AIICO Insurance Plc says it paid ₦68.1 billion in claims and benefits in 2025 and provided retirement income to at least 28,000 annuitants across Nigeria, highlighting its role in supporting retirees and other policyholders.
The company’s Chief Executive Officer, Mr Babatunde Fajemirokun, disclosed this at AIICO’s 2026 Annuitants Forum held on Friday, according to a statement made available to the News Agency of Nigeria (NAN) in Lagos on Monday. The forum, themed “Still More to Live: Embracing Life Beyond Retirement,” focused on retirement income and helping retirees make the most of life after active service.
Fajemirokun said annuity payments remained important to retirees and their families, helping them meet essential expenses such as rent, medication, school fees and community contributions.
“We understand that your annuity is not simply a payment. It might be rent, your grandchildren’s school fees, your contributions to your community, and your peace of mind. At AIICO Insurance, we do not take that lightly,” he said.
He described retirement as the beginning of a new phase of life and encouraged retirees to embrace opportunities for personal fulfillment beyond their years of active service.
“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 urged retirees to prioritise their health, maintain relationships with family and friends, continue learning and share their experiences with younger generations.
He also reaffirmed the company’s commitment to maintaining relationships with annuitants beyond the payment of retirement benefits.
The Executive Director of AIICO’s Retail Business Division, Mr Gbenga Ilori, said the company remained committed to listening to annuitants, understanding their experiences and improving its service delivery.
Ilori disclosed that AIICO paid about ₦2.1 billion in annuity benefits monthly, amounting to approximately ₦25 billion over 12 months.
He explained that the company maintained its annuity fund separately from its other businesses, with the fund held by an independent, licensed pension fund custodian.
According to him, the arrangement prevents the funds from being used to settle other claims or pledged as security for loans, providing additional protection for annuitants’ retirement income.
One of the annuitants, Mrs Josephine Igbinedion, a retiree of the Nigerian Postal Authority, said AIICO made payments promptly and responded to requests for assistance.
Another annuitant, Mr Dimeji Shoji, who switched from programmed withdrawal to annuity, said the explanations provided at the forum addressed some of his concerns about inflation.
Shoji, who said he had recommended annuity to about seven friends, encouraged more retirees to consider the option.
“I would advise people to consider the annuity option because it provides a guaranteed income for life,” he said.
