AIICO Provides Regular Retirement Income to More Than 28,000 Annuitants

AIICO Insurance Plc is providing regular retirement income to more than 28,000 annuitants across Nigeria, highlighting the growing role of insurance-backed annuities in supporting financial security after retirement.

The insurer disclosed this at its 2026 Annuitants Forum, where it reaffirmed its commitment to helping retirees maintain stable incomes and navigate life after formal employment.

The forum, themed “Still More to Live: Embracing Life Beyond Retirement,” brought together AIICO’s annuitants, management and staff to discuss retirement planning, financial security and wellbeing.

₦68.1bn Paid in Claims and Benefits

AIICO said it paid ₦68.1bn in claims and benefits in 2025, reflecting the scale of its financial commitments to policyholders and beneficiaries.

The company currently pays approximately ₦2.1bn in annuity benefits every month, translating to about ₦25bn over the preceding 12 months.

For retirees, these regular payments provide a predictable source of income that can help cover essential expenses and reduce the financial uncertainty that often accompanies retirement.

Retirement Income Beyond a Paycheque

Speaking at the forum, AIICO’s Executive Director, Retail Business Division, Gbenga Ilori, said the company’s relationship with retirees extends beyond the payment of benefits.

He described AIICO as a long-term partner to its customers, stressing the importance of maintaining communication with annuitants, understanding their experiences and using their feedback to improve service delivery.

The approach reflects a broader shift in the insurance industry towards building longer-term relationships with customers rather than limiting engagement to the point of policy purchase or claims payment.

Annuities Offer Predictable Income in Retirement

Annuity products are designed to convert retirement savings into a regular stream of income, providing retirees with greater predictability in managing their finances.

This can be particularly important in an environment where inflation and rising living costs can place pressure on fixed retirement incomes.

At the forum, AIICO Managing Director and Chief Executive Officer Babatunde Fajemirokun emphasised that annuity payments have practical implications for retirees and their families, helping them meet expenses ranging from housing and healthcare to education and community obligations.

The company’s continued annuity payments therefore position retirement income as an important part of its broader retail insurance business.

Customer Engagement Takes Centre Stage

The Annuitants Forum also provided an opportunity for retirees to share their experiences directly with AIICO management and raise questions about their retirement income.

One annuitant, Josephine Igbinedion, a former Nigerian Postal Authority employee, commended the insurer for making payments on time and providing assistance when customers require support.

Another retiree, Dimeji Shoji, who moved from programmed withdrawal to an annuity arrangement, said the forum helped address some of his concerns, particularly around the impact of inflation on retirement income.

Focus Extends Beyond Financial Security

AIICO also used the event to encourage retirees to approach retirement as an active phase of life rather than simply the end of their careers.

Fajemirokun urged annuitants to prioritise their health, maintain relationships, continue learning and pass their experience and knowledge on to younger generations.

The message reflects an increasingly broader view of retirement planning, where financial security is combined with health, social connections, personal development and continued participation in community life.

Insurance Industry Faces Growing Retirement Needs

AIICO’s annuity portfolio comes at a time when retirement security is becoming an increasingly important issue in Nigeria.

As the country’s working population grows and more employees enter formal retirement arrangements, the demand for reliable retirement-income products is expected to increase.

For insurers, this creates an opportunity to develop products that provide retirees with predictable income while strengthening confidence in insurance as a long-term financial planning tool.

For customers, however, the value of such products will ultimately depend on reliable payments, transparent terms, responsive customer service and the ability of retirement income to retain meaningful purchasing power.

AIICO’s engagement with more than 28,000 annuitants illustrates the scale of that responsibility and the growing importance of insurance companies in Nigeria’s retirement-income landscape.