Pension

IEI Anchor Pension Assets Appreciates To N92bn

Glory Etaduovie, IEI Anchor Boss

IEI Anchor Pension Managers Limited on Tuesday announced that its Pension Assets Under Management(AUM) of IEI stands at N92 billion at the end of 2018 financial year end from N68.2 billion in 2017 year end, representing 35 per cent increase.

Speaking at the 2018 Annual General Meeting(AGM) of the company in Abuja recently, the Chairman of the company, Senator Jonathan Zwingina, said the  company maintained its growth trajectory, as its Retirement Savings Accounts also grew from 117,031 in 2017 to 131,047 in 2018.

Operations of the company, he added, ran smoothly, thereby, leading to a general growth in the company. 

“Our Assets Under Management with a 34.96% increase from N68, 231, 022, 724 Billion to N92, 081, 663, 564 Billion between January 2018 and December 2018. Operations of the company ran smoothly thereby leading to a general growth in the company. However, our Retirement Savings Accounts grew from 117,031 in 2017 to 131,047 in 2018.”

He explained further that the management of its PFA is committed to ensuring that strategies put in place are driven to continually grow the company, he promised  customers constant  engagement and satisfaction as well as working  tirelessly on delivering to its shareholders and stakeholders.

Similarly, its Managing Director/CEO, Mr. Glory Etaduovie, said its Fees earned increased from N661million in 2017 to N774million in 2018, representing a 17 percentage growth.

To him, “RSA Fund Unit price (now Fund II) grew from N2.21 in 2017 to N2.42 billion in 2018, a growth of 9.62 per cent as Retiree Fund Unit price (now Fund IV) grew to N2.85 billion, a growth of 11.44% during the year under review. Profit after Tax, he said, increased to from N1.4million in 2017 to N34.01 million – a growth of 2329% in 2018.”

He added that 2018 performance was targeted at driving and ensuring customer satisfaction, he added that, the customer service center at its head office was given a major face lift to make it more welcoming and comfortable to its clients, among other initiatives. 

In 2019, he said the Pension Fund Administrator(PFA) intends to continue in its quest to satisfy its numerous customers with a wider market base, while increasing the use of technology to reach and serve them.

“Hence, our theme for 2019 is Inclusion and Digitisation. We intend to bring everybody on board by reaching out to every segment of the economy. We will be relying more on technology to achieve this goal,” he stressed. 

On the outlook of the company in the current year, Etaduovie said, his PFA intends to key into this expected growth opportunity in the economy, by enhancing its digital reach, deepening its market and increase its physical presence in key locations. 

“We expect lots of new initiatives in the industry in 2019, as there were quite a number of such the previous year, some of which would have a resounding effect in 2019. We will continue in our strive to meet all of such demands, by deploying measures to meet them, while improving on our capacity and strategies that would help us to become pace setters in the industry,” he pointed out.

On data recapturing exercise of pension contributors, he said the exercise is challenging and it ikntended to clean up and standardise client’s data in the pension industry, while ensuring congruence with the National Identity Number (NIN) and Bank verification number (BVN), among others, to avoid identify theft and ensure greater contributor security.  

This, he stressed, essentially, would create a veritable platform for the transfer window which will test the satisfaction of each pension operator, promising that its firm will work assiduously on this. 

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