2022 PFA Corporate and Pension Fund Accounts for the year ended December 2022 – Tangerine APT Pensions

Background.

Tangerine APT Pensions Limited is the resulting entity formed from the merger of Apt Pension Funds Managers Limited and Tangerine Pensions Limited.

Analysis:

Tangerine APT Pensions ended the 2022 financial year with 264,947 RSA holders in the 7 publicly available RSA funds, an increase of 105,948 RSA holders from 158,999 accounts in 2021. Additionally, assets under management for the 7 audited Retirement Savings Accounts (RSAs) funds published was ₦185.63 billion, up 75% from ₦105.79 billion in 2021.

Performance Analysis: Company

Revenue for the fiscal year ending on December 31, 2022, amounted to ₦2.34 billion, up 56% when compared to revenue of ₦1.50 billion recorded in 2021. Total expenses increased by 61% and to reach ₦1.90 billion from ₦1.18 billion in 2021.

The company recorded a profit after tax (PAT) of ₦427 million, growing 67% from ₦256 million in 2021. As shareholders’ funds closed 2021 at ₦2.85 billion, the company raised needed to increase its shareholders funds to the new regulatory minimum of ₦5.0 billion. For the year ended December 2022 shareholders' funds closed at ₦6.71 billion following a capital injection. Return on equity (ROE) for the year 2022 was 6.36% compared to 8.98% in 2021.