The board and management of Great Nigeria Insurance Plc says its annuity insurance portfolio has grown by over 14,845 per cent in five years.

It said this in a statement titled ‘Press release over false and misleading publication against GNI Plc’.

GNI said in the statement that its attention had been drawn to a publication (not The PUNCH), that its annuity insurance business had been acquired by a rival insurance company.

In a statement, it noted that the publication said GNI Plc and Tangerine Africa annuity businesses had been acquired by the insurance company.

GNI stated that, “This development is a crude attempt by an unscrupulous competitor to demarket our brand and shrink our share of the annuity insurance market.

“In the last five years, our annuity insurance portfolio has grown steadily by over 14,845 per cent, and our annuitants have been enjoying value added services.

“In view of the foregoing 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, neither does it intend to partner with any insurance company or companies in the annuity insurance market.”

GNI said it was not in any kind of partnership or merger discussion with any insurance company regarding its annuity insurance portfolio.

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