Cornerstone Insurance Plc has significantly bolstered its position in the life insurance market by completing the acquisition of the annuity portfolios of both Niger Insurance Plc and Lasaco Assurance Plc. The Group Managing Director and CEO, Stephen Alangbo, announced the strategic move during an Annuity Forum in Lagos on January 27, 2026.
While the takeover of the defunct Niger Insurance’s obligations was finalized in late 2025 following its liquidation, the Lasaco Assurance deal represents a fresh strategic partnership. Lasaco opted to offload its annuity business to Cornerstone to sharpen its operational focus and improve capital efficiency ahead of the NIIRA 2025 recapitalization deadline.
The acquisitions received full regulatory backing from the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom), citing Cornerstone’s superior financial resilience and technical capacity. Alangbo reassured the newly absorbed annuitants that their monthly payments would remain uninterrupted, backed by a company that recorded a historic ₦53 billion top-line revenue in 2025.
This dual acquisition is a calculated step toward market leadership, as Cornerstone aims to leverage its “A-” financial strength rating from Agusto & Co. to become the go-to provider for retirees seeking long-term security in a volatile economic climate.
Crucially, the CEO stated that Cornerstone is currently so well-capitalized that it does not need to raise additional funds to meet the new ₦25 billion minimum capital requirement for composite insurers under the Nigerian Insurance Industry Reform Act (NIIRA 2025).
Instead, the firm is positioning itself as a “consolidator,” ready to acquire more portfolios or even entire companies that struggle to meet the July 30, 2026, compliance deadline. By taking over high-value annuity assets from exiting or defunct players, Cornerstone is effectively building a “fortress balance sheet” that secures the welfare of thousands of Nigerian retirees while setting a new benchmark for industry consolidation.
