Leadway Life Assurance Ltd, has assured annuitants under its coverage of its commitment to providing them with timely payment of monthly annuity benefit throughout their life time.
The company, which has about 20,000 annuitants in its payroll, said it spends about N1billion monthly on payment of benefits to them (annuitants).
Leadway Life Assurance general manager, Tinashe Muyambo, said at the annual end of the year party organised by the company in Lagos, that Leadway will continue to fulfill its promises to its annuitants because of its understands the importance of annuity fund in every economy.
“Annuity is an important business; economist said it is the backbone of an economy because it is savings put back to economy to generate income used and given back to the annuitants.”
Muyambo said, having good understanding of importance of annuity, Leadway Assurance, has assembled professionals and actuaries from across the globe to help it understand its liabilities and investments in annuity business.
“It is very certain we will be there for life therefore we ensure we manage risk properly; comply with all regulations to ensure we generate ongoing and sustainable business for life”, he stated.
According to him, Leadway Assurance was excited to organise the forum which according to him, was the fourth in the series.
He said the annual event gives the management proper understanding of issues that arise for the annuitants during the year.
He said that at the forum, the company provides doctors and other health care personnel that attend to the health needs of the annuitants.
Leadway life Assurance, he added is aware that new annuitants are on their way; they are very much there for them.
According to him, contrary to recent allegations by some pension fund managers whose programme withdrawal system of pension benefit payment is competing with annuity that insurance companies in their bid to sell life annuity to retirees make outrageous promises, in Leadway life Assurance, all promises made to the annuitants are within regulatory lines as well as within the lines of prudent actuarial limit.
He insisted that Leadway makes promises that will enable it be there for annuitants for life.
Speaking at the event, one of the annuitants of the company, who retired from Africa Reinsurance Corporation, Olasupo Adeyoa, said she will ever remain grateful to her employer and Leadway Assurance for their guidance in her retirement benefit issues.
She said with Leadway Assurance, her retirement has been a sweet experience.
According to her, the company pays her monthly benefit on the 12th of every month , promising to recommend Leadway to other retirees for management of their annuity.