AIICO Pays N68b Claims, Sustains Retirement Income For 28,000 Retirees

AIICO Insurance Plc has reaffirmed its commitment to helping retirees navigate this phase with greater confidence, disclosing that it currently provides retirement income to over 28,000 annuitants across Nigeria and paid out a total of ₦68.1 billion in claims and benefits in 2025.
The management of the insurance company disclosed this at its 2026 Annuitants Forum held recently in Lagos, under the theme “Still More to Live: Embracing Life Beyond Retirement”.
The forum brought annuitants together with AIICO’s management and staff for conversations around retirement security, wellbeing and living a fulfilling life after work. The event centred on companionship, connection and conversation, reinforcing the company’s relationship with customers beyond the payment of benefits.
Welcoming guests to the forum, Mr. Gbenga Ilori, Executive Director, Retail Business Division, AIICO Insurance, noted that the company’s relationship with its annuitants extends beyond the payment of retirement benefits. He emphasised that while retirement marks a major transition in life, AIICO remains committed to supporting its customers throughout the journey.
“At AIICO, we are much more than a company. We are a companion to our clients. We want to remain connected to you, listen to your experiences, hear your feedback and understand how we can serve you better,” he said.
In his opening address, Mr. Babatunde Fajemirokun, Managing Director/Chief Executive Officer of AIICO Insurance, described retirement as the beginning of a new chapter rather than the end of an active and meaningful life.
“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.
He acknowledged the practical importance of annuity payments to retirees and their families, noting that the income supports essential needs and provides peace of mind.
“We understand that your annuity is not simply a payment. It might be rent, it might be medication, it might be grandchildren’s school fees, your contributions to your community, and your peace of mind. We do not take that lightly,” he said.
Sustaining confidence through financial security
AIICO pays approximately ₦2.1 billion in annuity benefits every month, amounting to about ₦25 billion over the preceding 12 months.
The annuity fund is maintained separately from AIICO’s other businesses and held with an independent, licensed pension fund custodian rather than in the company’s own bank accounts. The funds cannot be used to settle other claims or pledged as security for loans, providing an additional safeguard for annuitants’ retirement income.
Annuitants share their experiences
The forum provided an opportunity for customers to share their experiences and seek answers to questions about retirement income.
At the event, Mrs. Josephine Igbinedion, a retiree of the Nigerian Postal Authority, commended AIICO for its service and the opportunity to remain connected with fellow retirees.
“Payments are made on time, and whenever you need assistance, you can contact AIICO. They attend to you promptly,” she said. She added that the gathering also helped annuitants reconnect with former colleagues and receive useful updates.
Mr. Dimeji Shoji, who switched from programmed withdrawal to annuity, and was attending his first forum, said the explanations provided by the Managing Director addressed some of his concerns around inflation. Having recommended the annuity option to about seven friends, he stated: “I would advise people to consider the annuity option because it provides a guaranteed income for life.”
A fulfilling life beyond retirement
Beyond financial security, Mr. Fajemirokun encouraged retirees to prioritise their health, maintain relationships with friends and family, continue learning and share their knowledge and experience with younger generations.
Reaffirming the company’s relationship with its customers, he said: “You are not just our customers. You are valued members of the AIICO family.”
The Annuitants Forum forms part of AIICO’s broader commitment to maintaining meaningful relationships with its customers beyond policies and payments, while supporting retirees in pursuing financially secure, healthy and fulfilling lives after active service. Its message was clear: retirement marks a new chapter, and there is still more to live.