The annuity portfolio of Great Nigeria Insurance Plc grew by 8,876.05 per cent in the first quarter of 2021.
The Managing Director/Chief Executive Officer, Mrs Cecilia Osipitan, made this known in a statement on Friday.
According to her, the company’s annuity portfolio increased to N4.7bn in Q1 2021 from N52.5m recorded in the corresponding period of 2020.
Osipitan said, “The drive to continue to uphold comprehensive growth strategy forms the bedrock upon which the company is built and evident in its first quarter performance.”
She described life annuity as 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.
The GNI managing director also said the payment could either be monthly or quarterly depending on the retiree’s preference, while its benefits include continuous flow of regular income for the retiree, insulation from the risks associated with the investment of lump sum benefits and structured management of resources.
Her words, “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 the continuous patronage of our teeming customers across the country and beyond.”
The company’s Corporate Communications and Brand Manager, Mrs Oyinkansola Sobande, while describing annuity for life policy as a retirement instrument option for retiring employee, said it was designed to protect the future of retirees through guaranteed income for as long as they live.
