Pension

IEI-Anchor Pension Says AUM Rose To N68bn In 2017 * As Gross Revenue Up 22%

L-R: Mrs. Femi Onoru, Company Secretary/Legal Adviser; Chairman of the company, Sen. (Prof.) Jonathan Silas Zwingina and Managing Director /CEO of the company, Glory Etaduovie at the event.

 

 

BY NKECHI NAECHE–-IEI-Anchor Pension Managers Limited on Friday said that it’s assets under management grew by 17% from N58Billion in 2016 to N68Billion for the financial year ended 31st December, 2017.

The chairman of the company, Sen. (Prof.) Jonathan Silas Zwingina disclosed this to shareholders during the company 6th Annual General Meeting held today in Abuja.

According to him during the year, the company became more efficient due to structural and technological infrastructure deliberately put in place to ensure efficiency and customer satisfaction.
He said the  resilience of the company is not in doubt as it continued to grow despite the steep competition in the pension industry.

He added that the spirit of this growth has been achieved thus far with the help of the management team guided by the Board. The efforts of our employees cannot also be overlooked. They have remained committed and dedicated to building the company.
In 2017, there were no changes in the Board of your company.

The board he said ensured accountability of the management through the supervision of Board Committees and strict adherence to regulatory controls and regulations.

He applauded the effort of the commission in ensuring that all operations are up and doing in the industry.

Speaking further, on its performance in 2017, the Managing Director /CEO  of the company, Glory Etaduovie said the company’s Gross Revenue increased from N544million in 2016 to N661million in 2017 – a 22% growth; while  Retirement Savings Accounts generation also increased from 10,000 generated in 2016 to 12,394opended in 2017; representing  24% growth in generation levels.

RSA Fund Unit price was not left out as it grew from N1.9411 in 2016 to N2.2124 in 2017, representing a growth of 13.98%.

The company’s Retiree Fund Unit price grew by 14.7 percent from N2.2331 to N2.5615.
However, there was a drop in ita Profit before Tax, which moved from N116million in 2016 to N45million in 2017.

Profit after Tax also fell from N81million in 2016 to N1.4million in 2017, this he said was due to capital reinjection, addition to our branch network, facelift of existing branches and outlets to meet with competitors and our Regulators standards. Our staff size also increased from 83 in 2016 to 150 in 2017.

 

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