The National Insurance Commission (NAICOM) has revealed that the insurance sector life annuity fund portfolio at the end of the second quarter 2019 stood at about N323 billion.

Rasaq Salami, commissioner for Insurance Directorate at NAICOM made the disclosure Saturday in a statement in Abuja.

Salami said that the figure represents a growth of 17.46 per cent compared to that of 2018 which was N 275 billion.

” Within the same period under focus, the cumulative total Retiree Life Annuity (RLA)
payouts stood above ₦122 billion as at end of the second quarter of 2019,” he said.

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According to him, the RLA market has been in existence since the advent of the Contributory Pension Scheme (CPS).

Salami said the RLA portfolio has recorded 73,554 contracts purchased for a total premium of ₦342 billion as at end of the second quarter of 2019.

“This depicts 13.02 per cent and 6.21 per cent growth in count and volume, respectively, ” he said.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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