AXA Mansard resumes annuity business
A global leader in insurance and asset management, AXA Mansard Insurance Plc, has resumed the sale of annuities business nationwide in line with the joint guidelines released by the National Insurance Commission (NAICOM), and the National Pension Commission (PenCom).
AXA Mansard’s Annuity offering ensures regular payments in retirement for the duration of a person’s life providing security and peace of mind.Commenting on the development, the Chief Executive Officer, Kunle Ahmed, said: “We are pleased to recommence sales of our annuity products. We welcome the opportunity to continue our business relationship with all Pension Fund Administrators (PFAs) and our business partners nationwide in providing this much needed service to the Nigeria public, who will benefit from the strength, expertise and security of AXA Mansard and the AXA Group.”
AXA Mansard Insurance is an early pioneer of the annuity business in Nigeria, obtaining its license back in 2007, and commencing sales activities in 2010. The company has since grown its portfolio over the last seven years.
However, in October 2016, PenCom communicated to the National Insurance Commission (NAICOM), its resolve to bring annuity assets of insurance companies under the custody of Pension Fund Custodians (PFCs). This culminated in a joint circular issued on March 20, 2017 by both NAICOM and PenCom directing all life insurance companies underwriting Life Annuity business under the Pension Reform Act (PRA) 2014, “to transfer all annuity assets under their custody to licensed PFCs as mandated by the pension law.”
The Circular stated that the PFCs shall have custody of annuity funds, and directed insurance companies underwriting annuity to transfer such funds to PFCs of their choice. In line with this, the approval and release of funds for annuity requests was put on hold until insurance companies open operational accounts with PFCs to receive new premium.
Today, AXA Mansard is in compliance with these requirements has expressed confidence in its ability to meet all annuity commitments. Ahmed further said: “We assure all our customers that their annuity payments will continue to be met as at when due, and we appreciate our customers for their continued patronage.
“In line with our Group’s principle of being more of a partner than a payer, we will be unveiling some valued added services for our retirees in due course.”
AXA Mansard is a member of the AXA Group, a global leader in insurance and asset management.