The Nation Newspaper

Category: Pension

  • Cornerstone profit surge by 253% in Q2

    Cornerstone profit surge by 253% in Q2

    Cornerstone Insurance Plc has announced its unaudited financial results for the first and second quarters of 2025, showing a significant leap in revenue and profitability.

    According to the results published earlier this week, the company recorded Insurance Revenue of N19.3 billion in Q2 2025; a 127per cent increase when compared to N8.5 billion in Q1 2025. This impressive growth reflects Cornerstone’s solid underwriting strategy, disciplined risk selection, customer-centric innovation, and relentless drive to deliver real value to policyholders.

    Profit Before Tax (PBT) rose by 253 per cent to N5.3 billion from N1.5 billion in Q1, underscoring the effectiveness of the company’s operating model and its strategic focus on technology-driven distribution, customer satisfaction, and efficient capital deployment.

    Read Also: Nigeria’s non-oil exports hit $3.23bn in six months as NPA pledges sustained port efficiency

    Managing Director/Chief Executive Officer, Cornerstone Insurance Plc, Mr. Stephen Alangbo,said: “At Cornerstone, we are building a future-ready business—one that stays relevant to the evolving needs of individuals, families, and businesses across Nigeria. As we double down on digital innovation, claims efficiency, and customer experience, this performance energises us to keep raising the bar.

    “As a composite insurance provider licensed and re-certified by NAICOM to offer general and life insurance products and services, Cornerstone has been a pioneer in deploying digital tools to simplify insurance access and speed up claims processing. The company continues to stand out in sectors such as Motor, Life, Travel, Marine, Engineering, Oil & Gas, Group Life, and Takaful Insurance.

    “Throughout the first half of 2025, the company’s investment in people, processes, and platforms paid off; showcasing a forward-thinking approach to risk management and financial stewardship, even in a dynamic operating environment.’’

     Group Head, Marketing & Corporate Communications, Cordelia Ekeocha noted: “This performance is proof that we’re not just selling policies—we’re delivering peace of mind, every day. Our customers are at the heart of everything we do, and it’s their continued confidence that drives our creativity and passion. As we grow, we remain committed to simplifying insurance and making it accessible, relevant, and reliable for every Nigerian.

    “We remain committed to best practices in governance and financial reporting. With its Q2 results, the firm not only demonstrates resilience but also reinforces its leadership position in the Nigerian insurance industry. With momentum building from a strong first half, we are poised for sustained growth in the remainder of the year. The company is focused on delivering new retail solutions, expanding reach across underserved markets, and deepening its social impact through inclusive insurance offerings and corporate social responsibility.’’

  • Mutual Benefits records N11.31b profit

    Mutual Benefits records N11.31b profit

    Mutual Benefits Assurance Plc has recorded N11.31 billion profit in its 2024 financial year end, representing a 92 per cent increase from N5.88 billion recorded in 2023.

    The Chairman Dr. Akin Ogunbiyi made this known at the company’s 28th and 29th Annual General Meeting (AGM) in Lagos.

    Dr Ogunbiyi stated that the firm’s  insurance revenue rose to N66.92 billion, a 68 per cent from N39.92 billion in 2023.

    He said that the growth reflected the firm’s expanding market share and effective client’s retention strategies.

    Read Also: Firms partner on AI for development in Nigeria

    He said: “The company also demonstrated its commitment to fulfilling its obligations to policyholders by settling claims amounting to N29.08 billion, a 52 per cent increase on the N18.99 billion settled in 2023.

    “The Profit Before Tax (PBT) surged to N12.04 billion, an impressive 92 per cent increase from N6.28 in 2023, stressing that the growth was driven by prudent expense management, effective underwriting and strategic investment that yielded favourable returns in a volatile environment”.

    He disclosed that a dividend of 2 kobo per share will be paid to shareholders, stating that the payment reflected that company’s continued commitment to rewarding shareholders’ confidence and participation, while also ensuring a prudent balance between current returns and future growth.

    He expressed optimism that with strengthened capital and strategic execution, dividend payouts will grow in the years ahead, further enhancing shareholders value and helping sustain the firm’s market capitalisation.

    The Managing Director/Chief Executive Officer Mutual Benefits Assurance Olufemi Asenuga, said the company’s priorities are clear, as it aimed to deepen its market presence, accelerate digital transformation and continue delivering customer-centric insurance services.

    Mutual Benefits Assurance Plc is being positioned for sustainable profitability and long-term shareholders return, he stressed.

