All Posts in "Day: January 31, 2022"

RSA contributors remitted N272.15 bn in Q3 2021

By admin

 

The National Pension Commission (PenCom,) said pension contributions remitted to individual RSAs in Q3 2021 stood at N272.15 billion.

This is contained in the commission’s third quarter report released in January 2022 that out of this total, the public sector accounted for N170.96 billion or 62.82%, while the private sector contributed N101.19 billion or 37.18%.

It added that the cumulative pension contributions from inception to the end of the third quarter of 2021 amounted to N7.37 trillion, which is an increase from N7.10 trillion as at the end of Q2 2021.

Meanwhile, the commission has said that a total of 12,877 RSAs holders initiated RSA transfers at the end of third (Q3) 2021, which was concluded in the first week of October 2021.

This was disclosed by the commission through it third quarter report released this month that this covered RSA transfer requests submitted by PFAs between 1 June 2021 to 31 August 2021, which were eligible for RSA transfer in the third quarter of 2021.

The commission noted that out of the total RSA Transfers initiated, 12,872 RSAs were transferred to their new PFAs along with their associated pension assets, while 5 RSAs were outstanding due to non-upload of the transaction history of their RSAs.

The total value of the pension assets in respect of the 12,872 RSAs transferred was N45,5millon.

Patoma Admin by — January 31, 2022 in Pension 0
Bancassurance contributes 20% of total insurance premiums in Tanzania

By admin

 

Banks now account for 19.9% of the total premium income of the insurance market, barely two years since lenders took up bancassurance.

Around 20 commercial banks had the licence to sell insurance products as of the end of December last year, reported The Citizen citing the Tanzania Insurance Regulatory Authority (TIRA).

According to TIRA’s quarterly performance report for the three months from 1 April to 30 June last year, total insurance premiums written in respect of both long-term and general insurance businesses was TZS202.7bn ($88m). Of this total, TZS40.36bn (19.9%) was generated through bancassurance.

Of the bancassurance total, general insurance business accounted for TZS15.97bn whereas long-term business contributed TZS24.39bn.

The report says that TIRA will continue to enhance compliance with bancassurance rules as well as to promote bancassurance so that it would be a more vibrant and efficient distribution channel.

Speaking to The Citizen, TIRA acting director for planning, research and market development, Mr Zakaria Muyengi, said that out of more than 40 banks, only 20 banks were licensed for bancassurance.

“That means more effort needs to be done in ensuring others grab the emerging opportunity,” he said.

He called on banks that are already licensed to expand their services to rural areas so that more people would easily access insurance services.

Patoma Admin by — January 31, 2022 in Insurance 0
Continental Re selects jury members for the Pan-African Journalism Award 2022

By Favour Nnabugwu

 

Continental Re has selected the jury members for the 7th edition of the Pan-African Insurance and Reinsurance Journalism Award as application deadline ends today.

The jury is composed of the following personalities:

Michael Wilson, business and finance journalist;  Nadia Mensah-Acogny, Journalist, Forbes Africa
Kenneth Igbomor, Market News Editor (West Africa), CNBC Africa Gareth Stokes, Founder, Stokes Media Group
Shiamdass Appannah, Lloyd’s General Representative, Mauritius
Chakib Abouzaid, Secretary General of GAIF
Samia Heeda, Former Managing Director of Willis Towers Watson Re, Egypt
Agnes Lucy Lando, Associate Professor of Communication and Media Studies, Daystar University

The jury members will reward French, English and Arabic-speaking African journalists from print, broadcast or online media specializing in insurance and reinsurance.

The application deadline is 31 January 2022.

Patoma Admin by — January 31, 2022 in Insurance 0
Pension funds hit N13trn in Q3 2021- PenCom

By Favour Nnabugwu
The third quarter report of the National Pension Commission, PenCom which ended on September 30, 2021 announced that pension fund had hit N13 trillion.

 

PenCom stats showed that pension funds assets invested in federal government securities accounted for 63.25 percent of total assets. The composition of investments in FGN securities were as follows: FGN bonds 92.20 percent treasury bills 3.45 percent and agency bonds, sukuk and green bonds accounted for 1.29percent.

The value of increase in the assets was 2.72% translating to N343.99bn to close at N13trn, the pension net asset value as at the end of Q2 (June 2021) was N12.66trn.

PenCom report noted the growth in Q3 2021 was slightly higher than the growth of N317bn (2.27 percent) recorded in Q2 2021. It was noted that inflows of N7.80bn were observed in fund IV (ethical fund), which commenced in Q3 2021.

PenCom ranking by size of contribution during Q3 indicated that top 5 contributed N127.04bn (65.12 percent) stretching it to top 10 came to N163.15bn (83.63 percent), however, bottom 5 accounted for N7.76bn (3.98 percent)while bottom 10 contributed N23.37bn (11.98 percent).

The statistics highlight the portfolio distribution of N9.14trn in RSA active funds (RSA funds I, II, III, and VI); N1.05trn in RSA retiree fund; N1.48trn in CPFAs; N1.31trn in approved existing schemes (AES) funds and N7.80bn for RSA fund VI, active and retiree.

Also the value of investment in quoted domestic ordinary shares stood at N873.49bn (6.72percent) of total assets under management), indicating an increase of N30.29bn (3.59 percent) compared to the N843.29bn invested in the asset class as at 30 September 2021.

The value of investments in domestic quoted equities increased primarily due to the appreciation in the prices of some stocks during the reporting period, besides, the Nigeria Exchange pension (NSE-PI) further appreciated by 6.10 percent in Q3 2021 after an 8.90 percent appreciation in Q2 2021.

On investment in FGN securities the value decreased by N252.24bn (2.98 percent) to N8.22trn as at 30 September 2021 from N8.47trn as at 30 June 2021. The report stated the value of investments in FGN securities was majorly due to matured investments in treasury bills deployed to other asset classes during the quarter.

Patoma Admin by — January 31, 2022 in Pension 0