Great Nigeria Insurance Grows Annuity Portfolio by 800 % in Q1

Ebere Nwoji

Great Nigeria Insurance Plc said has it recorded an impressive performance in its annuity business, recording growth to over N4.7 billion in first quarter 2021, significantly higher than the N52.5 million recorded during the same period in 2020.

Addressing the media team at the company’s head office in Lagos, the Corporate Communications and Brand Manager, Oyinkansola Sobande, said retirement should be the time to live that stress-free life after years of active engagement and not a time of financial difficulties.

She said annuity sets out to protect the future of retiree through guaranteed income for as long as they live.

Oyinkansola further noted that Annuity for Life Policy is a retirement instrument option for retiring employees, adding that it is a contract that provides, in return for a Lump sum, a monthly or quarterly payment starting immediately after retirement and continuing for the rest of the retiree’s life.
“The contract is often purchased by retiring persons who want income that is guaranteed to last for the rest of their lives, no matter how long that might be,” she added.

The Managing Director/CEO, of the company, Mrs. Cecilia Osipitan explained that life annuity is a stream of periodic payments that commences at a specified date, which is either the normal retirement age or at 50 in the case of early retirement. This payment, she said, 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 and the transference 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.

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

She said there was a need to call for a paradigm shift through effective sensitisation of the insuring public, adding that it is very important to imbibe the culture of getting appropriate insurance cover to protect our assets and lives in case of any eventuality.

“The path through achieving growth and sustaining same is not without its challenges but with the perseverance and doggedness of every member of staff, success is guaranteed,” she added.