AIICO to drive potential in PenCom annuity
…As annuity asset hits over N30 billion
A leading underwriting firm, AIICO Insurance, said it has resumed the writing of PENCOM Regulated Annuity business. AIICO and its appointed First Pension Custodian (PFC), obtained the nod from PENCOM to recommence the sale of the product nationwide.
The AIICO Annuity product is designed to pay customers for the entire duration of their life, no matter how long they live.
The Head of Retail, Sola Ajayi, said: “We are open for business nationwide and have already started booking new annuity sales from all Pension Fund Administrators (PFAs). We are committed to the eradication of old age poverty in Nigeria, one person at a time..”
AIICO Insurance is one of the pioneers of Annuity in Nigeria, having started Annuity sales in 2013. The business has over 7,500 annuitants who are being paid monthly annuities.
AIICO Insurance asset backing annuity liabilities is in excess of N30billion, which is a testament to AIICO’s commitment to ensure that all future commitment will be met as at when due.
On commission payment due to brokers and agent, Ajayi said PenCom and the National Insurance Commission are still working on the final details of the guideline to ensure that the complaints of operators are met.
He expressed the hope that when released, the guideline will address the needs of all stakeholders in the annuity business.
“We thank all our existing customers; we will continue to be there for them and say a hearty welcome to all our intending customers,” said the Chief Operating Officer, Babatunde Fajemirokun.
AIICO Insurance is a leading life insurer in Nigeria. Founded in 1963, it provides life and health insurance, general insurance, investment management and pension management services, as a means to create and protect wealth for individuals, families and corporate customers.
AIICO has the largest agency workforce in the industry, and has branches in 20 states across Nigeria.
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