Annuity portfolio of Great Nigeria Insurance hits N4.7bn

Anthony Areh

Great Nigeria Insurance (GNI) Plc on Friday says it has significantly grown it’s annuity portfolio to N4.7 billion in first quarter 2021.

Mrs Cecilia Osipitan, Managing Director of the insurance firm, said in a statement that the amount indicated an increase of 8,876.05 per cent over the sum of 52.5 million recorded during the same period in 2020.

Osipitan stated that the drive to continue to uphold comprehensive growth strategy forms the bedrock upon which the company is built and also evident in its first quarter performance .

She assures of the Insurer’s unwavering commitment to create value to both its shareholders and stakeholders alike.

The managing director explained that the path to achieving growth and sustaining it, is not without its challenges but with the perseverance and doggedness of every member of staff, success is guaranteed .

Osipitan noted that life annuity is a stream of periodic payments that commences at a specified date, which is either the normal retirement age or at age 50 in the case of early retirement.

She said the payment could either be monthly or quarterly depending on the retiree’s preference.

According to her, the benefits include the continuous flow of regular income for the retiree, insulation from the risks associated with the investment of lump sum benefits, structured management of resources .

The managing director mentioned also the transfer of the risk of diminution in assets and possible failure of investments of retirees to insurance companies which are better equipped to manage such risks.

“Insurance remains the most reliable bedrock of our existence and cultivating the culture of insurance can never be over emphasised.

” Excellent service delivery is our watchword at GNI, just as the company is committed to operating under very ethical and professional standards as far as the industry is concerned.

” While we thank our numerous shareholders for their support and understanding over the years, we are also soliciting for the continous patronage of our teeming customers across the country and beyond, ” she said.

Mrs Oyinkansola Sobande, Corporate Communications and Brand Manager of the insurer stated also in the statement that annuity for Life policy is a retirement instrument option for retiring employee.

Sobande explained that retirement should be a time to live that stress-free life after years of active engagement and not a time of financial difficulties.

She noted that to this end, annuity is set out to protect the future of retirees through guaranteed income for as long as they live

GNI is a forthright composite entity licensed by the National Insurance Commission (NAICOM), to underwrite both general and life insurance businesses in Nigeria.