AIICO Insurance Pays N68.1bn in 2025 Claims and Provides Income to Over 28,000 Annuitants

AIICO Insurance Plc paid N68.1bn in claims and benefits in 2025 and provides retirement income to more than 28,000 annuitants across Nigeria, the insurer said at its 2026 Annuitants Forum. Punch Newspapers reported the figures. AIICO pays approximately N2.1bn in annuity benefits every month, amounting to about N25bn over the preceding 12 months.

AIICO's 2026 Annuitants Forum

The forum was held under the theme "Still More to Live: Embracing Life Beyond Retirement" and brought together annuitants, management and staff to discuss retirement security, wellbeing and life beyond formal employment. The company said the event reflected its commitment to maintaining relationships with annuitants beyond financial transactions, with a focus on connection, companionship and continued engagement.

Gbenga Ilori, Executive Director, Retail Business Division, said the company's relationship with retirees went beyond paying their retirement benefits. "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," Ilori said.

Managing Director and Chief Executive Officer Babatunde Fajemirokun 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 said annuity 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.

Josephine Igbinedion, a retiree of the Nigerian Postal Authority, said payments are made on time and that AIICO attends to requests promptly. Dimeji Shoji, who switched from programmed withdrawal to annuity and attended his first forum, said the explanations provided by the Managing Director addressed some of his concerns around inflation.

AIICO's Licence, Dividend and Board Changes

In August 2026, AIICO Insurance Plc was granted a new operational licence by the National Insurance Commission, confirming its full compliance with Nigeria's insurance industry recapitalisation requirements under the Nigerian Insurance Industry Reform Act 2025, which concluded on July 30, 2026, Punch Newspapers reported.

In June 2026, the company's annual general meeting in Lagos approved a 12 kobo per share dividend, totaling N4.4 billion, and appointed three non-executive directors, naming Olalekan Akinyanmi as new chairman, succeeding Kundan Sainani, Vanguard News reported.

In May 2026, AIICO Insurance appointed three new directors: Sadiq Mohammed as Independent Non-Executive Director, and Tunde Mabawonku and Rolake Akinkugbe-Filani as Non-Executive Directors, Nairametrics reported.

What Comes Next for AIICO Annuitants

The company said the Annuitants Forum forms part of its 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. AIICO's own announcement covers the forum.