By Emmanuel Enitan
AIICO Insurance Plc paid N68.1 billion in claims and benefits in 2025, while sustaining retirement income for more than 28,000 annuitants across Nigeria, highlighting the growing importance of insurance-backed income security amid concerns over retirees’ financial wellbeing.
The insurer disclosed this at its 2026 Annuitants Forum, where it said it currently pays about N2.1 billion in annuity benefits monthly, translating to approximately N25 billion over the preceding 12 months.
The forum, themed “Still More to Live: Embracing Life Beyond Retirement,” brought together retirees, management and staff to discuss retirement security, wellbeing and the challenges of adjusting to life after active service.
Managing Director and Chief Executive Officer of AIICO Insurance, Babatunde Fajemirokun, said annuity payments remained critical to retirees’ ability to meet essential expenses, including rent, healthcare and family responsibilities.
He said the company recognised that retirement income represented more than a periodic payment, as it provided financial stability and peace of mind for retirees and their families.
Fajemirokun also urged retirees to view life after work as an opportunity to maintain social connections, prioritise their health, continue learning and share their experiences with younger generations.
Executive Director, Retail Business Division, Gbenga Ilori, said AIICO’s relationship with annuitants extended beyond the payment of benefits, stressing the importance of listening to customers and responding to their concerns.
He said the company remained committed to maintaining regular engagement with retirees to understand their experiences and improve service delivery.
AIICO said its annuity fund was maintained separately from its other businesses and held by an independent, licensed pension fund custodian. The arrangement, it said, provided safeguards by preventing the funds from being used to settle other claims or pledged as security for loans.
Some annuitants at the forum commended the insurer’s service and the opportunity to interact with fellow retirees.
A retiree of the Nigerian Postal Authority, Josephine Igbinedion, said payments were made on time and that the company responded promptly when assistance was needed. She added that the forum enabled retirees to reconnect with former colleagues and receive relevant updates.
Another participant, Dimeji Shoji, who had switched from programmed withdrawal to annuity, said the explanations provided at the event addressed some of his concerns about inflation. He said he had recommended the annuity option to about seven friends, describing it as a source of guaranteed income for life.
The forum forms part of AIICO’s efforts to maintain engagement with annuitants beyond routine benefit payments, as retirees navigate the financial and personal adjustments that accompany retirement.
Founded in 1963, AIICO Insurance provides life and general insurance, health insurance and investment management services to individuals, families and corporate clients.
