Cornerstone Insurance Plc has announced its intention to unbundle its composite business structure, separating its life and general insurance portfolios into distinct corporate entities as a direct response to the Nigeria Insurance Industry Reform Act 2025.
The company made this known in a regulatory disclosure on the Nigerian Exchange Limited on Friday.
The Reform Act 2025 abolished composite insurance structures in the country, mandating a strict legal separation between life and non-life insurance business operations.
Under the proposed restructuring framework, Cornerstone’s general insurance assets and existing policies will be fully transferred to its subsidiary, FIN Insurance Company Limited, while its life insurance business and portfolios will transition over to Cornerstone Life Assurance Limited.
The company stated, “This strategic separation ensures full compliance with the law while positioning our specialised arms for sharper market focus.
“Following the seamless implementation of the Scheme of Arrangement, both FIN Insurance and Cornerstone Life Assurance
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