BY NGOZI ONYEAKUSI


AIICO Insurance Plc paid ₦68.1 billion in claims and benefits in 2025, reaffirming its role in providing financial security for retirees, with more than 28,000 annuitants currently receiving retirement income through the insurer.

The company disclosed this at its 2026 Annuitants Forum, where it reiterated the importance of sustaining regular retirement income while helping retirees maintain financial stability and a fulfilling life after active service.

The forum, themed “Still More to Live: Embracing Life Beyond Retirement,” brought together annuitants and company executives to discuss retirement security, wellbeing and the challenges of adjusting to life after work.

AIICO also disclosed that it pays approximately ₦2.1 billion in annuity benefits monthly, amounting to about ₦25 billion over a 12-month period.
Speaking at the event, Babatunde Fajemirokun, Managing Director/Chief Executive Officer of AIICO Insurance Plc, said retirement should be viewed as the beginning of another phase of life rather than the end of productive engagement.

He noted that annuity payments represent more than routine financial transactions, as many retirees depend on the income to meet essential needs, including rent, medication, family responsibilities and other living expenses.

According to him, the company recognises the responsibility that comes with managing retirement income and does not take the trust of its annuitants for granted.

Safeguarding Retirement Income
To strengthen confidence in its annuity operations, AIICO explained that the annuity fund is maintained separately from its other businesses and held by an independent, licensed pension fund custodian.

The arrangement provides a safeguard for annuitants’ funds, which cannot be diverted to settle other claims or pledged as collateral for loans, according to the company.

Gbenga Ilori, Executive Director, Retail Business Division, AIICO Insurance Plc, said the company’s relationship with retirees extends beyond the payment of benefits.
He explained that the annuitants’ forum provides an opportunity for the insurer to listen to customers, receive feedback and understand how its services can be improved.

Ilori said AIICO seeks to remain connected with its customers throughout retirement, recognising that their needs extend beyond financial transactions.

Retirees Assess Annuity Experience
Sharing her experience at the forum, Josephine Igbinedion, a retiree of the Nigerian Postal Authority, commended AIICO for its payment record and customer service.

She said annuity payments had been made on time and that the company responded promptly whenever assistance was required.

Igbinedion also described the gathering as an opportunity for retirees to reconnect with former colleagues and receive relevant information about their retirement benefits.
Similarly, Dimeji Shoji, who switched from programmed withdrawal to annuity, said his participation in the forum helped address some of his concerns about inflation.

Shoji, who was attending the forum for the first time, disclosed that he had recommended the annuity option to about seven friends, citing the assurance of a regular income for life.

Beyond Financial Security
Beyond the financial aspects of retirement, Fajemirokun urged annuitants to pay attention to their health, maintain close relationships with family and friends, continue learning and share their experiences with younger generations.

He reaffirmed AIICO’s commitment to maintaining lasting relationships with its customers, describing annuitants as valued members of the company’s family.

The forum underscores the importance of retirement planning that goes beyond accumulating benefits to ensuring dependable income, financial confidence and quality of life in later years.

For AIICO, the message was that retirement should not signal the end of meaningful engagement, but the beginning of a new chapter supported by financial security and continued social connection.