  • PenCom moves to prosecute 12 recalcitrant employers

    PenCom moves to prosecute 12 recalcitrant employers

    •Recovers N1.35 billion employee contributions

    Twelve recalcitrant employers may soon be prosecuted by the National Pension Commission (PenCom) over non remittance of pension contributions as at Second Quarter, 2025, The Nation has learnt.

    This is just as the commission recovered a total of N1.35 billion from 19 defaulting employers, comprising N972.12 million in outstanding pension contributions and N381.88 million in associated penalties.

    This as contained in PenCom’s newly released Second Quarter, 2025 report

    The Commission stated that the 12 persistently non-compliant employers were referred to the Commission’s Legal Department for prosecution.

    Read Also: Nigeria’s non-oil exports hit $3.23bn in six months as NPA pledges sustained port efficiency

    These actions reflect the Commission’s firm commitment to protecting pension assets and upholding the provisions of the Pension Reform Act 2014, the report stated.

    On its Public Strategic Priorities for Q2 2025, PenCom said under its enforcement and recovery plans, it intensified recovery of unremitted contributions through legal actions and expansion of recovery agent efforts. On diversification of investment portfolios, the report read that the commission encouraged PFAs to explore additional investment-grade instruments to reduce over-reliance on FGN securities. Micro Pension expansion was scaled up through sensitisation campaigns and offer of regulatory incentives to drive broader participation in the Micro Pension Plan.

  • Defined Benefit Scheme pensioners get reforms, others

    Defined Benefit Scheme pensioners get reforms, others

    President Bola Ahmed Tinubu has approved a series of far-reaching measures aimed at enhancing the welfare of Defined Benefit Scheme (DBS) pensioners, in line with the Renewed Hope Agenda, the Executive Secretary of PTAD, Tolulope Odunaiya, Pension Transitional Arrangement Directorate (PTAD) has said.

    Odunaiya made this known in a statement made available to journalist.

    She said the Directorate had earlier made a formal submission to the Presidency, requesting the President’s consideration for an emergency budgetary allocation to implement key pension reforms and welfare benefits, including Implementation of New Pension Rates that comprises of N32,000 pension increment; 10.66per cent and 12.95 per cent pension increment for pensioners of Defunct and Privatized Agencies.

    She also requested for pension harmonization for all DBS pensioners; Enrolment of DBS pensioners into the National Health Insurance Scheme (NHIS); and Settlement of accrued unfunded pension liabilities owed to pensioners of the defunct Agencies and Treasury-Funded Parastatals.

    Read Also: Nigeria’s non-oil exports hit $3.23bn in six months as NPA pledges sustained port efficiency

    The PTAD ES stated that following this request, President Tinubu magnanimously approvedfor immediate implementation: Additional budgetary allocation for the full implementation of the new pension rates; and Adoption of the proposed Pension Harmonization policy for DBS Pensioners in the 2026 Pension Budget.

    Others are provision of health insurance coverage for all DBS pensioners under the 2026 pension budget; and Inclusion of the balance of inherited unfunded pension liabilities owed to pensioners of NITEL/MTEL and accrued pension arrears of other parastatal pensioners in the 2026 Budget Proposal.

    She expressed profound appreciation to the President for the historic approvals, noting that it reflects his steadfast commitment to the welfare of Nigeria’s Senior citizens, also citing it as a turning point in DBS Pension Administration.

    “These approvals are a testament to the Renewed Hope Agenda’s focus on equity, social justice, and the dignity of our pensioners. Additionally, it cements the position of Mr. President, as the leader who ushered a new era of far-reaching and impactful welfare benefits for pensioners under the DBS”, she stated.

    Odunaiya noted that the reforms will be implemented in phases in collaboration with relevant government agencies.

    She assured that PTAD reassures all DBS pensioners of its continued dedication and unwavering commitment to their welfare.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    Annonmous: Good day, I write on behalf of Nathaniel, a pensioner.  PTAD has not paid me the correct amount to my grade level 08/15 since I started receiving pension. I am appealing to PTAD to pay all allowances to my grade level from June 2010 till date. I am an old man now so it is not easy for me to travel from Kogi to Abuja. Please, have pity on me to pay all my allowances including my gratuity which is short paid at the moment.

    PTAD: Dear Mr. Abubakar Nathaniel, please send your verification slip to our email complaints@ptad.gov.ng to enable us to deal. Thank you.

