Announcement • Apr 21
Cornerstone Insurance Plc to Report Q1, 2026 Results on Apr 28, 2026 Cornerstone Insurance Plc announced that they will report Q1, 2026 results on Apr 28, 2026 New Risk • Apr 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Dividend is not well covered by cash flows (131% cash payout ratio). Share price has been volatile over the past 3 months (9.7% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (₦101.7b market cap, or US$75.4m). Announcement • Mar 05
Cornerstone Insurance Plc to Report Fiscal Year 2025 Results on Mar 12, 2026 Cornerstone Insurance Plc announced that they will report fiscal year 2025 results on Mar 12, 2026 Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦6.38, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 12x in the Insurance industry in Nigeria. Total returns to shareholders of 1,211% over the past three years. Reported Earnings • Feb 01
Full year 2025 earnings released: EPS: ₦0.46 (vs ₦1.42 in FY 2024) Full year 2025 results: EPS: ₦0.46 (down from ₦1.42 in FY 2024). Revenue: ₦61.3b (up 45% from FY 2024). Net income: ₦8.27b (down 68% from FY 2024). Profit margin: 14% (down from 60% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 21
Cornerstone Insurance Plc to Report Q4, 2025 Results on Jan 27, 2026 Cornerstone Insurance Plc announced that they will report Q4, 2025 results on Jan 27, 2026 Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦6.55, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 10x in the Insurance industry in Nigeria. Total returns to shareholders of 1,343% over the past three years. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: ₦0.12 (vs ₦0.10 loss in 3Q 2024) Third quarter 2025 results: EPS: ₦0.12 (up from ₦0.10 loss in 3Q 2024). Revenue: ₦14.6b (up 27% from 3Q 2024). Net income: ₦2.14b (up ₦4.02b from 3Q 2024). Profit margin: 15% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 132% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 03
Cornerstone Insurance Plc to Report Q3, 2025 Results on Oct 21, 2025 Cornerstone Insurance Plc announced that they will report Q3, 2025 results on Oct 21, 2025 New Risk • Sep 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Paying a dividend despite having no free cash flows. High level of non-cash earnings (76% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (₦114.2b market cap, or US$76.8m). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₦6.20, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 13x in the Insurance industry in Nigeria. Total returns to shareholders of 1,265% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₦7.67, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 15x in the Insurance industry in Nigeria. Total returns to shareholders of 1,214% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦4.94, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 6x in the Insurance industry in Nigeria. Total returns to shareholders of 712% over the past three years. Announcement • Jul 15
Cornerstone Insurance Plc to Report Q2, 2025 Results on Jul 29, 2025 Cornerstone Insurance Plc announced that they will report Q2, 2025 results on Jul 29, 2025 Upcoming Dividend • Jul 01
Upcoming dividend of ₦0.27 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 29 July 2025. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Nigerian dividend payers (5.2%). Higher than average of industry peers (4.7%). Declared Dividend • Jun 16
Dividend increased to ₦0.27 Dividend of ₦0.27 is 69% higher than last year. Ex-date: 8th July 2025 Payment date: 29th July 2025 Dividend yield will be 7.2%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 14
Cornerstone Insurance Plc, Annual General Meeting, Jul 29, 2025 Cornerstone Insurance Plc, Annual General Meeting, Jul 29, 2025, at 14:00 W. Central Africa Standard Time. Location: agip recital hall, muson centre, onikan, lagos Nigeria New Risk • Jun 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 23% Last year net profit margin: 91% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (223% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (₦70.7b market cap, or US$45.5m). Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: ₦1.24 (vs ₦0.76 in FY 2023) Full year 2024 results: EPS: ₦1.24 (up from ₦0.76 in FY 2023). Revenue: ₦43.2b (up 35% from FY 2023). Net income: ₦22.3b (up 63% from FY 2023). Profit margin: 52% (up from 43% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year whereas the company’s share price has increased by 86% per year. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₦3.92, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 703% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₦2.99, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 533% over the past three years. Announcement • Apr 26
