Insurance Firm Pays N8.9bn In Claims, Annuity Benefits In 2025

Stanbic IBTC Insurance Limited paid N8.9 billion in death claims and annuity benefits in 2025, extending five years of growth in the value and volume of payments made to policyholders and beneficiaries.

Of this amount, N1.59 billion covered 1,162 death claims, while N7.37 billion went towards 4,824 annuity payments to retirees under the company’s annuity policy. In total, the company made 5,986 payments during the year, with the value paid rising by 68.3 per cent from N5.33 billion in 2024.

The steady increase in both the value and volume of payments reflects the growing scale of the business and its ability to meet a rising number of policyholder obligations.

Speaking on the 2025 performance, the chief executive, Stanbic IBTC Insurance, Akinjide Orimolade, said behind every payout is a family, a retiree or a beneficiary the company has been able to support at an important moment.

“Five years ago, we paid N358 million in claims and annuity benefits. In 2025, that figure was N8.96 billion, more than 25-fold growth.

“Death claims have grown more than eightfold in value and more than twentyfold in number over that period, while annuity payments have grown more than 40-fold in value and nearly ninefold in number. That growth reflects both the scale the business has reached and the responsibility that comes with serving more customers, a responsibility we take seriously,” Orimolade said.

The performance comes as the company moves into its next phase of growth following a successful recapitalisation exercise, which has strengthened its capital position and enhanced its capacity to build on this foundation.

The strengthened capital base will support investment in policy administration, claims management and customer service infrastructure, while creating greater capacity to expand the company’s life insurance and retirement income businesses. This growth will continue to be pursued alongside prudent underwriting and risk management.

Orimolade added, “having paid over N20 billion in claims and annuity benefits over the past five years, our successful recapitalisation puts us in an even stronger position to build on this progress.

“It gives us greater capacity to serve more customers, grow our life insurance and retirement income businesses, continue meeting our obligations to policyholders as the business expands, while maintaining the discipline and service standards they expect from us.”