    IRIOGBE: Dear Omobola, It is alleged that 30per cent of pensioners under PTAD (DBS) have been paid the N32,000 each which the government approved as minimum wage effective July 29, 2024. If this is true, I would like to know the yardsticks used in paying them while others are left out? Does it mean others yet to be paid are now regarded as second class citizens? The arrears as at today, has gone to nine months. I have no doubt that the 2025 budget signed into law by the president will cover the payments of the new minimum wage or the arrears. The government should therefore, release enough funds to PTAD to pay us early.

    PTAD: Dear Mr. IRIOGBE, kindly note that all pensioners are the same as far as PTAD is concerned. We apologize for any inconvenience this may have caused you.  However, the increment of arrears will be paid as soon as funds for that purpose are made available by the FG.  Thank you.

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    DSP ATAKAH: Hello, I am Rtd DSP Yohanna. I retired in 2006. In July 2015, I was paid my gratuity and placed on monthly pension without the nine years pension arrears. I noticed my step was reduced. i was confirmed ASP in 1997 and promoted DSP in 2003 (step 7). PTAD staff asks me to provide my promotion letters including statement of account which I produced to them. They checked and told me that they made a mistake. They gave me a form and I filled it in March 2000. I was paid N3 million out of the nine years pension arrears. I shall be grateful if PTAD treat my complaint. Thank you.

    PTAD: Dear Mr. ATAKAH, please send your verification slip to our email complaints@ptad.gov.ng to enable us to deal as we discussed on the phone. Thank you.

    ALEXANDER: Dear Omobola, my name Alexander, retiree of Power Holding Company Nigeria. I discovered in my career table that l was wrongly placed on grade level 08/step/11 instead of my correct retirement grade level 08/step/13. Incremental date is First January 2012.

    PTAD: Dear Mr. Alexander, please forward your last promotion letter to our email complaints@ptad.gov.ng as we discussed on the phone. Kindly take note that based on the documents you provided during your verification, you are currently on your correct grade level. Thank you.

  • PTAD to pensioners: confirm you are alive every six months

    PTAD to pensioners: confirm you are alive every six months

    Failure by pensioners under the Pension Transitional Arrangement Directorate (PTAD) to reconfirm that they are alive half-yearly may result in the suspension of their payments, the Executive Secretary, Tolulope Odunaiya, has warned.

    The PTAD boss is, however, calling on pensioners to always use the link, https://iamalive.ptad.gov.ng, to do so.

    She stated that this process ensures that only pensioners that are alive remain on their payroll.

    She explained: “I Am Alive Confirmation” is a web solution for verified pensioners to confirm their “aliveness status” for continued receipt of their pension in two options which include facial and fingerprint confirmation.

    She stated that this could be accessed using the internet via a computer or smartphone.

    She said: “Facial confirmation is done using a smartphone to compare a pensioner’s facial image with the picture on the database taken during verification, while the fingerprint confirmation involves the use of a computer with the Secugen fingerprint capturing device.

    “Where a pensioner is sick or infirm and cannot perform either option of the PTAD’s “I Am Alive’’ Confirmation, the Directorate urged pensioners to contact PTAD head Office, and state offices or send request to compliants@ptad.gov.ng for assistance.’’

    Facial Confirmation

    For Facial Confirmation, Odunaiya said pensioners are expected to log on to PTAD website, www.ptad.gov.ng using a smart phone/computer system, click on the “I AM ALIVE” icon at the top of the page and follow the instructions.

    Read Also: PTAD: Resolving pensioners’ issues

    “They are to start the ‘I Am Alive’ confirmation following the two- step validation by entering pensioner’s number and bank account number. Pensioners are to take their photo, which will be validated with the picture in the PTAD database, perform the aliveness check by moving their face to follow the moving object on the screen.

    “When the aliveness check is completed, the confirmation page will display “Successful” and the pensioner will receive an SMS notification of the successful completion of the process.

    The pensioner will need to access a computer system with a fingerprint device for fingerprint capturing, ensuring that NET Framework Runtime 4.7.2 and .NET Desktop Runtime 5.0.7 are installed on the computer.

    They are to click to download the “I Am Alive Setup” Folder, extract files and install on their computer one after the other.

    “After a successful installation of the ‘I Am Alive’ Confirmation desktop application, double click on the application icon on the desktop to launch the application. Start the “I Am Alive” confirmation process following the two steps validation process: enter the pensioner’s number; and bank account.

