By Rosemary Onuoha
Lasaco Assurance Plc has resumed the underwriting of annuity business that would make beneficiaries earn salaries for life after leaving office.
This followed the transferring of all its pension assets to First Pension Custodian (FPC) having obtained the nod of the National Pension Commission, PenCom, and National Insurance Commission (NAICOM).
It would be recalled that PenCom earlier placed a short embargo on annuity business against insurance operators in the country, demanding them to transfer their annuity asset holdings to Pension Funds Custodians. The regulator lifted the restriction on some of the operators after they had met the conditions for doing so.
Managing Director of Lasaco, Mr. Segun Balogun, said his company achieved the feat through prudent management and strict adherence to professionalism and promised that the company would do more to meet the needs of the people through policies that would guarantee better deals for them.
General Manager, Life Operations of the company, Mr Dimeji Olona, explained that the company’s annuity product was 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.