According to the National Insurance Commission (NAICOM), the insurance sector life annuity fund portfolio stood at about N323 billion at the end of the second quarter of 2019. “Within the same period under focus, the cumulative total Retiree Life Annuity (RLA) payouts stood above ₦122 billion as at end of the second quarter of 2019,” he said. “This depicts 13.02 per cent and 6.21 per cent growth in count and volume, respectively, ” he said. He noted that the RLA fund portfolio growth averaged 27.46 per cent, notwithstanding the RLA cumulative total payments of N122 billion. The product can be purchased from a Life Insurance Company licensed by the NAICOM and authorised to sell RLA under the regulation of retiree life annuity.

Source: The Guardian January 06, 2020 04:17 UTC