AIICO Insurance Plc says it paid N68.1 billion in claims and benefits in 2025.
According to the company, it also provided retirement income to no fewer than 28,000 annuitants across Nigeria.
The Chief Executive Officer, Mr Babatunde Fajemirokun, disclosed this at AIICO’s 2026 Annuitants Forum on Friday, according to a statement made available to the News Agency of Nigeria (NAN) in Lagos on Monday.
The event had the theme “Still More to Live: Embracing Life Beyond Retirement.”
Fajemirokun said that annuity payments remained vital to retirees and their families, supporting essential needs 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 urged retirees to embrace opportunities for personal fulfillment beyond 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 encouraged retirees to prioritise their health, maintain relationships with family and friends, continue learning and share their experiences with younger generations.
He also reiterated the company’s commitment to maintaining relationships with annuitants beyond the payment of retirement benefits.
Mr Gbenga Ilori, the Executive Director, Retail Business Division of AIICO, said that the company remained committed to listening to annuitants, understanding their experiences and improving service delivery.
Ilori said that the company paid about N2.1 billion in annuity benefits monthly, amounting to about N25 billion over 12 months.
He explained that its annuity fund was maintained separately from its other businesses and held by an independent, licensed pension fund custodian.
“The arrangement prevents the funds from being used to settle other claims or pledge as security for loans, providing additional protection for annuitants’ retirement income,” he said.
One of the annuitants, Mrs Josephine Igbinedion, a retiree of the Nigerian Postal Authority, said that payments were made promptly and that the company responded to requests for assistance.
Mr Dimeji Shoji, who switched from programmed withdrawal to annuity, said that the explanations provided at the forum addressed some of his concerns about inflation.
Shoji, who said that he had recommended annuity to about seven friends, urged 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.
