ANNUITY FUNDS HIT N170BN AS 9 INSURERS RESUME BUSINESS
source : http://www.eyesoflagos.com/2017/08/annuity-funds-hit-n170bn-as-9-insurers.html

Annuity Funds have risen to N170 billion from about N145 billion it recorded in June 2016, with over 34,312 annuitants now subscribing to the scheme, Eyes Of Lagos findings have revealed.
This is coming just as the National Pension Commission (PenCom) has given approval to nine of the 26 life insurance companies to take fresh annuity business in the country.
The increase, according to findings, could be connected to the fact that more retirees are now considering Annuity option at the expense of Programmed Withdrawal.
The volume is expected to rise rapidly in the coming months, with more approval of life insurers by PenCom to play in the annuity business, just as it has currently given approval to nine life underwriters.
The approved firms are AIICO PLC, Custodian Life Limited, FBN Insurance Limited, Leadway Assurance Limited, Cornerstone Insurance Plc, ARM Life, AXA Mansard Insurance Plc, Standard Alliance Insurance Plc and Niger Insurance Plc.
Eyes Of Lagos, however, learnt that the remaining 17 life insurers are making frantic step to sign the service agreement with their respective Pension Fund Custodians (PFCs) so that they can continue to play actively in annuity business.
While investigation revealed that three insurers are going to be given approval to commence fresh annuity business latest by next week, more insurers are expected to be licensed in the coming weeks, in a move to implement the management of Annuity Funds as stipulated in the Pension Reforms Act (PRA) 2014 as well as comply with joint Annuity arrangement between PenCom and the National Insurance Commission (NAICOM).
Speaking on its resumption of annuity business after several months of quitting the business, the head of Retail, AIICO Insurance PLC, Mr. Sola Ajayi said, “We are open for business nationwide and have already started booking new annuity sales from all Pension Fund Administrators (PFAs)”.
AIICO Insurance, he said, is one of the pioneers of Annuity in Nigeria, having started Annuity sales since 2013, noting that the business has over 7,500 annuitants who are being paid their monthly annuities.
Ajayi said AIICO Annuity product is designed to pay customers for the entire duration of their life, no matter how long they live. “We are committed to the eradication of old age poverty in Nigeria, one person at a time”, he said.
He pointed out that AIICO Insurance asset backing annuity liabilities was in excess of N30 billion, which is a testament to AIICO’s commitment to ensure that all future commitment will be met as at when due.
The life insurance firms that were recognized by law to write annuity business had earlier been restricted to take fresh annuity business until they sign a service agreement with their PFCs , but now, the successful eight underwriters can accept fresh annuity business from retirees, having complied with the new guideline.
The Annuity Policy is a financial product that allows for periodic payments to be made to the person who has made a lump sum or periodic payment to the insurance firm from a predetermined date. It could be of two types, namely immediate and deferred.
Eyes Of Lagos had earlier reported that both PenCom and NAICOM had a meeting where the idea of releasing a Joint Service Agreement was mooted.
The Joint Service Agreement will explain in details how to pay the commission of agents and brokers who facilitated Annuity Business deals, as the current arrangement did not stipulate who pays the commission between the PFCs and the Life Assurance companies.
Before now, the issues surrounding annuity business had made life insurers lost businesses to Pension Fund Administrators (PFAs) as retirees are only left with Programmed Withdrawals as a viable retirement window.
While insurance operators are pushing for payment of commission from the annuity fund they mobilised, the current pension guidelines is against this.
Currently, all Life Insurance companies providing life annuity for retirees under the Contributory Pension Scheme (CPS) have proceeded to open Operational Accounts with PFCs of their choice, as directed by the regulators.
The two regulators had, through a circular in March, charged life insurers that all new annuities purchased or being processed should be domiciled in the dedicated account with the PFC referred to, stating that the treatment of all existing retiree life annuity funds and assets would be dealt with upon issuance of the joint regulations.
NAICOM, in the circular, was enjoined to ensure that Life Insurance companies comply with the requirements, while the processing and approvals of new retiree life annuity requests shall continue forthwith.
Pension Fund Administrators (PFAs) were asked to resume the processing of new annuity requests for retirees and forward same to PenCom for necessary approval without delay, while PenCom was asked to ensure that PFAs transfer all approved premium for Retiree Life Annuity to the Operational Accounts opened by the Life Insurance Companies with PFCs.
Speaking on how to resolve the current annuity funds controversy, the Group Managing Director of Royal Exchange PLC, Alhaji Auwalu Muktari, said, “Losing over N150billion to the PFCs will result in a deep cut in the pockets of life insurance companies in Nigeria and will be the second time the insurance industry is losing a part of its business, after the transfer of Workmen’s Compensation to the National Social Insurance Trust Fund (NSITF).”

FTC

What is all this jagbajantis? Aanu-nti funds

Me! ayam not understanding ooh!

Can see the company where ma papa they work among the list

Now, let's talk business.. This is the greatest investment of our time.

Ask me any question on Annuity; I will answer you. You have any relative retired or due to retire, connect them to me and we will guarantee their salary for life..

..and you'll get something too

Then YOU and I mean YOU can also chop salary as long as you live on earth.. Whether you are a businessman, govt, private worker or lalasticlala
This is an exclusive SECRET!

Let's talk..

