BY NKECHI NAECHE-ESEZOBOR—Cornerstone Insurance Plc has officially taken over Lasaco Assurance Plc’s annuity business and assured customers of timely annuity payments.
Group Managing Director and Chief Executive Officer of Cornerstone Insurance Plc, Stephen Alangbo, disclosed this while addressing annuitants at the company’s Annuity Forum held on Monday in Lagos.
Lasaco Assurance Plc had, in September 2025, announced plans to transfer its annuity portfolio to Cornerstone Insurance Plc as part of a broader strategic realignment aimed at streamlining operations and improving efficiency.
Alangbo said the takeover followed regulatory approval and assured annuitants that payments had continued seamlessly under Cornerstone’s management.
On transfer of Niger insurance annuity portfolio to Cornerstone he said “following the liquidation at Niger insurance Plc, the regulator, in its wisdom, must always give Nigerians confidence that when they take an insurance policy, they are protected,” he said.
“This transfer was carried out following a regulatory process, and Cornerstone Insurance Plc was selected because of the confidence the regulator has in our capacity, competence, and financial strength.”
He explained that the successful transfer was based on Cornerstone’s proven track record in underwriting life insurance and annuity businesses, as well as the company’s strong governance structure.
“The regulator assessed the market and identified Cornerstone as a reliable insurance company with the competence to manage annuity obligations. Our reputation, financial strength, management, and board were critical factors considered before the portfolio was transferred,” Alangbo said.
On the transfer of Lasaco Assurance’s annuity portfolio, he expressed his pleasure in taking it over and said Cornerstone Insurance remains open to acquiring additional annuity and insurance portfolios as opportunities arise.
“Cornerstone is well positioned and financially strong. We are ready to take on more annuity portfolios, and where necessary, we will communicate further developments to annuitants and the public,” he said.
According to Alangbo, the acquisition further strengthens confidence in the insurance industry and underscores Cornerstone’s commitment to protecting retirees and policyholders.
The event also provided annuitants with the opportunity to ask questions about the transformation and other matters of interest. It featured a dance competition, and various activities offering participants the chance to win recharge cards, among other attractions.
