Agusto & Co. assigns Cornerstone Insurance “A-” rating with Stable Outlook

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Cornerstone Insurance Plc has been assigned a national scale financial strength rating of “A-” (A minus) with a Stable Outlook by Agusto & Co. Limited, Nigeria’s foremost credit rating agency.

In its 2025 Rating Report, Agusto & Co. affirmed the rating based on Cornerstone’s strong capitalisation, adequate liquidity, good asset quality, and an experienced management team. The agency also noted the company’s stable earnings, robust reinsurance arrangements, and improving underwriting performance, which continue to support its financial resilience and market position in Nigeria’s insurance industry.

According to Agusto & Co., “the company’s capital base remains well above regulatory minimums, providing adequate buffer against underwriting and investment risks.” The report further highlighted Cornerstone’s “consistent investment in digital capabilities and process automation” as factors that have enhanced operational efficiency and customer engagement.

Speaking on the development, Mr. Stephen Alangbo, Group Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, said: “We are delighted with this affirmation from Agusto & Co., which reflects the underlying strength and resilience of our business. This rating is a vote of confidence in our governance standards, our financial discipline, and our ability to meet obligations to policyholders and partners. As we continue to pursue our strategic aspiration of becoming the largest insurance led financial institution in Nigeria by 2030, we remain committed to sustainable growth built on transparency, innovation, and customer trust.”

Also commenting, Mr. Jubril Ajose, Chief Financial Officer, stated: “The A- rating and stable outlook reaffirm our commitment to maintaining a strong balance sheet and prudent risk management practices. It demonstrates the success of our capital management strategy and our ability to deliver consistent financial performance despite the challenging economic environment. We will continue to optimize our investment portfolio and strengthen our solvency position to sustain long-term value creation for all stakeholders.”

The company noted that the rating further reinforces its reputation as one of Nigeria’s most dependable insurers, trusted for its claims-paying ability and professional service delivery. Cornerstone continues to focus on expanding its retail and digital distribution channels, improving customer experience, and deepening penetration across key market segments.