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CrusaderSterling Pensions Financials & RSA Performance 2024

29 October 2025

CrusaderSterling Pensions Financials & RSA Performance 2024

Executive Summary

CrusaderSterling Pensions demonstrated significant growth in 2024, driven by a 32.57% increase in Total Income, which led to a 25.49% rise in Profit After Tax. The company successfully grew its Assets Under Management (AUM) by 28.51% and saw a 4.50% increase in the number of Retirement Savings Account (RSA) holders. Performance of its investment funds was strong, particularly the Fund II (Balanced Fund) and Fund V (Micro Pension Fund). However, the company's Cost to Income ratio increased slightly, and its Fund I (Aggressive Growth Fund) performance ranked in the lower half compared to peers for the year.

Key Financial Highlights (2024 vs. 2023)

The company's core financials showed robust year-over-year growth:

Total Income: Increased by 32.57% from N5.92 billion in 2023 to N7.84 billion in 2024.
Profit After Tax (PAT): Grew by 25.49%, rising from N2.,12 billion in 2023 to N2.65 billion in 2024.
Shareholder's Funds: Expanded by 17.18% to N8.55 billion in 2024.
Return on Equity (ROE): Improved from 28.97% in 2023 to 31.03% in 2024.
Cost to Income Ratio: Worsened slightly, increasing by 4.27% to 52.36% in 2024 from 50.22% in 2023.

RSA Holders and Asset Under Management Growth

Growth in the client base (RSA Holders) and assets under management was positive:

RSA Funds AUM: Grew by 28.51% to N628,25 billion in 2024.
Number of RSA Holders: Increased by 4.50%, reaching 401,031 accounts in 2024.

RSA Fund Performance (Rate of Return)

Performance varied across the different RSA funds, with most showing improved returns in 2024:

Fund I (Aggressive Growth): 15.11% (2024) vs. 13.72% (2023)
Fund II (Balanced): 36.50% (2024) vs. 21.97% (2023)
Fund III (Pre-Retirement): 16.46% (2024) vs. 19.49% (2023)
Fund IV (Retiree): 15.57% (2024) vs. 13.63% (2023)
Fund V (Micro Pension): 25.27% (2024) vs. 6.86% (2023)
Fund VI (Non-Interest Active): 19.24% (2024) vs. 18.08% (2023)
Fund VI (Non-Interest Retiree): 10.63% (2024) (No 2023 comparison provided)

The Balanced Fund (Fund II) and Micro Pension Fund (Fund V) showed the most dramatic increases in performance. The Pre-Retirement Fund (Fund III) was the only fund to show a decline in its rate of return.

Multi-Year Financial Trends (2017-2024)

The charts provided illustrate consistent long-term growth:

Financials (2020-2024): Total Income, Profit Before Tax, Profit After Tax, and Shareholder's Funds have all shown a steady and significant upward trend over the past five years.
Ratios (2020-2024): Revenue growth peaked in 2024 at 32.57%. The Cost to Income ratio has remained relatively stable (between 50% and 53%), while Return on Equity has been strong, with 2024 (31.03%) being the highest in the 5-year period.

RSA Growth (2017-2024): Both the number of RSA holders and the total RSA Funds AUM have demonstrated consistent and strong annual growth since 2017.

Source: CrusaderSterling Pensions Financials, PenCom Reports, MoneyCounsellors® Analysis

Our data and information provided is based on public data, our regulatory intelligence effort, from our archives, and other public sources such as from Fund Managers, FMAN, Pension Fund Administrators (PFAs), PenOp, etc. We have taken care to ensure that the information is correct, but MoneyCounsellors neither warrants, represents, nor guarantees the information's contents, nor does it accept responsibility for any errors, inaccuracies, omissions, or inconsistencies contained herein. Because past performance does not predict future performance, it should not be used to make an investment decision. We make no product recommendations. No news or research item should be interpreted as a personal recommendation to buy, sell, or switch any investment. Investments and the income generated by them rise and fall in value, so you may receive more or less than you invested.