AIICO Insurance Plc paid N68.1bn in claims and benefits in 2025 and currently provides regular retirement income to more than 28,000 annuitants across Nigeria, underscoring its role in supporting retirees after their working years.
The insurer disclosed this at its 2026 Annuitants Forum, where it reiterated its commitment to helping retirees maintain financial security and enjoy a fulfilling life after retirement.
The event, held under the theme, ‘Still More to Live: Embracing Life Beyond Retirement,’ brought together annuitants, management and staff of the company to discuss retirement security, wellbeing and life beyond formal employment.
The forum also provided an opportunity for the insurer to engage directly with its customers, listen to their experiences and receive feedback on how to improve its services.
Speaking at the event, Executive Director, Retail Business Division, AIICO Insurance Plc, Gbenga Ilori, said the company’s relationship with retirees went beyond paying their retirement benefits.
He said AIICO viewed itself as a long-term partner to its customers and remained committed to supporting them through the different stages of retirement.
“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.
The company said the forum reflected its commitment to maintaining relationships with annuitants beyond financial transactions, with a focus on connection, companionship and continued engagement.
For retirees, regular annuity payments can provide a predictable source of income after leaving paid employment, helping them meet daily expenses and manage their finances during retirement.
In his opening address, Managing Director/Chief Executive Officer of AIICO Insurance Plc, Mr. 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 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.
AIICO pays approximately N2.1bn in annuity benefits every month, amounting to about N25bn over the preceding 12 months.
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.
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.
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.
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.