Leading Pension Fund Administrator (PFA), Premium Pension Limited (PPL) has grown its Asset Under Management (AUM) to N1 trillion at the end of 2022 financial year despite increasing economic challenges and stiff competition in the industry.
This represents a growth of N120.93 billion over the 2021 year-end of N879.48 billion, representing a year-on-year growth rate of 12.08 percent, relative to the industry’s total AUM growth of 11.68 percent over the same period.
Ibrahim Alhassan Babayo, chairman, the Board of Directors made the disclosure at the 18th Annual General Meeting of the company held at its corporate head office in Abuja.
Babayo in his address to shareholders said the total number of retirement Savings Account Holders (RSAs) registered in both the public and private sector organizations as at 31st December 2022 stood at 774,235 representing 7.85 percent of the industry count of 9,862,129.
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According to him, PPL’s revenue rose by 18.34 percent to N10.039 billion from N8.483 billion recorded in 2021, resulting in a Profit Before Tax (PBT) of N3.988 billion, up by 32.99 percent year-on-year, while Profit After Tax (PAT) stood at N2.654 billion, representing 35.51 percent above previous year levels.
In the year under review, Premium Pension paid a total dividend of N2.65 kobo amounting to N1.740 billion, representing N1.20 kobo interim and N1.45 kobo additional dividends of N788.14 million and N952.833 million respectively.
He also informed shareholders that this dividend represents the 15th consecutive year in which the Company has paid dividends.
“Today, we celebrate a significant milestone of attaining N1 trillion Assets under Management (AuM), a momentous achievement that demonstrates our resilience, innovation and commitment.
While thanking God for the achievements, he appreciated the regulator, shareholder, management and staff for their hard work.
“Our collective efforts have enabled us to build a solid Company that can withstand market volatility and uncertainty. As we reflect on our journey, the success we have achieved today did not come easy. We have had to navigate challenging economic conditions, disruptive technologies, and changing client preferences. Yet, we have remained steadfast in our commitment.”
“Looking ahead, we are confident that we can continue to grow and innovate, building on our strong foundation to deliver even greater value to our clients and shareholders,” Babayo said
