Axa Mansard Insurance restarts annuity business
Annuitants and diversified clients seeking for greater value in insurance annuity have cause to opt for optimized service delivery, as Axa- Mansard Insurance Plc, has recommenced sale of Annuities.
AXA Mansard Insurance Plc revealed to Daily Times Nigeria that it has recommenced the sale of Annuities nationwide in line with the joint guidelines released by the National Insurance Commission (NAICOM); and the National Pension Commission (PenCom).
Axa-Mansard Insurance is one of the leading insurance companies in Nigeria; and a member of the AXA Group, a global leader in insurance and asset management.
AXA Mansard’s Annuity offering ensures regular payments in retirement for the duration of a person’s life providing security and peace of mind.
Chief Executive Officer, Mr. 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 Nigerian public, who will benefit from the strength, expertise and security of AXA Mansard and the AXA Group”.
The company 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 NAICOM, its resolve to bring annuity assets of insurance companies under the custody of Pension Fund Custodians (PFCs), culminating 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 and the company has expressed confidence in its ability to meet all annuity commitments.
Ahmed further stated that, “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.”
Bonny Amadi
