Great Nigeria Insurance (GNI) Plc has grown its annuity portfolio to N4.7 billion in the first quarter of 2021.
The company’s Managing Director/Chief Executive Officer, Mrs Cecilia Osipitan, said this in a statement in Lagos on Friday.
Osipitan said the figure indicated an increase of 8,876.05 per cent when compared with N52.5 million recorded in the corresponding period of 2020.
She attributed the performance to the doggedness of every member of staff in spite of the challenges encountered during the period.
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 and structured management of resources.
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“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,” she said.
Osipitan added that “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 assured stakeholders of the insurer’s unwavering commitment to value creation.
Mrs Oyinkansola Sobande, GNI Corporate Communications and Brand Manager, noted that annuity for life policy was 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.
According to her, annuity is set 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 to underwrite both general and life insurance businesses in Nigeria.