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AIICO Insurance paid ₦68.1bn in claims and benefits in 2025 and provides regular retirement income to more than 28,000 annuitants.
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The insurer pays about ₦2.1bn in annuity benefits monthly, or about ₦25bn over 12 months.
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At its 2026 Annuitants Forum, the company highlighted timely payments, customer feedback, and retirees’ financial wellbeing.
October 27, (THEWILL) – AIICO Insurance Plc paid ₦68.1bn in claims and benefits in 2025 and provides regular retirement income to more than 28,000 annuitants across Nigeria, as the insurer seeks to sustain financial security for customers after they leave paid employment.
The company disclosed the figures at its 2026 Annuitants Forum, where it reaffirmed its commitment to supporting retirees through regular annuity payments and continued customer engagement.
AIICO said it pays about ₦2.1bn in annuity benefits monthly, totaling about ₦25bn over the preceding 12 months.
The forum, themed “Still More to Live: Embracing Life Beyond Retirement,” brought together annuitants, management and staff to discuss retirement security, wellbeing and life beyond formal employment.
Speaking at the event, Executive Director, Retail Business Division, AIICO Insurance Plc, Gbenga Ilori, said the company’s relationship with annuitants extended beyond the payment of retirement benefits.
“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.
Annuity payments support retirees’ expenses
Managing Director and Chief Executive Officer of AIICO Insurance, Babatunde Fajemirokun, described retirement as a new phase of life rather than the end of an active and meaningful existence.
“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 said annuity payments supported essential expenses, including rent, medication, and school fees, while providing retirees with a predictable source of income.
“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,” Fajemirokun said.
Annuities provide retirees with regular payments in exchange for an agreed pension arrangement, helping them plan expenses after leaving paid employment.
At the forum, retiree Josephine Igbinedion, formerly of the Nigerian Postal Authority, commended AIICO for its service and opportunities for retirees to remain connected.
“Payments are made on time, and whenever you need assistance, you can contact AIICO. They attend to you promptly,” she said.
Dimeji Shoji, who switched from programmed withdrawal to an annuity and attended the forum for the first time, said explanations from the managing director had addressed some of his concerns about inflation.
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Insurer stresses engagement beyond payments
AIICO said the forum was designed to give customers an opportunity to share experiences, raise questions about retirement income and provide feedback on its services.
Fajemirokun also encouraged retirees to prioritise their health, maintain relationships with family and friends, continue learning and share their experience with younger generations.
The company said its engagement with annuitants formed part of a broader effort to maintain relationships beyond financial transactions.
While regular annuity payments provide a predictable income stream, retirees’ purchasing power can still be affected by inflation and rising living costs.
Continued engagement and clear communication about retirement income are therefore important to helping customers manage their finances in retirement.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
