GNI debunks report on acquisition of its annuity business

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Chuks Udo Okonta

The Board and Management of Great Nigeria Insurance Plc have debunked a publication making the rounds that the firm’s Annuity Insurance business has been acquired by a rival insurance company.

A statement by the firm noted that the said publication is to the effect that GNI Plc and Tangerine Africa Annuity businesses have been acquired by this particular Insurance Company.

This development is a crude attempt by an unscrupulous competitor to demarket our brand and shrink our share of the Annuity Insurance market, the statement said.

The statement submitted: “In the last five years, our Annuity Insurance portfolio has grown steadily by over 14,845 per cent and our Annuitants have been enjoying value added services.
In view of the foregoing there is no basis for transferring our Annuity business to another company in the industry. We want to state emphatically that GNI Plc has not and does not intend to sell-off its Annuity business Portfolio, neither does it intend to partner with any Insurance company or companies in the Annuity insurance market.

This release therefore serves as a categorical disclaimer that our Company is not in any kind of partnership or merger discussion with any Insurance company regarding our Annuity Insurance Portfolio.

We call on all our intermediaries and Clients to disregard any information regarding the transfer or acquisition of GNI’s Annuity Insurance Portfolio.”

Great Nigeria Insurance Plc is poised to continue in its well known tradition of delivering qualitative insurance services to its esteemed customers.

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