Lasaco Assurance Plc has announced plans to transfer its annuity business portfolio to Cornerstone Insurance Plc as part of a broader strategic realignment within the company.
The announcement was contained in a notice of intention published on Monday, in which the firm assured existing policyholders that all their terms and conditions would remain unchanged under the new arrangement.
According to Lasaco Assurance, the transfer is aimed at streamlining its business operations and improving efficiency, while ensuring that annuitants continue to enjoy uninterrupted service. The company emphasized that Cornerstone Insurance will take over full responsibility for administering the annuity contracts.
“This is to inform the general public that Lasaco Assurance Plc intends to transfer its existing annuity business portfolio to Cornerstone Insurance Plc. The transfer is necessitated by an ongoing strategic realignment within the company. All terms and conditions will remain the same for all current annuity policyholders of the company and will be applied by Cornerstone Insurance Plc,” the statement read.
The notice also confirmed that the process is being carried out in accordance with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, and has been duly communicated to regulators and stakeholders. Final approval, however, is still subject to confirmation by the appropriate authorities.
Lasaco Assurance explained that stakeholders, including annuitants, will be able to inspect the agreement under which the transfer is being executed. Access will be free of charge at both the principal and branch offices of Lasaco Assurance and Cornerstone Insurance between September 1 and September 21, 2025, during office hours.
In addition, the firm disclosed that any annuitant wishing to object to the transfer may do so by submitting a written notice to the company’s registered office within 21 days of the publication of the notice.
This transfer comes at a time Lasaco Assurance is implementing broader structural changes within its group. Recently, the company rebranded its subsidiaries and announced the appointment of Mr. Akinwale Sofile as the new Managing Director of Lasaco Trading and Investment Limited, one of its non-insurance subsidiaries.
In its 2024 financial statements, Lasaco explained the structure of its annuity products, which consist of two major categories. The first are fixed annuity contracts that provide the annuitant with a guaranteed income payout for a limited period. The second are deferred annuity contracts, which guarantee lifetime payouts with the first payment due at the end of the deferment period, provided all contractual premiums have been paid.
The report also noted that annuitants are entitled to a surrender benefit, which allows them to access a portion of their accumulation balance at a guaranteed interest rate if premiums are not fully paid. These features are expected to remain unchanged after the transfer to Cornerstone Insurance.
Industry analysts say the transfer reflects an emerging trend of consolidation and realignment in Nigeria’s insurance sector, as companies reposition to strengthen their capital base, improve risk management, and meet new regulatory requirements.
For policyholders, the most important assurance from Lasaco is that their rights and benefits will not be affected. By law, Cornerstone Insurance will be bound by all the obligations of the transferred annuity portfolio, ensuring continuity of contracts.
The announcement also comes against the backdrop of recent regulatory actions in the sector. Last month, the Nigerian Exchange (NGX) suspended three insurance firms for failure to submit their audited accounts within the stipulated deadline. At the same time, the Corporate Affairs Commission pledged to work closely with the National Insurance Commission (NAICOM) to improve compliance under the NIIRA 2025 framework.
With the annuity transfer, Lasaco joins other insurers that are streamlining their operations to focus on core areas of growth, while leaving specialised lines such as annuity management to firms with greater capacity and expertise. Cornerstone Insurance, which has been building its presence in the annuity and pensions segment, is seen as a strong player to take over the portfolio.
The final approval of the transfer is expected in the coming weeks, after which individual annuitants will receive direct communication detailing the handover process and how their contracts will continue under Cornerstone Insurance.
