By Chiamaka Ajeamo
Great Nigeria Insurance Plc has said its annuity business grew by 8.9 per cent to over N4.7 billion for the first quarter of 2021 financial year ended March 31, 2021; as against N52.5 million recorded in the same period of 2020.
Commenting on the result, the Managing Director/CEO, Cecilia O. Osipitan, said that life annuity is a stream of periodic payments that commences at a specified date, which is either the normal retirement age or at 50 in the case of early retirement. The payment, she added, could either be monthly or quarterly depending on the retiree’s preference.
Osipitan explained that the benefits include the continuous flow of regular income for the retiree, insulation from the risks associated with the investment of lump-sum benefits, structured management of resources and the transference of the risk of diminution in assets and possible failure of investments of retirees to insurance companies that are better equipped to manage such risks.
“Insurance remains the most reliable bedrock of our existence and cultivating the culture of insurance can never be over emphasised. There is a need to call for a paradigm shift through effective sensitisation of the insuring public as it is very important to imbibe the culture of getting appropriate insurance cover to protect our assets and lives in case of any eventuality.
While restating her company’s unwavering commitment to creating value to both shareholders and stakeholders, she said, “the path through achieving growth and sustaining same is not without its challenges but with the perseverance and doggedness of every member of staff, success is guaranteed”.
Also speaking, the Corporate Communications and Brand Manager, Oyinkansola Sobande, said that retirement should be the time to live a stress-free life after years of active engagement and not a time of financial difficulties, adding that annuity sets out to protect the future of retirees through guaranteed income for as long as they live.