Insurers get N524.55bn premium from annuitants


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Chuks Udo Okonta

The total premium transferred to insurance companies from inception of the Contributory Pension Scheme (CPS) to December 31, 2021 stood at N524.55 billion, National Pension Commission (PenCom), has said.

PenCom said this in its 2021 annual report, adding that in 2021, 9,220 retirees who opted for life annuity received a total sum of N29.35 billion as lump sum while a total sum of N60.02 billion was paid as premium to insurance companies in exchange for monthly annuity receipts of N610 million.

The pension sector regulator noted that the total number of retirees on annuity increased from 83,568 in 2020 to 92,788 as at December 31, 2021, stressing that a breakdown of the total number of retirees showed that the FGN retirees accounted for 51,976 (56.02 per cent), the States Government retirees accounted for 11,320 (12.20 per cent), while the private sector retirees accounted for 29,492 (31.78 per cent).

It maintained that the cumulative monthly annuity being received by retirees from inception to 31 December 2021 was N5.23 billion, after the receipt of cumulative lump sum of N156.97 billion.

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