By Rosemary Iwunze

Cornerstone Insurance Plc has grown its insurance revenue by 34 per cent for the year ended 31 December 2025, to N51.66 billion from N38.67 billion.

Acting Chairman of the company, Mr. Afolabi Balogun, disclosed this at the company’s 34th Annual General Meeting in Lagos yesterday.

Afolabi also disclosed that total assets of the company increased by 16 per cent to N141 billion from N121 billion recorded in 2025.

Addressing shareholders, Balogun said: “The year 2025 was one of significant transformation for Cornerstone Insurance Plc. Against a backdrop of economic resilience, evolving regulation, and changing market dynamics, we strengthened our business, refreshed our strategic direction, and positioned the Company for its next phase of growth.

“At Cornerstone Insurance, we continue to earn the trust of our customers by consistently honouring our commitments when they matter most. During the year, Cornerstone paid N423.59 billion in claims across our Life, Non-Life, and Takaful businesses, fulfilling our promise to customers promptly. As we continue to grow, we remain focused on strengthening customer confidence through service excellence, improved claims turnaround times, and continued investment in the people, processes, and technology that underpin our business, recognising that trust remains our most valuable asset.

“Today, the Company stands on a stronger foundation than ever before. As we look to the future, the opportunities before us are significant. I am confident that as we pursue Ambition 2030 with diligence, Cornerstone will create enduring value for shareholders, customers, employees, and all stakeholders in the years ahead. We remain committed to justifying that trust as we continue building a stronger, more resilient, and more valuable institution for the future.

“We have a clear strategy, a strengthened capital base, an experienced leadership team, and the support of a committed majority shareholder. Most importantly, we have a trusted brand and a growing customer franchise that provides a strong platform for sustainable growth. Cornerstone Insurance has undergone significant transformation over the years, strengthening its financial position, enhancing its governance framework, and delivered another year of strong performance.”

Also speaking, Managing Director of the Company, Mr. Stephen Alangbo said: “Our balance sheet remained strong, with total assets increasing by 16 per cent to N141.03 billion, while shareholders’ equity grew to N72.86 billion from N60.50 billion. This reinforces our readiness for the evolving regulatory environment.”

AXA Mansard Health has been named Health Maintenance Organisation (HMO) of the Year by Afriglobal Medicare, a recognition that underscores the growing role of private health insurers in expanding access to quality healthcare as Nigeria records increased health insurance coverage under ongoing sector reforms.

The award comes amid renewed efforts by the Federal Government and the National Health Insurance Authority (NHIA) to deepen health insurance penetration, strengthen primary healthcare delivery and accelerate progress toward universal health coverage through greater public-private sector collaboration.
Presented by Afriglobal Medicare, an ISO-certified diagnostic and healthcare provider, the award recognises AXA Mansard Health’s contributions to healthcare innovation, customer service and the delivery of quality health insurance solutions.

Speaking on the recognition, the Chief Executive Officer of AXA Mansard Health, Tope Adeniyi, described the award as a testament to the commitment of the company’s employees and the confidence reposed in it by customers and healthcare partners.

According to him, the recognition reflects the organisation’s continued focus on delivering accessible, innovative and customer-centric healthcare services.

“This significant recognition is important to AXA Mansard’s employees around the country who pride themselves in serving with utmost attention and care, our customers who put their trust in us every day to deliver on our promise when it matters most, and the communities that rely on us for continuous support,” he said.

Adeniyi noted that the recognition reinforces the importance of sustained investment in preventive healthcare, effective health financing and strategic partnerships to improve health outcomes across the country.
Also commenting, the Chief Marketing Officer of AXA Mansard Insurance Plc, Adebola Surakat, said the award challenges the organisation to continue raising standards in healthcare delivery and developing innovative solutions that improve access to quality medical care.

“This award is a reminder that the standard remains excellence on all fronts. It is a charge to keep improving the quality of care delivered to our customers and continue to provide cutting-edge healthcare solutions that impact the lives of those who need them most,” she said.

According to recent data from the National Health Insurance Authority (NHIA), about 22 million Nigerians are now covered by health insurance, representing an increase of approximately six million from 2023. In addition, more than ₦70 billion has been deployed through the Basic Health Care Provision Fund to strengthen primary healthcare services and expand access to care for vulnerable populations.

Healthcare and insurance stakeholders said the recognition reflects the increasingly important role of Health Maintenance Organisations in supporting Nigeria’s healthcare financing system, particularly as demand for affordable and quality healthcare services continues to rise.

They noted that while health insurance coverage has improved in recent years, millions of Nigerians remain outside the formal health insurance system, underscoring the need for greater awareness, digital innovation and stronger collaboration between HMOs, healthcare providers and government agencies.

The stakeholders added that sustained investment in preventive healthcare, technology-driven service delivery and customer-focused health insurance products would be critical to achieving universal health coverage and reducing out-of-pocket healthcare spending, which remains one of the highest in Sub-Saharan Africa.

They stressed that as Nigeria’s health insurance market continues to evolve, operators that prioritise quality service, innovation and customer experience would be better positioned to drive industry growth while supporting the country’s broader healthcare reform agenda.

First City Monument Bank (FCMB) and 247 Travels have launched ‘Book Now, Fly Later’, a financing programme that allows eligible customers to borrow up to ¦ 10 million for international flight tickets and repay over three to nine months.

The programme is designed to help Nigerians spread travel costs for business, education, healthcare, tourism, and family commitments.

The facility, powered by FCMB Premium Banking, is available exclusively for airline tickets purchased through 247 Travels.

Salaried and self-employed FCMB customers who meet the bank’s requirements can apply, with successful applicants expected to receive approval and disbursement within 24 working hours.

The partnership combines FCMB’s lending capabilities with 247 Travels’ booking services to offer customers a flexible payment option as demand for instalment-based financing grows globally.

“At FCMB, we believe banking should empower people to pursue their goals without unnecessary financial strain,” FCMB Managing Director YemisiEdun said.

“Our Book Now, Fly Later solution makes travel more accessible and affordable while giving customers flexibility to manage their finances responsibly,” Edun stated.

She said the initiative aligns with the bank’s broader strategy of promoting inclusive growth through innovation and partnerships.

“We will continue to develop products and partnerships that simplify financial decisions and create value for our customers,” Edun added.

TunjiAdeyemi, Managing Director of 247 Travels, said the programme addresses a key challenge for travellers by reducing the burden of paying the full cost of tickets upfront.

“Travellers increasingly want flexibility and convenience,” Adeyemi said. “Our partnership with FCMB enables customers to secure flights and spread payments over time.”

OpeyemiMakinwa, FCMB’s Group Head of Premium Banking, said the product reflects the bank’s focus on lifestyle offerings through strategic partnerships.

“Customers expect financial services that fit naturally into their lives,” Makinwa said. “Book Now, Fly Later provides greater flexibility and financial control.”

Customers can apply through FCMB’s Book Now, Fly Later platform or the 247 Travels website by selecting a preferred flight and completing a financing request. Once approved, the loan is disbursed, and the ticket is issued through 247 Travels.