Underwriting firm, Great Nigeria Insurance boosts portfolio with annuity business has boosted its portfolio with annuity business, a product meant to give retiring employees comfortable life in retirement.
The company at the end of first quarter 2021, recorded impressive growth in its Annuity portfolio to over N4.7 billion, indicating an 8,876.05 percent increase over N52.5 million recorded during the same period in 2020.
The composite insurer said the continued drive for market expansion is part of the comprehensive growth strategy that forms the bedrock upon which the company is built.
Oyinkansola Sobande, corporate communications and brand manager, GNI 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.
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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.
Cecilia O. Osipitan, managing director/ceo of the Company 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.
In her words, “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 other 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”.
She further stated that excellent service delivery remains the watchword at Great Nigeria Insurance Plc just as the company is committed to operating under very ethical and professional standards as far as the Industry is concerned. While thanking the numerous Shareholders for their support and understanding over the years, she equally solicited for the continued patronage of its teeming customers across the country and beyond.
