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Chuks Udo Okonta
AIICO Pensions Limited total funds under management increased 21 per cent in 2016, moving from N64.2 billion to N78.1 billion, the Managing Director AIICO Insurance Plc, Edwin Igbiti, has said.
He disclosed this at the underwriting firm’s 47th Annual General Meeting (AGM) in Lagos, adding that the Pension Fund Administrator (PFA) ranked 13th in the industry by fund under management, with a market share of 1.4 per cent.
He said the PFA currently has a physical presence in 25 states, stressing that it’s total revenue in 2016 were N994 million, up by 15.8 per cent from 2015’s 882 per cent from N17.5 million in 2015 to N172 million in 2016.
Igbiti noted that the private sector continues to drive its new business with over 90 per cent of the new customers. This, he said is crucial as the cash crunch in government continues.
“We believe that opportunities remain in the pensions industry especially with the large informal sector in the country,” he added.