The National Insurance Commission (NAICOM) has approved the transfer of Niger Insurance’s annuity portfolio to Cornerstone Insurance Plc, a move aimed at safeguarding retirees’ income streams and reinforcing confidence in the insurance sector.
Annuities remain a critical financial instrument for retirees, offering a guaranteed and predictable source of income in the face of rising living costs and persistent economic uncertainty. The portfolio transfer is intended to ensure continuity of payments and protect policyholders’ long-term financial security.
Speaking at an assurance forum organised for annuity retirees in Lagos, the Executive Director, Technical Operations at NAICOM, Mr. Peter Ekwueme, said the regulator’s intervention was designed to reassure Nigerians of the safety and reliability of insurance products.
“The regulator must give comfort to Nigerians and reaffirm that taking an insurance policy is safe,” Ekwueme said. “That is why the portfolio was transferred to an insurance company the regulator has confidence in. The regulator will always be there to support policyholders.”
He explained that Cornerstone Insurance’s proven expertise in underwriting life insurance and annuity business was a key factor in the approval, noting that the company has developed the systems, governance framework, and operational capacity required to manage annuity portfolios effectively.
Ekwueme also cited Cornerstone Insurance’s strong financial standing, solid corporate reputation, and customer-centric service delivery as additional assurances for retirees. According to him, the quality of the company’s board and management team was carefully assessed before regulatory consent was granted.
He added that Cornerstone Insurance has expressed readiness to assume responsibility for the annuity portfolio and remains open to acquiring additional insurance portfolios, including non-annuity businesses, as part of its long-term growth and expansion strategy.
By Kehinde Ibrahim, Lagos
