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Pensions Alliance Profit Grows By 35%

Pensions Alliance Limited (PAL Pensions) said it grew its profit after tax by 35 per cent to N983m in the 2015 financial year despite the challenging economic environment.

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The company said its financial performance remained strong in 2015 with operating Income growing at 15 per cent to N3.04bn.

This represents a 565 basis points increase in its operating margin to 46.6 per cent.

PAL maintained assets of over N197bn as of December 2015, the pensions firm said in a statement on Tuesday.

The company’s annual report and financial statement for the year ended December 31st, 2015 were approved during its recently held 10th Annual General Meeting.

The shareholders also approved the proposal for the distribution of the profit through a dividend of N0.70k per share.

Two of the company’s directors, Mrs. HamdaAmbah and Mrs. FolashadeLaoye, were re-elected as directors of the company.

Pensions Alliance Limited is a joint venture between First Securities Discount House Limited (FSDH) (now known as FSDH Merchant Bank) and African Alliance Insurance Company Limited.

It is a licensed Pension Fund Administrator with over 10 years of professional experience in Pension Funds Administration. They were incorporated on April 14, 2005 to manage and administer retirement savings contributions of employees in Nigeria as a result of the Pension Reform Act of 2004.

They have a client base of over 350,000 and have UBA Pensions Custodian Limited as our custodian. Currently, we charge an administrative fee of N80 monthly.

The vision of the company is to be the foremost in innovation within the Nigerian Pensions industry, offering outstanding service and competitive returns.

This growth in profit might just be a huge stepping stone to achieving such aim if consistency is applied.

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