Premium Pension Holds 17th AGM, Grows Asset To N885.5bn

Despite economic challenges in 2021, Premium Pension Limited (PPL) maintained its position as one of the leading Pension Fund Administrators (PFA), by growing its assets under management (AUM) by 12.34 per cent.

The AUM grew by N97.25 billion to N885.05billion from N787.80billion in 2020, representing a year-on-year growth rate of 12.34 per cent, a significant performance relative to industry growth of 9.1 per cent.

Mr Ibrahim Alhassan Babayo, Chairman, Board of Directors of Premium Pension Limited disclosed this at its 17th Annual General Meeting held in Abuja.

According to him, the total number of Retirement Savings Accounts (RSAs) registered in both the public and private sector organizations as of 31st December 2021 stood at 754,888 representing 7.92 per cent of the industry total.

“Of the total RSAs, 453,466 had been funded as of the end of 2021, while the remaining are being engaged for funding,” He reiterated.

In terms of revenue, Premium Pension recorded a 8.33 per cent increase to N8.483billion in 2021 from N7.831billion in 2020, resulting in a Profit Before Tax (PBT) of N2.999 billion, up by a marginal 1.00 per cent year-on-year, while Profit After Tax (PAT) stood at N1.958 billion, a 3.58 per cent decline from previous year levels.

From the profit, the Company Board of Directors approved a dividend of N1.80 per share translating to N1.18 billion.

Babayo disclosed at the meeting that Premium Pension Limited closed the year 2021 as a net gainer in the transfer window in all quarters, stating that it was an outstanding feat, no doubt.

He said, “out of 9,139 individuals that expressed interest to migrate their account to Premium Pension, 4,159 were transferred successfully, representing a conversion rate of 46 per cent. Those not transferred, as at the end of the year, was because of delays with data recapture, the only prerequisite for the process.”

According to him, for the entire year, a total of N16.05 billion was transferred to Premium Pension, representing 9.35 per cent of the total assets transferred within the industry.

In his remark, the Managing Director and Chief Executive Officer Mr Umar Sanda Mairami expressed appreciation to the Board for their untiring support to the Management team and entire staff of the Company towards uplifting the performance geared towards building a robust PFA. He further assured that the Company would be consistent in offering a premium experience to its Members.

The meeting was attended by Shareholders, members of the Board, Executive Management, representatives of the National Pension Commission (PenCom) and Messrs. KPMG Professional Services.