Norrenberger Pensions has announced strong growth in assets under management and registered contributors for 2022.
The pension fund manager grew its assets by 17% to N143.4 billion by the end of 2022, up from N120.8 billion a year earlier.
Total registered contributors also increased by five per cent to 154,481 from 146,756 over the same period.
“Despite the challenges in the year under review, Asset Under Management (AUM) grew by 17% to N143.4 billion in 2022 from N120.8 billion as at December 2021,” said MD/CEO Hamish Bala Idris in an AGM report
He said the company attributed the growth to prudent strategic financial management in a difficult operating environment.
According to him, the company expects financial performance to improve in 2023.
“Norrenberger Pensions also announced strong payouts of retirement benefits during the year, totaling N1.57 billion paid to over 6,000 contributors.
“This included lump sum payments, death benefits, programmed withdrawals and annuity purchases.
“The company completed recapitalization in 2022, increasing share capital to N6.2 billion. Norrenberger Financial Group also acquired a 50% stake in International Energy Insurance through its investment arm.”
Speaking on challenges, the Managing Director revealed that contributory Pension Scheme (CPS) is still being hampered by the challenge of funding Retirement Savings Accounts (RSAs) both in the private and public sectors There is the delay or non-remittance of deducted Pension contributions by employers of labour, This accounts for unfunded RSAs.
He revealed that only a few state governments were in full compliance with the provisions of the Pension Reform Act 2014. We are hopeful that those in authority in non-compliant states see the gains of the scheme and enrol their staff for long-term benefits.
Chairman of the company, Ibrahim Bala applauded the 2022 results, adding that the company underwent a significant transformation with the acquisition of a 50 per cent stake in International Energy insurance Pic. by Norrenberger Financial Group through Norrenberger Advisory Partners.
This strategic move took place in the context of regulatory changes, notably the increase in the minimum share capital for pension fund operators by the National Pension Commission.
He disclosed that the company embarked on comprehensive restructuring of the organisation in line with Norrenberger’s strategic objectives in the pension sector.
“As a result of these efforts, our company’s share capital was further increased to N6.2 billion by September 2022”
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