.By Favour Nnabugwu
Great Nigeria Insurance Plc has announced that the underwriting firm recorded an impressive figure by significantly growing its Annuity portfolio to over N4.7 Billion in first quarter 2021 representing an increase of 8,9 percent over N52.5million recorded during the same period in 2020.
Speaking to newsmen in Lagos, the Managing Director, Mrs. Cecilia O. 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.
She further said, “Insurance remains the most reliable bedrock of our existence and cultivating the culture of insurance can never be over emphasized”. There is a need to call for a paradigm shift through effective sensitization of the insuring public as it is very important to imbibe the culture of getting appropriate insurance cover to protect our assets and lives in case of any eventuality”.
Osipitan reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In her words, “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”.
Also speaking, the Corporate Communications and Brand Manager, Oyinkansola Sobande mentioned that retirement should be the time to live that stress-free life after years of active engagement and not a time of financial difficulties. Annuity sets out to protect the future of retiree through guaranteed income for as long as they live.
Oyinkansola further elucidated that Annuity for Life Policy is a retirement instrument option for retiring employee. 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 an income that is guaranteed to last for the rest of their lives, no matter how long that might be.
According to the management, “The drive to continue to uphold comprehensive growth strategy still forms the bedrock upon which the company is built; this is evident in the first quarter performance of the company’