By Tony Obiechina, Abuja
National Insurance Commission (NAICOM) the weekend disclosed that the Insurance sector life annuity fund portfolio stood at about N323 billion at the end of the second quarter of 2019.
The Head, Commissioner for Insurance Directorate of the NAICOM, Mr Rasaq Salami disclosed this in a statement in Abuja on Saturday.
According to Salami the figure represented a growth of 17.46 per cent when 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.
He further stated that 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.
The NAICOM spokesman said that the growth during the last three years for RLA business averaged 34.28 per cent and 35.12 per cent in count and volume respectively.
He added that the RLA fund portfolio growth averaged 27.46 per cent, notwithstanding the RLA cumulative total payments of N122 billion.