    “Do the fingerprint validation by placing any of your fingers on the fingerprint device for capturing and if the fingerprint is captured, it will display a “Success” in the message box. When the aliveness check is completed, the pensioner will receive an SMS notification. They are to contact us with any of the numbers: +234(02) 09-462-1708 +234(02) 09-462-1709 +234(02) 09-462-1710 for support,, she added.

  • NAICOM issues guidelines for Insurtech operations in Nigeria

    NAICOM issues guidelines for Insurtech operations in Nigeria

    The National Insurance Commission (NAICOM) has released guidelines for Insurtech businesses.

    The guidelines, which took effect from August 1, are designed to provide a regulatory framework for the licensing, operations, and supervision of Insurtech firms.

    In a statement, the Commissioner for Insurance, Olusegun Omosehin, said insurance institutions and Insurtech firms classified as Insurtech must comply with the guidelines within 30 days of their take off.

    The guidelines aim to foster innovation that can lead to the development of new and innovative insurance products and services and ensure consumer protection and improve consumer experience, prioritising consumer interests and providing better services.

    He said: “The guideline also provides clarity on regulatory requirements, reducing uncertainty and ambiguity; Help build trust and confidence in the Insurtech sector, driving growth and adoption; and Advance digital transformation within the insurance sector.

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    “However, the key objectives of the guidelines include Promoting the growth and development of Insurtech in Nigeria; Establishing regulatory standards for Insurtech setup and operations; Encouraging responsible innovation while safeguarding consumer interests; Defining general product features specific to Insurtech; Providing a licensing structure for both Partnering and Standalone Insurtech firms; Facilitating the transition of eligible operators into fully licensed standalone Insurtech entities; and Supporting Nigeria’s broader digital economy and fintech ecosystem

    He said there are two application categories: Partnering Insurtech and Standalone Insurtech.

    “Under partnering insurtech, operators are permitted to transact specific classes of insurance in collaboration with licensed insurers while standalone insurtech gives permission for operators to transact the categories of insurance as may be specified in its licence, excluding special risk products such as Oil and Gas Insurance, Marine and Aviation Insurance, Retirement Life Annuity, and  insurances of government assets and liabilities for Ministries, Departments, and Agencies.

    “Prospective operators must submit applications in accordance with the procedures outlined in Schedule I of the Guidelines. NAICOM reserves the right to grant licenses with conditions deemed necessary under existing laws and this new regulatory framework.

    “Insurtech firms must comply with provisions related to risk management, investment practices, actuarial standards, outsourcing, and other key operational parameters as detailed in the Commission’s Prudential Guidelines.

    “Meanwhile, disputes between Insurtechs and partner insurers must first follow arbitration protocols outlined in their agreements before approaching NAICOM. Consumers may refer unresolved issues from insurance transactions directly to the Commission for review and resolution”, the commissioner added.

  • Cornerstone Insurance posts N25.89b profit

    Cornerstone Insurance posts N25.89b profit

    Cornerstone Insurance Plc has made N25.89 billion Profit after Tax (PAT), the Chairman, Segun Adebanji, has said.

    Adebanji  made this known at the firm’s 33rd Annual General Meeting (AGM) in Lagos.

    He stated that the company recorded insurance revenue of N38.6 billion, representing a 49 per cent increase over 2023 N25.9 billion.

    He also said the company’s profit before tax rose to N28.6 billion, marking a 68 per cent year-on-year growth.

    He added that the growth reflects not only their commitment to strategic execution but also the strength of our diversified portfolio and prudent risk management,” he submitted.

    He maintained that the performance was driven by growth across the firm’s core business lines, particularly in General Business, stressing that the Engineering, Oil and Gas and Motor Insurance portfolios delivered robust returns, contributing N6.11 billion, N5.24 billion and N4.75 billion respectively.

    He noted that the firm’s investment income also contributed significantly, owing to strategic asset allocation and a favorable yield environment.

    Read Also: Cornerstone Insurance makes N25.9b revenue

    Adebanji informed shareholders that the firm declared a dividend of 27 kobo per ordinary share of 50 kobo each.

    Looking ahead, he stated that Cornerstone Insurance is poised for continued growth, noting that the firm intends to deepen its market penetration, especially in the retail and microinsurance segments.

    He said: “With a growing youth population and increasing digital inclusion, we see significant opportunities to design affordable, need-based products that align with the realities of everyday Nigerians.

     “We will also continue to invest in technology, improve customer engagement channels, and enhance our claims process through automation and AI.

