadget protection, personal accident, and drone insurance; life and savings lines include the Cornerstone Life Insurance Policy, Children Education Fund, iSave Plan, Maximum Investment Plan, CRest, and Cornerstone Apprentice Savings Scheme (CASS). It also operates Nigeria's first composite Takaful (Shariah-compliant) offering through subsidiary Hilal Takaful Nigeria Limited and a general insurance subsidiary FIN Insurance Company Limited, the latter of which will become a standalone general entity under the planned unbundling.

The company runs a multi-channel distribution model combining a proprietary digital platform (first insurer in Nigeria to provide online insurance transactions), iOS and Android mobile apps, 11 branches across Nigeria plus 12 sales outlets, agents and brokers, and digital payment partners (Flutterwave, Paystack, Etranzact, Quickteller). AI/ML capabilities include a Curacel-powered computer vision workflow for remote vehicle inspection deployed in October 2025 and an AI-powered customer service assistant launched August 2025. The company has assumed annuity portfolios from Niger Insurance Plc (2024) and Lasaco Assurance Plc (2026), expanding its retirement-security footprint.

Cornerstone generates revenue primarily through insurance premiums across its general and life businesses, with FY2025 audited insurance revenue of N51.7 billion (+33.6% YoY) and total assets exceeding N106 billion; market capitalization stood at N108.27 billion as of December 31, 2025, with profit before tax of N8.5 billion (down from N28.2 billion in 2024 due to FX losses) and insurance service result of N10.7 billion (+353% YoY). Customers span individual consumers, families, and corporate clients in banking, telecom, construction, healthcare, education, and government, with the company preparing to spin off its life and general operations into separate entities under the Nigeria Insurance Industry Reform Act 2025.

Name

Cornerstone Insurance

Legal name

Cornerstone Insurance Plc

Website

https://cornerstone.com.ng

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

251–500 employees

Short description

Cornerstone Insurance Plc is a Nigerian composite insurer founded in 1991 offering general and life insurance products across motor, travel, marine, home, life/savings, and Takaful lines to individual consumers and corporate clients through digital platforms, mobile apps, 11 branches, and agent networks, with total assets exceeding N106 billion and market cap of N108.27 billion in 2025.

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Premiums - General Business: Collection of insurance premiums from general insurance products including motor, travel, marine, fire, burglary, home, goods in transit, and other property/liability coverages. Premiums are collected as one-time or recurring payments depending on policy type.
2. Insurance Premiums - Life Business: Collection of premiums and accumulation of savings from life insurance products including term assurance, children's education fund, investment plans, annuity products, and pension-related coverage.
3. Annuity Portfolio: Assumed responsibility for annuity payments from former Lasaco Assurance Plc customers and Niger Insurance Plc, expanding annuity portfolio underwritten by Cornerstone Insurance.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Cornerstone Insurance Plc is a Nigerian composite insurer that underwrites and distributes general (non-life) and life insurance products — motor, travel, marine, home, fire/burglary, goods-in-transit, gadget, drone, personal accident, term life, savings/investment, and annuity plans — through its own website, mobile apps, branch network, sales outlets, and agent/broker channels. It is Nigeria's first composite Takaful operator and the first Nigerian insurer to offer a fully online insurance transaction platform.

Product overview

Cornerstone Insurance Plc operates as a composite insurer offering both general and life insurance products through a multi-channel digital platform. The general insurance portfolio includes Motor Insurance (Third Party and Comprehensive), Travel Insurance (International and Local via Travel Safeguard), Marine Insurance, Home Insurance, Combined Fire and Burglary, Goods In Transit, Gadget Protection, Personal Accident, and Drone Insurance. The life and investment segment comprises the Cornerstone Life Insurance Plan, Children Education Fund, iSave Plan, Maximum Investment Plan, CRest, and Cornerstone Apprentice Savings Scheme. The company also offers Shariah-compliant products through its Hilal Takaful subsidiary and maintains general insurance operations through FIN Insurance Company Limited. All products are accessible through an online platform, mobile app, branch network, and bancassurance channels.

