Lasaco Hands Over Annuity Business to Cornerstone Insurance in Strategic Shake-Up
Lasaco Assurance Plc has officially announced plans to transfer its annuity business portfolio to Cornerstone Insurance Plc, as part of a broader strategic realignment within the company.
In a notice published on Monday, Lasaco explained that the move would not affect existing annuity policyholders, as all terms and conditions remain unchanged. These will now be administered by Cornerstone Insurance.
Why the Transfer?
The decision comes at a time when Lasaco is repositioning its subsidiaries. Recently, the firm rebranded its investment arm and appointed Mr. Akinwale Sofile as the new Managing Director of Lasaco Trading and Investment Limited. The annuity transfer signals a sharper focus on streamlining operations while ensuring customers’ interests remain protected.
What it Means for Policyholders
• Existing annuitants (policyholders) will continue to enjoy the same benefits, payout structures, and conditions.
• Both fixed annuities (guaranteed income for a limited period) and deferred annuities (lifetime payouts after a deferment period, provided premiums are paid) remain intact.
• Policyholders still retain rights to a surrender benefit if premiums are not fully paid.
Regulatory Oversight
The notice was issued in compliance with the NIIRA Act 2025. Regulatory approval is still required before finalization.
To ensure transparency:
• Stakeholders can inspect the transfer agreement free of charge at Lasaco and Cornerstone offices from September 1 to September 21, 2025.
• Any annuitant wishing to object to the transfer may do so in writing within the 21-day period.
Bigger Picture
Lasaco’s move aligns with a trend in Nigeria’s insurance industry, where firms are restructuring portfolios to sharpen focus, boost efficiency, and improve shareholder value. For Cornerstone Insurance, this acquisition could strengthen its position in the retirement and annuity market, expanding its client base and long-term income stream.
✅ Captivating angle for investors:
This isn’t just a routine transfer—it’s a signal of how Nigerian insurers are consolidating strengths and expanding niches. For investors, it shows that annuity products remain a profitable long-term market, attracting big players like Cornerstone who are betting on the country’s growing retirement and pension space.
Lasaco Assurance Plc has officially announced plans to transfer its annuity business portfolio to Cornerstone Insurance Plc, as part of a broader strategic realignment within the company.
In a notice published on Monday, Lasaco explained that the move would not affect existing annuity policyholders, as all terms and conditions remain unchanged. These will now be administered by Cornerstone Insurance.
Why the Transfer?
The decision comes at a time when Lasaco is repositioning its subsidiaries. Recently, the firm rebranded its investment arm and appointed Mr. Akinwale Sofile as the new Managing Director of Lasaco Trading and Investment Limited. The annuity transfer signals a sharper focus on streamlining operations while ensuring customers’ interests remain protected.
What it Means for Policyholders
• Existing annuitants (policyholders) will continue to enjoy the same benefits, payout structures, and conditions.
• Both fixed annuities (guaranteed income for a limited period) and deferred annuities (lifetime payouts after a deferment period, provided premiums are paid) remain intact.
• Policyholders still retain rights to a surrender benefit if premiums are not fully paid.
Regulatory Oversight
The notice was issued in compliance with the NIIRA Act 2025. Regulatory approval is still required before finalization.
To ensure transparency:
• Stakeholders can inspect the transfer agreement free of charge at Lasaco and Cornerstone offices from September 1 to September 21, 2025.
• Any annuitant wishing to object to the transfer may do so in writing within the 21-day period.
Bigger Picture
Lasaco’s move aligns with a trend in Nigeria’s insurance industry, where firms are restructuring portfolios to sharpen focus, boost efficiency, and improve shareholder value. For Cornerstone Insurance, this acquisition could strengthen its position in the retirement and annuity market, expanding its client base and long-term income stream.
✅ Captivating angle for investors:
This isn’t just a routine transfer—it’s a signal of how Nigerian insurers are consolidating strengths and expanding niches. For investors, it shows that annuity products remain a profitable long-term market, attracting big players like Cornerstone who are betting on the country’s growing retirement and pension space.