GNI Assures Policyholders On Custody Of Annuity Business

Great Nigeria Insurance (GNI) Plc has assured its policyholders and stakeholders that its Annuity business still remains with the insurer, contrary to erroneous reports that it has transferred the business to a rival underwriter.

GNI, in a statement made available to LEADERSHIP yesterday, noted that a publication making the rounds that GNI)’s Annuity Insurance business has been acquired by a rival insurance company is false.

It stressed that the said publication is to the effect that GNI Plc and Tangerine Africa Annuity businesses have been acquired by this particular insurance company.

Stating that the development is a crude attempt by an unscrupulous competitor to demarket its brand and shrink  its share of the Annuity Insurance market, it added that, in the last five years, its Annuity Insurance portfolio has grown steadily by over 14,845 per cent and its annuitants have been enjoying value added services.

In view of the  foregoing, it stressed that, “ there is no basis for transferring our Annuity business to another company in the industry.

We want to state emphatically that GNI Plc has not and does not intend to sell-off its Annuity business Portfolio, nor does it intend to partner with any Insurance company or companies in the Annuity insurance market.”

GNI Plc, it said, is not in any kind of partnership or merger discussion with any Insurance company regarding its Annuity Insurance Portfolio.

“We call on all our intermediaries and Clients to disregard any information regarding the transfer or acquisition of GNI’s Annuity Insurance Portfolio,” it said.