All Posts in "Egypt"

Nigeria, Egypt, 5 other countries record highest growth in pension fund assets

By Favour Nnabugwu
 
Nigeria, Egypt and five other countries in Africa have recorded the highest pension fund assets as global pension fund assets grew by over 10% to $38.5 trillion in 2021.
The other five countries are Ghana, Kenya, Namibia, Zimbabwe and Uganda. This is according to a report by the
Organisation for Economic Co-operation and Development (OECD).
Pension funds are investment pools that accumulate wealth to pay for workers’ retirement. Typically, pension funds are contributed by both workers and their employers, especially in African countries where compulsory pension schemes exist.
Pension fund managers invest in different asset classes such as equities, fixed income assets such as bonds, treasury bills and corporate bonds, Collective Investment Schemes (CIS0, etc.
These seven countries altogether held 92.4 percent of pension fund assets in the OECD area.”
Business Insider Africa said the seven African countries that made it to the top list.
Nigeria’s pension fund assets grew by 9.1 percent to $32.6 billion, representing 7.6 percent of the country’s GDP.
Egypt’s pension fund asset grew by 8.0 percent to $6.2 billion, representing 1.5 percent of the country’s 2021 GDP.
The countries are: Ghana’s pension fund asset grew by 27.2 percent to $4.7 billion, representing 6.3 percent of the country’s GDP in 2021;  Kenya: The country’s pension fund asset grew by 10.6 percent to $13.7 billion, resenting 12.9 percent of the country’s 2021 GDP;  Namibia: This Southern African country’s pension fund assets grew by 17.6 percent to $11.8 billion, representing 103.0 percent of the country’s 2021 GDP.
The remaining two countries include: Uganda’s pension fund assets grew by 15.8 percent to $5.3 billion, representing 12.4 percent of the country’s GDP and
Zimbabwe’s pension fund assets grew by 285.8 percent to $2 billion, representing 7.6 percent of GDP.
The report focused specifically on pension fund assets in 68 countries or reporting jurisdictions, consisting of 38 OECD countries and 30 non-OECD countries in Eastern Europe, Asia and Africa.
“Overall, pension fund assets amounted to USD 38.5 trillion in a total of 68 reporting jurisdictions at end-2021.
Most of these assets were held by pension funds in the OECD area, totalling USD 37.7 trillion. The United States recorded the largest amount of assets in pension funds (USD 22.6 trillion), followed by the United Kingdom (USD 3.6 trillion), Australia (USD 2.3 trillion), the Netherlands (USD 2.0 trillion), Canada (USD 1.7 trillion), Japan (USD 1.5 trillion) and Switzerland (USD 1.2 trillion).
Patoma Admin by — September 23, 2022 in Pension 0
AXA boosts expansion in Nigeria, moves to Algeria, Egypt, 6 other countries

By Favour Nnabugwu

AXA has expressed interest to expand its business investment in Nigeria’s insurance industry, to Algeria, Egypt and 6 other countries.

This will now expand to include the African and Middle East markets of Nigeria and six other countries including Cameroon, Gabon, Côte d’Ivoire, Lebanon, Morocco and Senegal.

Additional Asian markets, namely India, Malaysia, Singapore and Vietnam, will also be added under the umbrella, which will be known as AXA Asia & Africa.

Previously, the AXA Asia business included the markets of Hong Kong, mainland China, Japan, South Korea, Indonesia, the Philippines and Thailand.

According to AXA, this move is part of its new strategic plan “Driving Progress 2023”, which seeks to harness the rapidly growing markets across Africa and Asia, with special focus on health, as marked by the recent opening of AXA OneHealth and its 16 clinics across Egypt.

This, the company said, reflects its commitment to an inclusive vision of health equity, with improved health outcomes for all.

The AXA Asia & Africa business will also incorporate AXA Emerging Customers, the insurer’s unit focused on closing the protection gap in the low-income to mass market segments.

Customers in these segments are often under-insured due to a lack of access and familiarity with relevant and affordable insurance products.

By 2023, AXA Emerging Customers aims to protect 25 million customers as their first insurer, through partnerships with leading institutions from both public and private sectors.

“I am excited to be taking on oversight of our mature and emerging markets across Asia and Africa, as well as Lebanon,” said AXA Asia chief executive Gordon Watson.

“This will enable AXA to deliver more holistic solutions that span the spectrum of customer needs, enabling us to fulfil our role as being partners in their life journey. We will continue to develop innovative, holistic solutions that will be tailored to meet the unique needs of each market. I look forward to strengthening AXA’s footprint in these key markets and consolidating our leadership in the industry.”

Watson became the insurer’s Asia CEO in 2018, presiding over a period of strong growth in the region. Before joining AXA, he held senior leadership roles in AIA and AIG across multiple continents, including Africa. Gordon is also the founding chair of the Hong Kong branch of Shared Value Initiative, a non-profit organisation that seeks to help businesses in aligning profit and purpose to address social issues.

Patoma Admin by — June 30, 2021 in Others 0