AIICO Insurance pays N68.1bn claims, benefits in 2025, reaffirms commitment to 28,000 annuitants

Nike Popoola

AIICO Insurance Plc has disclosed that it provides retirement income to more than 28,000 annuitants across Nigeria and paid ₦68.1 billion in claims and benefits in 2025.

The company disclosed this at its 2026 Annuitants Forum, held under the theme, “Still More to Live: Embracing Life Beyond Retirement,” where it reaffirmed its commitment to supporting retirees with financial security and wellbeing.

The forum brought together annuitants, management and staff of AIICO to discuss retirement security, life after active service and ways to maintain meaningful relationships with customers beyond the payment of benefits.

Speaking at the event, Gbenga Ilori, Executive Director, Retail Business Division, AIICO Insurance Plc, said the company’s relationship with annuitants extended beyond the payment of retirement benefits.

He said AIICO remained committed to supporting its customers through the transition into retirement by listening to their experiences, receiving feedback and understanding how to serve them better.

“At AIICO, we are much more than a company. We are a companion to our clients. We want to remain connected to you, listen to your experiences, hear your feedback and understand how we can serve you better,” Ilori said.

In his opening address, Babatunde Fajemirokun, Managing Director and Chief Executive Officer of AIICO Insurance Plc, 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.

Fajemirokun stressed the importance of annuity payments to retirees and their families, noting that the income helps them meet 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.

The company disclosed that it pays approximately ₦2.1 billion in annuity benefits monthly, amounting to about ₦25 billion over the preceding 12 months.

It also explained that its annuity fund is maintained separately from its other businesses and held by an independent, licensed pension fund custodian rather than in the company’s bank accounts.

According to AIICO, the funds cannot be used to settle other claims or pledged as security for loans, providing an additional safeguard for annuitants’ retirement income.

The forum also provided an opportunity for retirees to share their experiences and seek clarification on issues relating to their retirement income.

Josephine Igbinedion, a retiree of the Nigerian Postal Authority, commended AIICO for its services, particularly the timely payment of benefits and the opportunity for annuitants to connect with one another.

“Payments are made on time, and whenever you need assistance, you can contact AIICO. They attend to you promptly,” she said.

She added that the gathering enabled retirees to reconnect with former colleagues and receive useful updates.

Similarly, Dimeji Shoji, who switched from programmed withdrawal to annuity and attended the forum for the first time, said the explanations provided by the managing director addressed some of his concerns about inflation.

Shoji, who disclosed that he had recommended the annuity option to about seven friends, encouraged others to consider it.

“I would advise people to consider the annuity option because it provides a guaranteed income for life,” he said.

Beyond financial security, Fajemirokun urged retirees to prioritise their health, maintain relationships with friends and family, continue learning and share their knowledge and experience with younger generations.

Reaffirming the company’s commitment to its customers, he said: “You are not just our customers. You are valued members of the AIICO family.”

The company said the Annuitants Forum forms part of its broader commitment to maintaining meaningful relationships with customers beyond insurance policies and benefit payments, while supporting retirees to lead financially secure, healthy and fulfilling lives after active service.