Leadway Assurance Begins Verification For African Alliance Annuitants

Following the earlier acquisition of its Annuity business by Leadway Assurance Company Limited, a comprehensive verification exercise has commenced for all African Alliance Annuitants.

This critical validation process, which is the first step in the transition, was designed to accurately identify all existing annuitants and update their records.

The primary objective of this exercise, according to Leadway Assurance, is to safeguard the immediate welfare of retirees and ensure that every individual’s benefits are secured for efficient and timely payment.

The verification exercise is a direct response to the regulatory measures introduced by the National Insurance Commission (NAICOM) to protect policyholders and strengthen confidence in the sector.

By participating in this exercise, retirees under the African Alliance portfolio can transition seamlessly to the Leadway brand, ensuring the continuity of their payments without disruption.

Reacting to this development, Executive Director, Technical & Operations at Leadway Assurance Company Limited, Olufunmilayo Amanwa, said the verification of annuitants is more than just a process, but the company’s commitment to retirees.

Amanwa stated that the verification was to ensure that their years of service and contributions are rewarded with financial certainty and dignity.

“The validation exercise establishes a solid foundation for timely benefit payments and maintaining the trust placed in us.”

This transfer follows NAICOM’s intervention in appointing an interim management team as part of the process in settling outstanding annuity payments. The successful transfer to Leadway not only secures the immediate welfare of annuitants but also represents a broader step toward strengthening Nigeria’s insurance ecosystem.

The insurer encouraged all African Alliance Annuitants to utilise channels to validate their information.