Business

NCBIC wins third consecutive World Finance Pension Award

Wednesday, August 09, 2017

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NCBIC has received the 2017 title for the best pension fund manager in the Caribbean, for the third-consecutive time and the fifth time in seven years, having claimed the title in 2011, 2012, 2015 and 2016.

“We are truly honoured to have been selected another year. I believe this award speaks to the public's trust in us and a recognition of our aim to make the best financial decisions for our clients,” Vernon James, managing director and CEO, NCBIC said via a news release.

According to a World Finance press release on July 6, NCB Insurance Company Ltd's (NCBIC) pension fund management services are amongst the most innovative and financially stable globally.

NCBIC is the life insurance arm of the NCB Group, licensed by the Financial Services Commission (FSC) to sell life insurance, pension administration and investment management services. The company's products include insurance coverage, investment-linked insurance, pension administration, investment management services, retirement planning and annuities.

In 2016, NCBIC reported a profit increase of 17 per cent over the previous year and claimed 35 per cent of market share for life insurance.

World Finance magazine is a quarterly print and online magazine which features contributions from economists, theorists, government think tanks, and consultants. It provides comprehensive coverage and analysis of the global economy, financial industry and international business.

“The World Finance Pension Fund Manager Awards 2017 provides an insight into shifting expectations in the pensions market and celebrates the industry's most innovative players. While the future may present some problems for the sector, this year's recipients continue to thrive by offering the best services and the most pertinent insights,” the release said.

There is a growing demand for pension funds as people are living longer. Currently the population of people 60 years and older represents about 12 per cent of the global population. This is a four percentage point increase since the 1950's and is expected to increase to 22 per cent by 2050.

“As a group, we have long understood the need to keep reinventing ourselves to remain relevant in an ever evolving business landscape. This remains our mantra as we strive to better serve our clients by providing profitable products while solidifying our position as leaders in the insurance and pensions sectors,” James said.

— Hanniffa Patterson

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