Lasaco Assurance has announced plans to transfer its annuity business to Cornerstone Insurance in a move that it said was necessitated by ongoing strategic realignment within the firm.
In a notice of intention published on Monday, the firm said all terms and conditions will remain the same for all current annuity policyholders of the company and will be applied by Cornerstone Insurance Plc.
This development comes as Lasaco Assurance rebranded its subsidiaries and appointed Mr Akinwale Sofile as the new Managing Director for Lasaco Trading and Investment Limited.
Announcing the transfer of annuity business, the firm stated, “This is to inform the general public that Lasaco Assurance Plc (the ‘Company’) intends to transfer its existing annuity business portfolio to Cornerstone Insurance Plc. The transfer is necessitated by an ongoing strategic realignment within the Lasaco Assurance Plc. All terms and conditions will remain the same for all current annuity policyholders of the Company (the “Annuitants”) and will be applied by Cornerstone Insurance Plc.
“This notice is published in accordance with the provisions of the NIIRA Act 2025 and is made to the public, annuitants and the applicable regulatory authorities. Further details of the transfer will be communicated to individual annuitants upon final approval from the regulatory authorities.”
Lasaco added that stakeholders will have access to inspect the agreement under which the transfer is proposed to be effected without payment of any fees by annuitants from Monday, September 1, 2025, to September 21, 2025, at the principal and branch offices of Lasaco Assurance Plc and Cornerstone Insurance Plc, between the hours of 9.00 am and 5.00 pm.
Also, “Any annuitant wishing to raise an objection to the proposed transfer can do so by giving notice in writing of such objection to the registered office of the Company between the hours of 9.00 am and 5.00 pm daily before the expiration of 21 days from the date of this notice.”
Lasaco Assurance in its 2024 financial statements revealed there are fixed annuity contracts that provide the annuitant with a guaranteed income payout for a limited period and deferred annuity contracts that provide the annuitant with a guaranteed income payout for life, with the first payment due at the end of the deferment period, provided all contractual premiums were paid. The policyholder is entitled to a surrender benefit (a portion of the accumulation balance at a guaranteed interest rate) if premiums are not fully paid.
