• Tuesday, June 25, 2024
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Premium Pension Assets under management grows by 12.34% to N885bn

Premium Pension strengthens board with four new directors

Despite economic challenges in 2021, Premium Pension Limited (PPL) maintained its position as one of the leading Pension Fund Administrator (PFA), growing its assets under management (AUM) by 12.34 percent.

The AUM grew by N97.25 billion to N885.05billion from N787.80billion in 2020, representing a year-on-year (YoY) growth rate of 12.34 percent, a significant performance relative to industry growth of 9.1 percent.

Ibrahim Alhassan Babayo, chairman, Board of Directors of Premium Pension Limited made the disclosure at its 17th Annual General Meeting held Monday in Abuja.

According to him, the total number of Retirement Savings Account (RSAs) registered in both the public and private sector organizations as at 31st December 2021 stood at 754,888 representing 7.92 percent of the industry total.

“Of the total RSAs, 453,466 had been funded as at the end of 2021, while the remaining are being engaged for funding,” he reiterated.

In terms of revenue, Premium Pension recorded a 8.33 percent increase to N8.483billion in 2021 from N7.831billion in 2020, resulting in a Profit Before Tax (PBT) of N2.999 billion, up by a marginal 1.00 percent year-on-year, while Profit After Tax (PAT) stood at N1.958 billion, a 3.58 percent decline from previous year levels.

Read also: Pension assets hit N13.6trn, govt securities remain dominant

From the profit, the Company Board of Directors approved dividend of N1.80 per share translating to N1.18 billion.

Babayo disclosed at the meeting that Premium Pension Limited closed the year 2021 as a net gainer in the transfer window in all quarters, stating that it was an outstanding feat, no doubt.

He said, “out of 9,139 individuals that expressed interest to migrate their account to Premium Pension, 4,159 were transferred successfully, representing a conversion rate of 46 percent. Those not transferred, as at the end of the year, was because of delays with data recapture, the only prerequisite for the process.”

According to him, for the entire year, a total of N16.05 billion was transferred to Premium Pension, representing 9.35 percent of the total assets transferred within the industry.

In his remark, Umar Sanda Mairami, managing director/CEO expressed appreciation to the Board for their untiring support to the Management team and entire Staff of the Company towards uplifting the performance geared towards building a robust PFA. He further assured that the Company would be consistent in offering premium experience to its Members.

The meeting was well attended by Shareholders, members of the Board, Executive Management, representative of the National Pension Commission (PenCom) and Messrs. KPMG Professional Services.