Cornerstone Insurance Plc to Report Q1, 2025 Results on Apr 29, 2025 Cornerstone Insurance Plc announced that they will report Q1, 2025 results on Apr 29, 2025 Buy Or Sell Opportunity • Apr 25
Now 23% overvalued Over the last 90 days, the stock has fallen 14% to ₦2.99. The fair value is estimated to be ₦2.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 85%. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₦2.80, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 3x in the Insurance industry in Nigeria. Total returns to shareholders of 483% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦3.50, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 654% over the past three years. Buy Or Sell Opportunity • Mar 11
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 2.9% to ₦3.19. The fair value is estimated to be ₦2.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 85%. Announcement • Feb 25
Cornerstone Insurance Plc to Report Fiscal Year 2024 Results on Mar 13, 2025 Cornerstone Insurance Plc announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Feb 01
Full year 2024 earnings released: EPS: ₦1.24 (vs ₦0.76 in FY 2023) Full year 2024 results: EPS: ₦1.24 (up from ₦0.76 in FY 2023). Revenue: ₦43.2b (up 35% from FY 2023). Net income: ₦22.3b (up 63% from FY 2023). Profit margin: 52% (up from 43% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year whereas the company’s share price has increased by 83% per year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦3.96, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 3x in the Insurance industry in Nigeria. Total returns to shareholders of 890% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦3.30, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 2x in the Insurance industry in Nigeria. Total returns to shareholders of 693% over the past three years. Reported Earnings • Nov 01
Third quarter 2024 earnings released: ₦0.19 loss per share (vs ₦0.023 loss in 3Q 2023) Third quarter 2024 results: ₦0.19 loss per share (further deteriorated from ₦0.023 loss in 3Q 2023). Revenue: ₦11.5b (up 186% from 3Q 2023). Net loss: ₦3.37b (loss widened ₦2.96b from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Announcement • Sep 20
Cornerstone Insurance Plc to Report Q3, 2024 Results on Oct 29, 2024 Cornerstone Insurance Plc announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: ₦1.53 (vs ₦0.57 in 2Q 2023) Second quarter 2024 results: EPS: ₦1.53 (up from ₦0.57 in 2Q 2023). Revenue: ₦9.42b (up 160% from 2Q 2023). Net income: ₦10.8b (up 4.1% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
Cornerstone Insurance Plc to Report Q2, 2024 Results on Aug 01, 2024 Cornerstone Insurance Plc announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jul 08
Upcoming dividend of ₦0.16 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 02 August 2024. Trailing yield: 7.6%. Within top quartile of Nigerian dividend payers (7.1%). Higher than average of industry peers (6.7%). Announcement • Jul 05
Cornerstone Insurance Plc, Annual General Meeting, Aug 01, 2024 Cornerstone Insurance Plc, Annual General Meeting, Aug 01, 2024, at 14:00 W. Central Africa Standard Time. Location: agip recital hall, muson centre, onikan, lagos Nigeria Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₦1.83, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 252% over the past three years. New Risk • Feb 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (205% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₦37.7b market cap, or US$23.5m). Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₦2.05, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 295% over the past three years. Reported Earnings • Feb 04
Full year 2023 earnings released: EPS: ₦0.86 (vs ₦0.14 in FY 2022) Full year 2023 results: EPS: ₦0.86 (up from ₦0.14 in FY 2022). Revenue: ₦17.5b (up 26% from FY 2022). Net income: ₦15.5b (up ₦13.0b from FY 2022). Profit margin: 89% (up from 18% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₦1.61, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 6x in the Insurance industry in Nigeria. Total returns to shareholders of 158% over the past three years. Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₦4.04b (up 42% from 3Q 2022). Net loss: ₦410.9m (down 176% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₦1.65, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 193% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₦3.63b (up 38% from 2Q 2022). Net income: ₦10.3b (up ₦10.0b from 2Q 2022). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦1.21, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 213% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₦1.01, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 4x in the Insurance industry in Nigeria. Total returns to shareholders of 166% over the past three years. Upcoming Dividend • May 30
