Life Annuity Records 73,554 Contracts Purchase For N341.6bn Premium As At Q2 2019
The Nigerian Insurance Industry Retiree Life Annuity (RLA) portfolio has recorded 73,554 contracts purchased for N341. 6 billion Premium as at end of second quarter of 2019.
A statement signed by the Head, Commissioner for Insurance’ Directorate, Mr Rasaaq Salami has revealed.
According to him, “The RLA portfolio so far has recorded 73,554 contracts purchased for a total premium of N341. 6 billion as at end of second quarter of 2019.”
This, he said, represents a 13.02 per cent and 6.21 per cent growth in count and volume respectively in 2019 from end of fourth quarter 2018.
Salami said the cumulative total Retiree Life Annuity (RLA) payouts stood at N122 billion as at the end of second quarter of 2019.
He revealed that the insurance industry life annuity fund portfolio has risen to N322.9 billion as at the end of second quarter of 2019, representing a growth rate of 17.4 per cent when compared with N274.9 billion recorded as at end fourth quarter of 2018.
He said “The RLA market has been in existence since the advent of the Contributory Pension Scheme (CPS).
He said “The growth during the last three years for RLA business has averaged 34.28 per cent and 34.12 per cent in count and volume respectively, while RLA fund portfolio growth has averaged 27.46 per cent notwithstanding the RLA payout made ( i.e. cumulative total payments of N22 billion as at end of second quarter of 2019).”
