IEI-Anchor Pension grows by asset by over 19%

The Chairman of the IEI-Anchor Pension Managers Limited, Sen. Jonathan Zwingina, has noted that despite the economic challenges in 2015, the company made appreciable improvement with assets growth of 19.8 per cent or N46.500billion against N39. 026billion recorded in December, 2014.

Furthermore, the company grew its Retirement Savings Account (RSA) generation by 12 per cent with 83,568 Accounts against 74,901 Accounts in 2014.

Zwingina made the observations at the Annual General Meeting of the company for the financial year ended December 2015, during which he said the Board had taken proactive measures to ensure it maintained profitability thereby enhancing shareholders’ value.

He said: “The Board has continued to maintain its oversight functions, in ensuring proper risk management, accounting and financial management through its various Board committees with a view to ensuring strict compliance with its business strategies and other guidelines. As a part of its fiduciary responsibilities, the Board has maintained its unwavering commitment to safeguarding the assets entrusted to it.

“Our Assets under management grew from over N39.026billion in December 2014 to over N46.500billion in December 2015 with a 19.8 per cent growth rate. Our average growth in return on investment (benefit derived from a resource) was above industry average.
“Your company also moved from a loss position of N17 million in December 2015, to the unaudited financial statement position as at 30 September 2016 to a profit of N98 million. This is a remarkable turnaround of the company’s fortunes by the new management.”

Also, the Managing Director of the company, Glory Etaduovie, noted that despite the overwhelming changes, 2015 recorded a modest growth in revenue by about 22 per cent to N450 million in 2015, up from N370 million in 2014, just as the previous loss position of N24.6 million was reduced to N16.8 million.

Explaining that the company’s performance in 2015 gave hope for more improvements in 2016, she said: “Our September 2016 unaudited account shows promise of a profitable year, as we have recorded a profit before tax of N98 million. The Shareholders fund improved in 2016 from a decline position of N1.217 billion to N1.275 billion.

“This experience informed our planned theme for 2017 ‘Prism of possibilities.’ We have left 2015 behind and taken lessons. There is a wide spectrum of initiatives and opportunities in 2017, despite the seeming doldrums. We are optimistic that the economy would wake up from the shocks of reality it is going through.”