Firm Pays N68.1bn Claims, Sustains Income For 28,000 Retirees

AIICO Insurance Plc disclosed that it currently provides retirement income to over 28,000 annuitants across Nigeria and paid out N68.1 billion in claims and benefits in 2025.

The company made this known at its 2026 Annuitants Forum held recently under the theme ‘Still More to Live: Embracing Life Beyond Retirement’.

The forum brought annuitants together with AIICO’s management and staff for conversations around retirement security, wellbeing and living a fulfilling life after work. The event centred on companionship, connection and conversation, reinforcing the company’s relationship with customers beyond payment of benefits.

The managing director/chief executive officer, Babatunde Fajemirokun, described retirement as the beginning of a new chapter rather than the end of an active and meaningful life.

“Retirement is not the closing chapter of our story. It is a new chapter, one with fewer deadlines and more freedom, fewer obligations and more opportunity,” he said.

He acknowledged the practical importance of annuity payments to retirees and their families, noting that the income supports essential needs and provides peace of mind.

“We understand that your annuity is not simply a payment. It might be rent, it might be medication, it might be grandchildren’s school fees, your contributions to your community, and your peace of mind. We do not take that lightly,” he said.

AIICO said it pays approximately N2.1 billion in annuity benefits every month, amounting to about N25 billion over the preceding 12 months.

The company also disclosed that the annuity fund is maintained separately from its other businesses and held with an independent, licensed pension fund custodian rather than in its own bank accounts, providing an additional safeguard for annuitants.

The forum featured testimonies from annuitants, including Mrs. Josephine Igbinedion, a retiree of the Nigerian Postal Authority, who commended AIICO for prompt payments and responsive service.

Mr. Dimeji Shoji, who switched from programmed withdrawal to annuity, said he would advise others to consider annuity for guaranteed income for life.

Fajemirokun encouraged retirees to prioritise health, maintain relationships, continue learning and share experience with younger generations.

The executive director, Retail Business Division, Mr. Gbenga Ilori noted that the company’s relationship with annuitants extends beyond payment of retirement benefits.