PFA increases Assets Under Management with N97.25 billion

A pension fund administrator (PFA), Premium Pension Limited (PPL), has strengthened its financial position in the pension industry, as its assets under management (AUM) increased by 12.34 per cent in 2021.

Its AUM grew by N97.25 billion to N885.05 billion from N787.80 billion in 2020, a significant performance relative to industry growth of 9.1 per cent.

The Chairman, Board of Directors, Ibrahim Alhassan Babayo, revealed this at its 17th yearly general meeting held at the weekend in Abuja.

He explained that the total number of retirement savings account (RSAs) registered in both the public and private sector organisations as at December 31, 2021, stood at 754,888, representing 7.92 per cent of the industry total.

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

In terms of revenue, Premium Pension recorded a 8.33 per cent increase to N8.483 billion in 2021 from N7.831billion in 2020, resulting in a profit before tax of N2.999 billion, up by one per cent year-on-year, while profit after tax stood at N1.958 billion, a 3.58 per cent decline from previous year’s performance.