AIICO says it pays 28,000 retirees monthly annuity, N68.1bn in 2025 claims

AIICO Insurance Plc says it is paying monthly retirement income to more than 28,000 annuitants nationwide, and that it settled N68.1bn in claims and benefits in 2025.

The company gave the figures at its 2026 Annuitants Forum, an annual gathering of retirees, management and staff held under the theme "Still More to Live: Embracing Life Beyond Retirement."

For the retirees involved, the numbers matter beyond the boardroom. An annuity is a contract that turns a lump sum, usually from a pension, into regular payments for life. For many former workers, that monthly cheque covers rent, medicine and school fees for grandchildren.

AIICO said it pays roughly N2.1bn in annuity benefits every month, which comes to about N25bn over the past year.

What the company says about safety of funds

According to the insurer, the annuity fund is kept apart from its other operations and held with an independent, licensed pension fund custodian rather than in the company's own accounts. AIICO presented this as an extra layer of protection for retirees' money.

Managing Director and Chief Executive Officer Babatunde Fajemirokun told the gathering that retirement should be seen as a fresh start rather than an ending. He said the company understands the payments are not just figures on paper.

"It might be rent, it might be medication, it might be grandchildren's school fees," he said, adding that the company does not take that responsibility lightly.

Executive Director of the Retail Business Division, Gbenga Ilori, said the firm sees its link with retirees as lasting well past the payment of benefits, and uses the forum to hear their experiences and feedback on how to improve its services.

Two retirees spoke at the event. Mrs Josephine Igbinedion, a former worker with the Nigerian Postal Authority, said payments arrive on time and that staff respond quickly when she needs help. Mr Dimeji Shoji, who moved from programmed withdrawal to an annuity, said he would encourage others to consider the annuity option for steady lifetime income.

Fajemirokun also urged retirees to look after their health, stay close to family and friends, keep learning and pass on their experience to younger Nigerians.

What happens next

The company's stated commitment is to keep the monthly payments running and to keep engaging annuitants directly, with the forum serving as its platform for that engagement.