Differentiator

Problem solved

Functional benefit

Brands

• Hilal Takaful Nigeria Limited: Shariah-compliant Takaful insurance products operating under Al-Mudarabah and Al-Tabaru principles
• FIN Insurance Company Limited
• Cornerstone Academy
• Cornerstone Life Insurance Policy

Products and services

• Third Party Motor Insurance Motor insurance covering damage to third party property up to N3,000,000 and unlimited liability for death or bodily injury to third parties; targeted at Nigerian vehicle owners seeking minimum statutory coverage.
• Comprehensive Motor Insurance Full coverage motor policy for private-use vehicles including accidental damage, fire/theft loss, third party property damage, third party liability, limited medical expenses, and loss of personal effects; available with optional add-ons.
• International Travel Insurance Travel insurance for international travel including Worldwide, Europe/Schengen, and student plans; covers medical expenses up to €30,000 for Schengen requirements with tiers Economy ($15,000), Pearl ($50,000), Traveller ($150,000), and Family Cover; pilgrimage plans from $10,000 to $25,000.
• Travel Safeguard (Local Travel Insurance) First-of-its-kind local travel protection for passengers travelling by road or air within Nigeria; provides cash compensation for accidents, baggage loss/theft, and mortal remains transport; tiers include Essential (N50,000 medical) to Platinum (N100,000 medical).
• Marine Insurance Coverage for ships, cargo, and terminals during transportation; includes Hull insurance for vessels and Cargo insurance for goods in transit with Institute Cargo Clauses A, C, and Bulk Oil options; maximum sum insured N50,000,000 for cargo covering import, export, and transit shipments.
• Home Insurance Indemnity against loss or damage to buildings and contents from fire, lightning, explosion, flood, malicious damage; covers alternative accommodation costs, rental income loss, legal liability, and medical expenses with Building Only, Content Only, or Building and Content options.
• Combined Fire and Burglary Insurance Business-oriented policy covering loss from fire, allied perils, and burglary for shops, warehouses, and offices; compensates for building damage and content loss from fire or forcible entry.
• Goods In Transit Insurance All-risk policy covering loss or damage to goods during transit by road, rail, or inland waters within Nigeria; covers fire, theft, collision, and overturning.
• Gadget Protection Plan Screen protection policy covering mobile phones and devices for screen crack and accidental damage to screen; limited to one repair within the insurance period.
• Personal Accident Insurance Coverage for bodily injury from violent, accidental, external means resulting in death, permanent disability, and medical expenses; capital benefit up to N1,000,000 payable in full for death or permanent disability.
• Drone Insurance Insurance coverage for drones and unmanned aerial vehicles, available through the Cornerstone online quote system.
• Cornerstone Life Insurance Policy One-year term assurance policy protecting dependents in event of death during the cover period; single premium payment with sum assured paid to beneficiaries.
• Children Education Fund Savings plan providing lump sum over time for children's education; minimum N60,000 annual contribution with flexible payment options (monthly, quarterly, half-yearly, yearly); can be used as collateral for loans up to 70% of fund balance after one year.
• iSave Plan Enhanced 24-month savings plan with competitive interest rate (SDR+2%); creates capital for future needs with life cover and death benefit to beneficiaries.
• Maximum Investment Plan Lump sum savings through disciplined savings with guaranteed benefit at end of plan; N150,000 sum assured on death during plan; minimum 5-year duration.
• CRest (C-REST) Plan Life insurance policy with savings plan and free life cover; pays lump sum benefit and accumulated savings upon death of policyholder; minimum term 1 year, maximum 10 years.
• Cornerstone Apprentice Savings Scheme (CASS/Oga Boy) Savings scheme for merchants to save periodically for apprenticeship completion; interest rate SDR+2% with minimum N5,000 contribution and life cover from N100,000 to N1,000,000.
• Hilal Takaful (Shariah-Compliant Insurance) Shariah-compliant insurance products operating under Al-Mudarabah and Al-Tabarru principles, offered through Nigeria's first composite Takaful operator with over 14 years of experience; provides both Family (Life) and General Takaful.

