BY NKECHI NAECHE ESEZOBOR–-Nigeria’s lead underwriter, Great Nigeria Insurance Plc has recorded an impressive figure by significantly growing its Annuity portfolio by 8,876.05% in Q1 2021.
According to statement released by the insurer and made available to BusinessToday Online that the company reported
over N4.7 Billion when compared to N52.5million recorded in same Q1 2020.
Speaking on its performance, the Managing Director/CEO, Mrs. Cecilia O. Osipitan explained 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. This payment, she said, could either be monthly or quarterly depending on the retiree’s preference.
According to her, 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 which are better equipped to manage such risks.
In her words, “Insurance remains the most reliable bedrock of our existence and cultivating the culture of insurance can never be over emphasized”.
“There is a need to call for a paradigm shift through effective sensitization 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.
Mrs. Osipitan reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In her words, “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”.
She conclusively stated that excellent service delivery remains the watchword at Great Nigeria Insurance Plc just as the company is committed to operating under very ethical and professional standards as far as the Industry is concerned.
While thanking the numerous Shareholders for their support and understanding over the years, she equally solicited for the continued patronage of its teeming customers across the country and beyond.
Also, Corporate Communications and Brand Manager, Oyinkansola Sobande mentioned that retirement should be the time to live that stress-free life after years of active engagement and not a time of financial difficulties. Annuity sets out to protect the future of retiree through guaranteed income for as long as they live.