    Our enterprise risk management framework will be further strengthened to anticipate emerging threats and capitalise on market shifts,” he posited.

    He said in preparation for potential regulatory recapitalisation, the company has strategically retained earnings and maintained a solid capital buffer, stating: “We are confident that, whatever form these reforms take, Cornerstone will emerge stronger, more competitive, and more impactful.”

    He thanked the firm’s customers, employees, partners and shareholders for their unwavering commitment.

    “I am confident that with your continued support, the years ahead will be marked by even greater accomplishments,” he submitted.

    The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, applauded the company’s outstanding performance, noting that he has been a shareholder in the company for long and this is the first time shareholders are getting such a dividend payout.

    He commended the chairman of the company for bringing integrity to the firm.

    He emphasised that integrity drives insurance business and implored the board and management to sustain the already entrenched integrity.

    The National Coordinator Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, commended the firm for the outstanding performance, whilst urging the board and management to leverage information technology to harness the enormous insurance opportunities.

    He also implored the company to effectively position to enable it key into the government’s anticipated $1 trillion economy.

    Shareholders’ activist, Nona Awo, implored the board and management to immortalise the founder of the firm, the late Tunji Ogunkanmi.

    The company’s Managing Director, Stephen Alangbo, said the company is focusing on retail expansion; technology leadership; capital optimization; sustainable impact and customer delight.

  • Leadway Assurance partners Ecobank to expand access to tailored Insurance Solutions

    Leadway Assurance partners Ecobank to expand access to tailored Insurance Solutions

    Leadway Assurance has entered into a partnership with Ecobank Nigeria Limited.

    Director of Sales, Retail and Partnerships at Leadway Assurance, Kikelomo Fischer, said the alliance aims to deliver integrated insurance offerings to both internal and external stakeholders within Ecobank, spanning employees, customers, and small business owners.

    According to her, the launch of the partnership marked a significant step in advancing financial inclusion by embedding insurance access directly within everyday banking touchpoints. From life and health protection to motor and home insurance solutions, Ecobank customers and stakeholders will now enjoy seamless access to Leadway’s trusted suite of products, expertly tailored to meet their evolving needs.

    He said: “Beyond convenience, the initiative is designed to deepen insurance awareness and foster uptake through interactive product education across key engagement platforms, including physical Ecobank branches, staff engagements, Ecobank’s mobile platforms, and direct customer channels.

     “This collaboration is about making insurance simple, accessible, and part of everyday life. By working with Ecobank and leveraging their wide network, we’re bringing financial protection closer to people—right where they are, and when they need it most.”

    She added that this isn’t just about operations but a purposeful move to bridge the insurance gap in Nigeria. By combining our customer-focused solutions with Ecobank’s reach, we’re making it easier for more Nigerians to access the protection they deserve.

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    Head of Distribution Channels and Sales, Consumer & Commercial Banking at Ecobank, Adeola Ogunyemi, added: “At Ecobank, we are delighted to partner with Leadway Assurance, one of the country’s foremost insurance service providers. This strategic collaboration aligns with our vision to create a one-stop hub offering robust financial services. Through this initiative, our customers will enjoy the convenience of accessing tailored insurance solutions alongside their banking needs.”

    The rollout will start across select Ecobank branches, with product champions trained to guide users through policy options, including Leadway’s Group Life Cover, Personal Accident Insurance, and Term Life policies, which are especially beneficial to Ecobank’s workforce and retail clientele””, he stated.

  • ‘Insurance week celebration will boost penetration’

    ‘Insurance week celebration will boost penetration’

    The Insurance week celebration which lasted seven days will boost penetration following massive insurance awareness, the Chairman, Corporate Affairs Managers of Nigeria Insurance Association (CAMCONIA), Segun Bankole, has said.

    Bankole, who led his colleagues to be involved through their companies, said the Week would be a pivotal platform for the industry to showcase the importance of insurance to Nigerians.

    Speaking with reporters in Lagos, he said the event themed: ‘Insurance for all: Securing Nigeria’s future is an initiative of the Chartered Insurance Institute of Nigeria (CIIN) designed to promote insurance awareness, stakeholder engagement and industry collaboration.

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    He said: “The insurance Week has provided the various brands in the Nigerian insurance industry to display their various offerings and the value they can create for their customers in any part of the country.

    Insurers flaunt their brands in a very unique, competitive and cooperative manner while engendering the growth of the insurance industry in the country and possibly, beyond”, he noted.