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LASACO resumes sale of annuities business


Customers of LASACO Assurance Plc no longer have to worry much about old age and life after retirement, as the firm has resumed the underwriting of Annuity policies that would make beneficiaries earn salaries for a certain period after leaving office.

The insurance firm re-commenced the Annuity businesses in collaboration with its appointed experts, First Pension Custodian (FPC), having obtained the nod of the National Insurance Commission (NAICOM), to again take on the underwriting of the product across the country.

With this, the public can now invest a lump sum with the company with which a monthly stream of income can be generated and paid to them for a fixed period.


National Pension Commission (PENCOM), which earlier placed a short embargo on the business against insurance operators in Nigeria, demanding they transferred their Annuity asset holdings to Pension Funds Custodian, lifted the restriction on some of the operators (including LASACO) after they met the conditions for doing so.

LASACO Managing Director, Segun Balogun, who spoke on the development, said his company achieved the feat through prudent management, and strict adherence to professionalism, and promised to do more to meet the needs of the people through policies that would guarantee better deals for them.

Contributing, General Manager, Life Operations, LASACO, Dimeji Olona, explained that the Annuity product is designed to provide security and peace of mind for the holders, as it is meant to ensure regular payments in retirement for the duration of the owner’s life.

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