All Posts in "Day: December 7, 2020"

AXA unveiled its new strategic plan for the years 2021 to 2023.
Entitled “Driving Progress”, the new roadmap is based on five strategic actions for the next three years:

Development of the health and pension activities in all geographic regions, notably with the marketing of innovative products. AXA is targeting an average growth of 5% in health insurance revenues over the period 2020-2023.

Simplification of the customer experience and acceleration of the productivity efforts by reducing approximately 500 million EUR (603.937 million USD) in costs by 2023. Europe and France will have to save a large part of the planned amount, that is, 300 million EUR (362.362 million USD).

Reinforcement of the underwriting performance within AXA XL, a subsidiary specializing in property and casualty insurance for large corporations. The French insurer is targeting an operating result of 1.2 billion EUR (1.5 billion USD) for its subsidiary in 2021. The combined ratio should be capped at 96%. AXA XL has also decided to increase the budget allocated to natural disaster claims from 4% to 6% of premiums, thus limiting its exposure to these events.

Maintaining leadership on climate issues through a 20% reduction in the carbon footprint of the insurer’s general fund assets by 2025.

Increasing the cash flow of the entire group from 5 to 6 billion EUR (6 to 7.2 billion USD) per year by 2020. The group targets a solvency ratio of 190% by 2023 and a dividend payout ratio of 55% to 65% of the operating result per share.A

Patoma Admin by — December 7, 2020 in Insurance 0

National Pension Commission (PENCOM) has recovered the sum of N213,071,826.04 from 13 defaulting employers in the third quarter (Q3) 2020

The recovery was made possible as a result of the issuance of demand notices to the defaulting employers and aggressive follow-ups by the recovery agents appointed by PENCOM for this purpose.

According to the report, “Following the issuance of demand notices to defaulting employers whose pension liabilities had been established by the Recovery Agents, a sum of N213,071,826.04, (representing principal contributions of N156,533,438.35 and penalty of N56,538,387.69), was recovered from 13 defaulting employers.

The amount comprises of principal contributions of N156,533,438.35 and penalty of N56,538,387.69.

The pension industry in Q3 2020 recorded a growth of 1.18% QoQ in the scheme membership, moving from 9.10 million contributors in Q2 2020 to 9.2 million contributors in Q3 2020, largely driven by the increase of 107, 312 new contributors under the Retired Savings Account (RSA) scheme.

PenCom, on November 16, 2020, launched a Retirement Savings Account (RSA) transfer system, which is expected to introduce competitiveness/efficiency amongst the operators and flexibility for the contributors to switch between operators, to gain better values and services.

In Nigeria, employers contribute 10% of the salary and the employee contributes 8%, and a total of 18% is expected to be remitted by the employers every month to the PFAs.

Patoma Admin by — December 7, 2020 in Others 0