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Nairaland Forum / Nairaland / General / Business / Annuity Funds Hit N170bn As 9 Insurers Resume Business (5856 Views)
Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months / Business News..fcmb Group Announces N170bn Gross Revenue / Equities Market Loses N170bn (2) (3) (4)
Annuity Funds Hit N170bn As 9 Insurers Resume Business by eyesoflagostv: 6:34am On Aug 03, 2017 |
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).” 1 Like
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Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by Sultty(m): 7:04am On Aug 03, 2017 |
FTC |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by tonio2wo: 7:04am On Aug 03, 2017 |
What is all this jagbajantis? Aanu-nti funds ![]() Me! ayam not understanding ooh! ![]() |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by CROWNWEALTH019(m): 7:05am On Aug 03, 2017 |
![]() ![]() 1 Like |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 7:11am On Aug 03, 2017 |
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 ![]() |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 7:21am On Aug 03, 2017 |
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.. |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 7:31am On Aug 03, 2017 |
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 ![]() |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by SirHouloo(m): 7:45am On Aug 03, 2017 |
Can someone just summarize for the sake of novices in that field like myself, because Ayam not understanding... |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by KayDEAN(m): 7:50am On Aug 03, 2017 |
SirHouloo:true Talk Check out my signature to set up a foreign phone number for only 4500naira to call and text anybody internationally freely without any monthly maintenance fee wink |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 7:57am On Aug 03, 2017 |
Remember, we will give you the highest interest rate on any batch of your investment.. Whether you want to save small small to buy keke o.. Whether you wan go Cambridge o.. Fixed deposit Owa .. You wan start business o.. You wan contest for 2019 o .. Ehen, corp members una get special package! Most importantly, you get a FREE* LIFE COVER! |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 8:09am On Aug 03, 2017 |
SirHouloo: 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. 1 Like |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by kn23h(m): 8:11am On Aug 03, 2017 |
Yoruba owned companies ![]() Yorubaland is blessed ![]() dunkem21: If it's "afonjas are evil", you go like the post ![]() You just don't like my type of tribalism huh. |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 8:16am On Aug 03, 2017 |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by freeeeme(m): 8:16am On Aug 03, 2017 |
dunkem21: 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. |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by ALAYORMII: 8:19am On Aug 03, 2017 |
Annuity over programmed withdrawal |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by kn23h(m): 8:19am On Aug 03, 2017 |
. |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by ALAYORMII: 8:20am On Aug 03, 2017 |
freeeeme: 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 4 Likes |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 8:30am On Aug 03, 2017 |
freeeeme: ![]() ![]() 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 ![]() |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 8:31am On Aug 03, 2017 |
ALAYORMII: Chop knuckle jare ![]() 1 Like |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by ALAYORMII: 8:34am On Aug 03, 2017 |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by WenysAD(f): 8:38am On Aug 03, 2017 |
Annuity over programmed withdrawal anyday anytime PenCom don even advice retirees to go for annuity sef. For more info and help, see my siggy |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 8:40am On Aug 03, 2017 |
ALAYORMII: Nice one, mate.. Don't mind seun joor. Still using 1860 emojis. 1 Like |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by nevilbot: 8:44am On Aug 03, 2017 |
dunkem21: I have someone retiring soon. How does it work? |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dapolaw(m): 8:54am On Aug 03, 2017 |
For enquiries on Annuity kindly contact 08082802558 |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dapolaw(m): 8:59am On Aug 03, 2017 |
freeeeme: |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by okoliexpress: 9:03am On Aug 03, 2017 |
glad my company made the cut...dont joke with standards.... insure with standard alliance..... 1 Like |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 9:04am On Aug 03, 2017 |
kn23h: 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. |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by vitality22(m): 9:07am On Aug 03, 2017 |
WenysAD: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. |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by kn23h(m): 9:08am On Aug 03, 2017 |
dunkem21: All this for moi ![]()
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Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 9:21am On Aug 03, 2017 |
nevilbot: 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! |
Re: Annuity Funds Hit N170bn As 9 Insurers Resume Business by dunkem21(m): 9:23am On Aug 03, 2017 |
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