Special report on leading insurance and pension companies in Nigeria
The inevitability of risk in human life gave rise to the concept of insurance; a contract whereby the Insurer undertakes to indemnify the Insured or the Assured against risk of loss, damage and liability. No doubt that Nigerians are becoming more sensitive to the need for risk protection, hence, they need to be constantly reminded that insurance has value due to its wealth protection mechanism. That the insurance industry has ensured that many businesses survive grave losses is like stating the obvious.
However, citizens are worried about the ability and willingness of insurance companies to pay claims promptly. And with the policy holders (existing and potential customers) of insurance in Nigeria categorized into: those who do not know about insurance and those who know but have negative impression, it is important to constantly enlighten the public on the essence of insurance.
Meanwhile, some industry watchers claim that the industry is financially weak, economically underperforming and socially inactive. Compiled by NNEKA IKOKIDE, it is also evident that some insurance companies are leaders in the industry. One of such is Prudential Zenith Life Insurance.
PRUDENTIAL ZENITH LIFE INSURANCE LIMITED
Prudential Zenith Life Insurance Limited is part of Prudential plc, one of the oldest and most strongly capitalised life insurance companies in the world. We aim to remove uncertainty from life’s big events, providing customers with the freedom to face the future with greater confidence. We are committed to meeting the long-term savings and protection needs of families and businesses in Nigeria. Prudential Zenith Life provides a range of insurance and investment-linked savings products designed to suit corporate and individual customers’ budgets. Whether someone is starting a family, saving for a child’s education or planning for old age, we provide customers with financial peace of mind.
Prudential Zenith Life launched in Nigeria in 2017, following Prudential’s acquisition of a majority stake in Zenith Life. We have an exclusive partnership with Zenith Bank and launched bancassurance sales 2 years ago. This means that customers can now purchase life insurance products at over 270 Zenith Bank branches across Nigeria, making it even more convenient for Nigerians to access meaningful life cover.
Similarly, pension, a regular payment from an employee’s retirement from an investment fund to which the employee and their employer(s) contributed during their time as an active member of the labour force, is currently a focal point of discussion. Monthly, workers sees a deduction on their pay slips termed as Pension Contribution; a scheme established by Pension Reform Act 2014 (PRA) whereby the employers and their employees contribute minimum percentages of the employee’s salary- 10 percentage and 8 percentage respectively. Having a pension plan is one of the most secure insurance policies for one’s future upon retirement. While some Nigerians are aware of its benefits and saving for their future, Stanbic IBTC Pension Managers Limited is one of the topnotch in the Nigerian market.
STANBIC IBTC PENSION MANAGERS LIMITED
Stanbic IBTC Pension Managers Limited (SIPML) is a licensed Pension Fund Administrator (PFA) set up with the primary objective of delivering quality pension fund administration and management services to both private and public sector employees covered by the Pension Reform Act 2014. Incorporated on 19 May 2004, SIPML is a subsidiary of Stanbic IBTC Holdings PLC (a member of the Standard Bank Group) and enjoys a rich heritage derived from the Group’s extensive and proven track record in money management and long-held values of protection and enhancement of customers’ wealth. SIPML has an authorized and paid-up capital of N1 billion, in line with the minimum requirement of N1 billion. The company is a joint venture between Stanbic IBTC Holdings PLC and Linkage Assurance PLC. SIPML is 88.24% owned and managed by the Stanbic IBTC Group. The combined net worth of the company’s shareholders is over N160 billion.
Quality Statement: SIPML is the largest pension fund administrator in Nigeria by assets under management (AUM) and number of contributors and is committed to being the best pension solutions provider in Nigeria. SIPML seeks to achieve this by ensuring safety of funds, delivering competitive risk adjusted returns and providing consistent quality service through innovative and customer focused people. SIPML’s Management is committed to quality and the continual improvement of the systems and processes for delivering value to all its stakeholders.
Our Services and channels: With the dedication and expertise of its staff members, Stanbic IBTC Pension Managers remains the market leader in the pension administration industry; with over N2.9 trillion Assets Under Management (AUM) and over 1.7 million retirement saving account holders. The company provides Retirement Savings Accounts (RSA); Voluntary Contributions (VC); and Approved Employee Schemes (Gratuity and Provident Fund Schemes). Its ability to provide simpler, more convenient, faster and cost effective pension solutions to customers, gives it an edge in the industry. Stanbic IBTC Pension Managers’ provides convenient access via its channels which include: 24/7 multilingual call center where our representatives attend to customers in various languages; Representative offices in all 36 states of the federation and the Federal Capital Territory; Pension-on-Wheels, also known as the mobile pension office; Other access channels include the company website, the Stanbic IBTC Mobile App, online chat, email service and SMS 30388 short code service.