If you have a relative currently on the programmed withdrawal option, come, let's change it to annuity and s/he will thank you for life ..

Programmed withdrawal allows you to draw salary for ten years only

Can someone just summarize for the sake of novices in that field like myself, because Ayam not understanding...

SirHouloo:
Can someone just summarize for the sake of novices in that field like myself, because Ayam not understanding...

true Talk



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SirHouloo:
Can someone just summarize for the sake of novices in that field like myself, because Ayam not understanding...

OK, the pensions reforms act of 2014 mandates the PFA's to pay a retiree 25% of his accrued pension(his deductions + organization contributions) bulk and spread the remaining 75% over a period of time.

You have to choose between programed withdrawal and Annuity on retirement.

NB: I don't want to spoil some people's business but I'm committed to saving lives.

Yoruba owned companies

Yorubaland is blessed

dunkem21:


Carry your tribalism comot here joor..

If it's "afonjas are evil", you go like the post

You just don't like my type of tribalism huh.

kn23h:
Yoruba owned companies

Yorubaland is blessed

Carry your tribalism comot here joor..

dunkem21:
If you have a relative currently on the programmed withdrawal option, come, let's change it to annuity and s/he will thank you for life ..

Programmed withdrawal allows you to draw salary for ten years only

Lie! PW is for life. Don't go give dis insurance marketers ur future oo, after 10 years, no payment will be made to beneficiary/next of kin. If dem give u #5,000 commission when u introduce ur papa to annuity...means say u don sell ur future for porridge.
Make more enquiries from professionals.

Annuity over programmed withdrawal

.

freeeeme:


Lie! PW is for life. Don't go give dis insurance marketers ur future oo, after 10 years, no payment will be made to beneficiary/next of kin. If dem give u #5,000 commission when u introduce ur papa to annuity...means say u don sell ur future for porridge.
Make more enquiries from professionals.

Programmed withdrawal is not for life, it's annuity that gives you salary for as long as you live.


Under programmed withdrawal, once you exhaust ur money then you are on ur own

freeeeme:


Lie! PW is for life. Don't go give dis insurance marketers ur future oo, after 10 years, no payment will be made to beneficiary/next of kin. If dem give u #5,000 commission when u introduce ur papa to annuity...means say u don sell ur future for porridge.
Make more enquiries from professionals.

Our papa dem seem not to have a choice because the government already programmed their pension. It is either you choose annuity or programmed withdrawal. I am only here to guide them through the approach approach conflict.

Annuity means SALARY FOR LIFE! and we are managing thousands of annuitants as we speak professionally

ALAYORMII:



Programmed withdrawal is not for life, it's annuity that gives you salary for as long as you live.


Under programmed withdrawal, once you exhaust ur money then you are on ur own

Chop knuckle jare

dunkem21:


Chop knuckle jare

Am also into insurance


Seun no get knuckle emoji ooo

Annuity over programmed withdrawal anyday anytime
PenCom don even advice retirees to go for annuity sef.
For more info and help, see my siggy

ALAYORMII:



Am also into insurance


Seun no get knuckle emoji ooo

Nice one, mate..

Don't mind seun joor. Still using 1860 emojis.

dunkem21:
Now, let's talk business.. This is the greatest investment of our time.

Ask me any question on Annuity; I will answer you. You have any relative retired or due to retire, connect them to me and we will guarantee their salary for life..

..and you'll get something too

I have someone retiring soon. How does it work?

For enquiries on Annuity kindly contact 08082802558

glad my company made the cut...dont joke with standards.... insure with standard alliance.....

kn23h:
Yoruba owned companies

Yorubaland is blessed




If it's "afonjas are evil", you go like the post

You just don't like my type of tribalism huh.

Listen, I don't engage in Tribalism and I have talked some out of it. I got a long ban from Seun for calling him a bigot because he neither allowed me to stop it or do it himself. Now, see an important business thread and you want to kill your brothers' businesses with bigotry and the owner watches on.

I can take on both my Igbo and Yoruba brothers same time when my weyreh start.. Ask your oga dem.

WenysAD:
Annuity over programmed withdrawal anyday anytime
PenCom don even advice retirees to go for annuity sef.
For more info and help, see my siggy

Which Pencom ? why is it that you insurance agents keeps giving these elderly men and women the wrong information and telling somebody who is old enough to be your father or mother lies because of the commission you want to get. You don't know who is reading what you just wrote.
For any lie you tell an elderly person to cheat him or her, same will be metted out to you at old age.
Tell the retiree the truth and let him or her make their choice.
Annuity is for a guaranteed period of 10yrs.

dunkem21:


Listen, I don't engage in Tribalism and I have talked some out of it. I got a long ban from Seun for calling him a bigot because he neither allowed me to stop it or do it himself. Now, see an important business thread and you want to kill your brothers' businesses with bigotry and the owner watches on.

I can take on both my Igbo and Yoruba brothers same time when my weyreh start.. Ask your oga dem.

All this for moi I'm flattered.

nevilbot:



I have someone retiring soon. How does it work?

Simple. Tell him to choose Annuity over programmed withdrawal..

S/he can also INCREASE the amount of salary to earn for life by starting a disciplined contributory policy from today.

Yes, your cut is sure for giving us that business.. Blow the whistle!

kn23h:


All this for moi I'm flattered.

Yeah .. Anything for you