The Retiree Life Annuity (RLA) portfolio of Nigerian Insurers recorded a total of 83,917 contracts purchased for premium of N376.5 billion as at end of Q2, 2020.
This depicts 2.69 percent and 1.58 percent growth in count and volume, respectively in Q2, 2020 from end of Q1, 2020. While the industry fund portfolio grew by 15.34 percent from N401.5 billion in Q1, 2020 to N463.1 billion at the end of Q2, 2020.
The year on year growth during the last three years for RLA business averaged 25.45 percent in volume, while RLA fund portfolio growth has averaged 37.22 percent notwithstanding the RLA payouts made (i.e. cumulative total payments of N167.2 billion as at end of Q2, 2020).
The RLA premium receipts and portfolio fund balance depicts a clear representation with the fund balance (i.e. ₦463.1 billion) being higher than the cumulative premium amounts received (i.e. N376.5 billion) notwithstanding the cumulative annuity payouts earlier stated.
Retiree Life Annuity can be purchased from a Life Insurance Company licensed by the National Insurance Commission (NAICOM) and authorized to sell RLA under the regulation on retiree life annuity.