Norrenberger Pensions grows assets by 17%, contributors 5%

Norrenberger Pensions said its assets grew by 17%, while total contributors increased by 5%, under the 2022 financial year.

Hamisu Bala Idris, the Managing Director/CEO, Norrenberger Pensions Limited formerly Anchor Pension Managers Limited, stated this in Abuja.

He disclosed that the “company performed excellently because of prudent strategic financial management despite the fragile business environment in the year under review.”

The company also grew its registered contributors to 154,481 in December 2022 from 146,756, in December 2021, representing an absolute growth of 7,725 (5%).

“Despite the challenges in the year under review, Asset Under Management (AUM) grew by 17% to NI43.4 billion in 2022 from NI20,089billion as at December 2021.

He assured that the company will continue to satisfy esteemed customers and ensure that benefits are paid as and when due, adding that “Payment to our retirees and other contributors are done as and when due without hitches”.

He announced that the company paid out a total sum of N7.97billion in various benefits to over 13,459 contributors since inception in 2006.

As for 2022, the company paid a total sum of N385 million as Lump sums and Arrears to 115 retirees, N269 million as death benefits to 78 beneficiaries, N28 million was paid as Enbloc to II7 beneficiaries, N141 million paid as temporary access (25% payment) to 378 contributors for loss of jobs.

Ibrahim Bala, Chairman of the company, applauded the 2022 results, adding that the company underwent a significant transformation with the acquisition of 50% stake in International Energy insurance Plc 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 organization 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 N62bn by September 2022.”