Agusto & Co. Assigns Cornerstone Insurance Plc an ‘A-’ Rating with Stable Outlook, Citing Strong Capitalization and Prudent Management

Cornerstone Insurance Plc, a leading non-life and life underwriter listed on the Nigerian Exchange Limited (NGX), has been assigned a national scale financial strength rating of “A-” (A minus) with a Stable Outlook by Agusto & Co. Limited, Nigeria’s premier credit rating agency. The rating affirmation was announced today, Friday, November 14, 2025, following the release of the agency’s 2025 Rating Report.

The “A-” rating, which signifies a strong capacity to meet obligations to policyholders, reflects the insurance company’s consistent financial discipline and strategic positioning in the market.

Agusto & Co. affirmed the rating based on several key financial and operational pillars. The agency highlighted Cornerstone’s strong capitalization, noting that the company’s capital base remains well above regulatory minimums, providing a crucial buffer against both underwriting and investment risks. Furthermore, the rating recognized the underwriter’s adequate liquidity, good asset quality, and the guidance of an experienced management team.

Management Praises “Vote of Confidence”

The report also pointed out Cornerstone’s stable earnings and continuously improving underwriting performance, which is supported by robust reinsurance arrangements. The company’s consistent investment in digital capabilities and process automation was also cited as a factor enhancing operational efficiency and customer engagement.

Speaking on the development, the Group Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo, expressed the management’s satisfaction with the affirmation.

“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,” Mr. Alangbo stated.

The Chief Financial Officer, Mr. Jubril Ajose, added that the rating reaffirms their commitment to maintaining a strong balance sheet and prudent risk management practices, ensuring long-term value creation for all stakeholders amidst the current challenging economic environment. The rating reinforces Cornerstone’s reputation as one of Nigeria’s most dependable insurers.