Stanbic IBTC Insurance Limited paid over₦8.9 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, ₦1.59 billion covered 1,162 death claims, while ₦7.37 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 ₦5.33 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. It also highlights the importance of having the financial capacity and processes to support customers when their policies become payable.
Commenting on the 2025 performance, Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance, said, “Behind every payout is a family, a retiree or a beneficiary we have been able to support at an important moment. Five years ago, we paid ₦358 million in claims and annuity benefits. In 2025, that figure was ₦8.96 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.”
Sustaining this level of payment activity has also required continued attention to claims administration and customer service. Stanbic IBTC Insurance has strengthened its claims assessment processes, customer communication and operational controls to support the dependable payment of valid claims. The company remains focused on providing clear policy information, accessible service channels, timely claims communication and prompt settlement of valid claims.
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.
“Having paid over ₦20 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,” Orimolade added.
As Stanbic IBTC Insurance enters its next phase of growth, the company said its priority remains supporting customers throughout their policy journey, from providing clear information at the point of purchase to ensuring prompt and dependable payment when a claim or annuity becomes due.
