Cornerstone Insurance assumes annuity payments of former Lasaco Assurance annuitants
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Chuks Udo Okonta
Cornerstone Insurance Plc, one of Nigeria’s most trusted insurance providers, has reaffirmed its strong commitment to trust, accountability, and superior service delivery to retirees across the country, even as it assumed annuity payment of former Lasaco Assurance annuitants.
A statement by Team Lead, Marketing and Corporate Communications Cornerstone Insurance Plc Ajibola Liyide, said the reassurance was delivered during the recently held Annuity Forum in Lagos, where the company’s Chief Executive Officer and Group Managing Director, Stephen Alangbo, engaged annuitants, regulators, industry stakeholders and the media in an interactive and welcoming setting.
The forum, designed to strengthen relationships and encourage open dialogue, featured health screenings, entertainment, games, dance sessions, gift presentations and light refreshments.
Beyond the festivities, the gathering created an opportunity for meaningful conversations around service improvement, customer satisfaction and Cornerstone’s continued leadership within Nigeria’s annuity market.
Addressing participants, Alangbo highlighted the company’s financial resilience and long-term preparedness to meet its obligations to policyholders.
He stated:“Our annuitants represent the trust our customers continue to place in us, the commitment of our people, and the strength of our vision. We are building a future-ready business, one that remains relevant to individuals, families, and businesses across Nigeria.”
He further announced that Cornerstone Insurance Plc has officially assumed responsibility for the annuity payments of former Lasaco Assurance Plc customers, following regulatory approval. This development follows the successful takeover of annuity obligations from Niger Insurance Plc in the previous year, reinforcing Cornerstone’s growing footprint in the annuity segment.
Lasaco Assurance Plc had earlier disclosed, in September 2025, its intention to transfer its annuity portfolio to Cornerstone Insurance Plc.
The move formed part of a strategic restructuring initiative aimed at improving operational focus and overall efficiency.Expressing confidence in the transition,
Alangbo welcomed the new annuitants and reiterated the company’s readiness to expand its portfolio further where opportunities align with its growth objectives.
“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 him, the acquisition strengthens public confidence in the insurance sector while reinforcing Cornerstone’s dedication to safeguarding the welfare of retirees and long-term policyholders.
The CEO also addressed concerns surrounding the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which mandates recapitalization across the sector.
He assured annuitants of the company’s stability and preparedness:“Subject to confirmation from NAICOM, Cornerstone Insurance Plc does not need to raise additional capital under NIIRA 2025. We are solid, we are transparent, and we are fully able to continue paying your claims without interruption.”
While appreciating retirees, guests, and members of the press for their continued trust, Alangbo reaffirmed the organisation’s customer-first philosophy:
“At Cornerstone Insurance Plc, we are not like any other insurance company. We are unique. We are transparent. We keep our promises, and your trust is the foundation of everything we do.”
With more than 30 years of industry experience, strong subsidiaries including FIN Insurance and Hilal Takaful, and a culture built on integrity, innovation, empathy, teamwork, and professionalism, Cornerstone Insurance Plc continues to demonstrate leadership and reliability, assuring Nigerian retirees that their future remains secure.
About Cornerstone InsuranceCornerstone Insurance is licensed and re-certified by the National Insurance Commission (NAICOM) to provide both general and life insurance services.
As the first insurance company in Nigeria to offer customers an online platform for insurance transactions, its services are driven by cutting-edge technology, making them easily accessible via the internet and mobile platforms.
At Cornerstone, we are committed to our core values of integrity, empathy, professionalism, innovation, and team spirit. Our mission remains delivering value beyond expectations through need-based products and quality service.
