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.
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.
