Cornerstone Insurance PLC eyes new annauity portfolios

Cornerstone Insurance Plc has expressed readiness to expand its portfolio, saying it is targeting opportunities aligned with its growth objectives. The company’s Chief Executive Officer and Group Managing Director, Stephen Alangbo, stated this during an annuity forum designed to strengthen relationships and encourage open dialogue, reaffirming the commitment to trust, accountability, and superior service delivery […]

Cornerstone Insurance Plc has expressed readiness to expand its portfolio, saying it is targeting opportunities aligned with its growth objectives.

The company’s Chief Executive Officer and Group Managing Director, Stephen Alangbo, stated this during an annuity forum designed to strengthen relationships and encourage open dialogue, reaffirming the commitment to trust, accountability, and superior service delivery to retirees across the country.

“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 said.

He said the firm has 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 that “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,” he said.