Quantifiable outcome

• 44% increase in insurance revenue to N43.7 billion in 2025
• +3 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• CuracelcoreTechnology or Integration · 17 October 2025Cornerstone Insurance partnered with Curacel to deploy an AI-powered remote vehicle inspection workflow for motor insurance. The system enables customers to capture video through a secure link for AI-driven damage analysis and report generation. The system integrates directly into Cornerstone's policy and claims systems, allowing inspections to be completed faster, verified more consistently, and protected against fraud through automated checks. The partnership is live and scheduled to scale across motor insurance use cases.
• Lagos Food Bank InitiativeminorOthersCornerstone Insurance collaborated with Lagos Food Bank Initiative to provide hot meals to 500 students across three low-cost private schools in the Agege community, demonstrating dedication to compassion and community impact.
• National Drug Law Enforcement Agency (NDLEA)minorOthersCornerstone Insurance Plc Foundation donated a solar-powered borehole to the NDLEA in Abuja, providing the agency with reliable access to clean water for law enforcement operations, barracks and detention facilities. The initiative aligns with UN Sustainable Development Goals on clean water and climate action.
• Chartered Insurance Institute of Nigeria (CIIN)minorOthersCornerstone Insurance participated in the 2026 CIIN Walk organized by the Chartered Insurance Institute of Nigeria, with over 70 staff members attending the wellness and networking event.
• Lagos State Pension CommissioncoreOthersCornerstone Insurance participated in an Annuity Forum with Lagos State Pension Commission, reaffirming trust in retirement security. The company has assumed annuity obligations from former Lasaco Assurance Plc and Niger Insurance Plc customers, expanding its annuity portfolio.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AIICO Insurance: Leading Nigerian composite insurer with life and general insurance businesses, listed on the NGX. Comparable as a publicly listed multi-line peer competing for the same Nigerian individual and corporate insurance customers.
• Custodian Insurance: Nigerian insurance group offering general and life products. Comparable in size, product mix, and listed status as a direct competitor in the Nigerian composite insurance market.
• Leadway Assurance: Major Nigerian composite insurer offering life, general, and asset management products. Comparable to Cornerstone in product breadth, target segments, and reliance on agency/broker distribution.
• AXA Mansard Insurance: One of Nigeria's largest composite insurers offering life and general insurance products with strong digital distribution. Directly comparable as a Nigerian multi-line insurer competing for the same corporate and retail customers.
• SUNU Assurances Nigeria: Nigeria-focused life and non-life insurer under the pan-African SUNU Group. Comparable as a multi-line peer targeting similar Nigerian retail and corporate customers.

Broad incumbents

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer headquartered in Nigeria. Indirect peer: Cornerstone's board includes an executive with 24 years at Africa's largest reinsurer, and Africa Re sits upstream of Cornerstone in the risk value chain.
• Sanlam: Pan-African insurance and investment group with significant Nigerian presence (Sanlam Emerging Markets). Comparable as a broad incumbent with multi-line life and general insurance offerings across African markets.
• Old Mutual Nigeria: Nigerian arm of a large international financial services group offering life, savings, and investment products. Comparable as a broad incumbent competing for Nigerian individual and corporate customers.

Regional players

• Niger Insurance Plc: Nigerian composite insurer; Cornerstone acquired its annuity portfolio in 2024. Comparable as a Nigerian multi-line peer, though now partially absorbed by Cornerstone.
• Lasaco Assurance: Nigerian general insurer from which Cornerstone assumed an annuity portfolio in 2025. Directly comparable in Nigerian general insurance products, though Cornerstone now holds parts of its annuity liabilities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cornerstone_ng
• YouTubeyoutube.com/@Cornerstoneplc
• Facebookfacebook.com/profile.php?id=61567187674662&mibextid=LQQJ4d
• LinkedInlinkedin.com/company/cornerstone-financial-services
• Instagraminstagram.com/cornerstone_ng
• TikToktiktok.com/@cornerstoneinsuranceplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cornerstone Insurance