Premium Pensions Limited, a top Pension Fund Administrators (PFAs) in Nigeria, has grown its consolidated net asset portfolio by 13.69 percent to N367.768 billion at the end of 2014 financial year, as against N323.427 billion that had been reported in December, 2013.
The RSA (active) fund, which as of December 31, 2013, had a net asset value of N219.288 billion, closed the year 2014 with N268.198 billion, signifying a growth of 22.30 percent.
Also, the RSA (retiree) fund that had N41.415 billion as of the end of the year 2013, recorded a decline of N1.144 billion or 2.76 percent to close the year with a net asset value of N40.271 billion, while the legacy fund that had N62.770 billion in 2013 financial year decreased to N57.898 billion or a 7.76 percent decline in growth.
Meanwhile, the number of RSAs registered by the company both in the public and private sector organisations increased from 613,449 as of December, 2013, to 662,628 during the review year, out of which a total of 514,446 RSA’s were funded while 148,162 were still being persuaded for funding.
Aliyu Dikko, chairman of the company who disclosed this at its 10th annual general meeting in Abuja, said the company continues to perform very well despite the harsh economic environment, attributing the slow growth of RSA to withdrawal of investment and closure of companies in insecurity ridden parts of the country.
“Our company has maintained its enviable position as one of the leading PFAs in Nigeria. Despite the declining employment opportunities that had negatively impacted on our business generation drives, the company has expanded its horizon in terms of funds under management and number of Retirement Savings Accounts,” Dikko said.
During the year under review, the turnover for the company grew from N4.226 billion in 2013 to N5.252 billion, resulting in a growth of 24.28 percent, profit before tax grew from N2.351 billion in 2013 to N2.609 billion, signifying a growth of 10.97 percent, while profit after tax grew from N1.625 billion to N1.766 billion or a growth of 8.68 percent.
The above impressive performance is a reflection of the various strategies the company had adopted and the commitment of the board, management and staff in ensuring that new businesses were won and existing customers well served through the delivery of superior customer service, Dikko said.
Meanwhile, shareholders approved a dividend of N2.00 per share gross, making the seventh time in a series that the company paid dividend. “Shareholders would agree with me that this is a remarkable improvement over the dividend of one naira, twenty kobo per share paid in respect of the accounts for the year ended 31st December 2013,” he said.
According to him, one of the key projects undertaken within the year under review is the strategic upgrade of CPAS v5.0 to v5.7, which involves a total rebuilding of the operating system, hence we can rightly say that it is the acquisition of a brand new Corporate Enterprise Pension Management Application.
The new CPAS is web-based and covers the entire gamut of pension management modules, from client administration/processing to funds and investment management up to benefits administration.
To the chairman, relevant members of staff are being trained in Canada to be well grounded in the operations of the new application. In the same vein, the company embarked on major infrastructure upgrade of other IT resources that saw the company acquiring the most modern storage system from the HP stable.
These and many more including a robust Data Protection, Disaster Recovery and Business Continuity Plan have all been implemented and are functional.
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