Upcoming dividend of ₦0.06 per share at 7.5% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 7.5%. Lower than top quartile of Nigerian dividend payers (8.1%). Lower than average of industry peers (8.5%). Announcement • May 25
Cornerstone Insurance Plc, Annual General Meeting, Jun 21, 2023 Cornerstone Insurance Plc, Annual General Meeting, Jun 21, 2023, at 12:00 Coordinated Universal Time. Location: Agip Recital Hall, MUSON Centre, Onikan, Lagos Nigeria Agenda: To lay before the members the Audited Financial Statements for the year ended December 31, 2022, together with the Reports of the Directors, Auditor and Audit Committee thereon; to elect and re-elect Directors; to authorize the Directors to fix the remuneration of the Auditor; to disclose the remuneration of Managers; to elect Shareholders' representatives to the Audit Committee; and to consider other matters. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: ₦0.043 (vs ₦0.005 in 1Q 2022) First quarter 2023 results: EPS: ₦0.043 (up from ₦0.005 in 1Q 2022). Revenue: ₦4.38b (up 13% from 1Q 2022). Net income: ₦772.2m (up ₦686.5m from 1Q 2022). Profit margin: 18% (up from 2.2% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Board Change • Feb 06
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Ogechi Adeola was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 07
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₦2.85b (up 13% from 3Q 2021). Net income: ₦538.2m (down 27% from 3Q 2021). Profit margin: 19% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ₦0.018. Revenue: ₦2.66b (up 13% from 2Q 2021). Net income: ₦325.9m (up 141% from 2Q 2021). Profit margin: 12% (up from 5.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 06
Upcoming dividend of ₦0.05 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 26 July 2022. Trailing yield: 6.7%. Lower than top quartile of Nigerien dividend payers (8.2%). In line with average of industry peers (6.5%). Announcement • Jun 24
Cornerstone Insurance Plc, Annual General Meeting, Jul 26, 2022 Cornerstone Insurance Plc, Annual General Meeting, Jul 26, 2022, at 12:00 Coordinated Universal Time. Location: Agip Recital Hall, MUSON Centre, Onikan, Lagos Nigeria Agenda: To consider and to lay before Members the Audited Financial Statements for the year ended 31st December 2021, together with the Reports of the Directors, Auditor and Audit Committee thereon; To declare a Dividend; To re-elect Directors; To authorize the Directors to fix the remuneration of the Auditor; to disclose the remuneration of Managers; and To elect Shareholders’ representatives to the Audit Committee; and to discuss other matters. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₦3.89b (up 11% from 1Q 2021). Net income: ₦85.7m (down 87% from 1Q 2021). Profit margin: 2.2% (down from 19% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Board Change • Apr 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Ogechi Adeola was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jan 29
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₦11.8b (up 22% from FY 2020). Net income: ₦3.01b (up 38% from FY 2020). Profit margin: 26% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS ₦0.11 (vs ₦0.23 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₦11.1b (up 5.2% from FY 2019). Net income: ₦1.58b (down 61% from FY 2019). Profit margin: 14% (down from 38% in FY 2019). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 14
New 90-day high: ₦0.65 The company is up 3.0% from its price of ₦0.63 on 16 October 2020. The Nigerien market is up 36% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 50% over the same period. Is New 90 Day High Low • Nov 18
New 90-day low: ₦0.53 The company is down 9.0% from its price of ₦0.58 on 20 August 2020. The Nigerien market is up 38% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 15% over the same period. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of ₦2.18b, down 57% from the prior year. Total revenue was ₦8.60b over the last 12 months, down 18% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day high: ₦0.71 The company is up 59% from its price of ₦0.45 on 26 June 2020. The Nigerien market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 1.0% over the same period. 
