Cornerstone Insurance acquires Niger, Lasaco annuity portfolios in push for market leadership

Underwriting group Cornerstone Insurance Plc has strengthened its market leadership with the takeover of the annuity businesses of Niger Insurance, currently under liquidation, and Lasaco Assurance Plc.

Cornerstone took over the annuity portfolios to protect policyholders and support market stability, Stephen Alangbo, group-managing director/CEO Cornerstone Insurance Plc said during the Company’s Annuity Forum held in Lagos.

He said, the National Insurance Commission and the National Pension Commission, both regulators, gave their approval to these transfers because of the Company’s proven capacity, strong governance, and deep experience in life and annuity insurance.

Alangbo stated that Lasaco identified Cornerstone as a reliable partner following a careful market assessment, in a strategic business plan to offload her annuity portfolio.

“Our reputation, financial strength, and customer service give retiree’s confidence that Cornerstone will always be there,” he added.

The acquisitions are part of Cornerstone’s broader strategy to expand its footprint in both life insurance and annuity business, while ensuring continuity for policyholders.

The company also signalled readiness to acquire additional portfolios if the opportunity call, demonstrating confidence in its financial position and operational capabilities.

Speaking on the Company’s preparedness for ongoing recapitalisation in the industry, Alangbo said, Cornerstone is fully aligned with NAICOM’s recapitalisation requirements.

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Both Fin Insurance and Halal Takaful, key subsidiaries of the group have met or exceeded regulatory capital thresholds, enabling Cornerstone to pursue further strategic growth.

According to him, this is a positive development for the insurance market and reinforces public trust in the system,” the GMD noted.

“Rather than struggle to recapitalise, Cornerstone is positioned to acquire other insurance companies that are unable to meet capital requirements”, he noted.

With these strategic moves, Cornerstone Insurance is not only safeguarding the interests of retirees, but also cementing its position as a leading, financially resilient, and trusted player in Nigeria’s insurance industry, Alangbo assured.

Cornerstone Insurance Plc was late lasy year assigned a national scale financial strength rating of “A-” (A minus) with a Stable Outlook by Agusto & Co. Limited, Nigeria’s foremost credit rating agency.

In its 2025 Rating Report, Agusto & Co. affirmed the rating based on Cornerstone’s strong capitalisation, adequate liquidity, good asset quality, and an experienced management team. The agency also noted the company’s stable earnings, robust reinsurance arrangements, and improving underwriting performance, which continue to support its financial resilience and market position in Nigeria’s insurance industry.

According to Agusto & Co., “the company’s capital base remains well above regulatory minimums, providing adequate buffer against underwriting and investment risks.” The report further highlighted Cornerstone’s “consistent investment in digital capabilities and process automation” as factors that have enhanced operational efficiency and customer engagement.