Great Nigeria Insurance Plc has said the annuity business of the underwriter increased by 8.9 per cent in the first quarter of 2021 representing over N52.5 million recorded at the same period in 2020.
Speaking on the development in Lagos, the Managing Director, Cecilia Osipitan, said that life annuity was 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. The payment, she said, could be monthly or quarterly depending on the retiree’s preference.
Osipitan explained that the benefits include the continuous flow of regular incomes for the retirees, insulation from the risks associated with the investment of lump-sum benefits, structured management of resources and the transfer of the risk of diminution in assets as well as possible failure of investments of retirees to insurance companies, which are better equipped to manage such risks.
By Rukayat Adeyemi
Lagos, May 21, 2021 Great Nigeria Insurance (GNI) Plc has grown its annuity portfolio to N4.7 billion in the first quarter of 2021.
The companyâs Managing Director/Chief Executive Officer, Mrs Cecilia Osipitan, said this in a statement in Lagos on Friday.
Osipitan said the figure indicated an increase of 8,876.05 per cent when compared with N52.5 million recorded in the corresponding period of 2020.
She attributed the performance to doggedness of every member of staff in spite of the challenges encountered during the period.
Osipitan noted that âlife annuity is a stream of periodic payments that commences at a specified date, which is either the normal retirement age or at age 50 in the case of early retirement.â
Great Nigeria Insurance Plc (GNI) said it paid a total of N501.6 million claims in the first quarter of this year.
Great Nigeria Insurance spokesperson and corporate communications/brand manager, Oyinkansola Sobande, in a statement on the total claims so far paid by the company this year, stated that claims experienced so far have been very alarming, a situation she attributed to the downturn in the economy. According to her, “every insured wants to claim at every given opportunity which impacted the company’s claims figure since the occurrence of the pandemic.”
Giving the breakdown of claims paid by the company in the first quarter of 2021, she said Group Life Insurance had the highest figure of N422 million while General Insurance business totalled N79 million.
Great Nigeria Insurance Plc has disclosed its commitment to honouring genuine claims as and when due, as its quarterly total claims pay was N501.6 million.
Speaking to The Guardian, the Head of Corporate Communications and Brand Manager (GNI), Oyinkansola Sobande, said claim obligations have increased, which he attributed to the economic downturn. x
According to her, “every insured wants to claim at every given opportunity, which has impacted the claim figures since the occurrence of the pandemic.”
The summary of the claims paid in the first quarter of 2021 shows that group life had the highest figure of N422 million while the general insurance business totaled N79m.
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