AIICO Insurance disburses N68bn to annuitants

AIICO Insurance Plc has announced disbursing about N68.2bn to annuitants between 2019 and 2024 even as it received commendation from the annuitants for providing them with financial stability in their retirement.

In a recent statement, the insurance firm revealed that its customers have declared it as a preferred annuity business manager in the country.

The company currently disburses N1.5bn monthly to annuitants, providing them with guaranteed income for their retirement years.

“Total disbursement to the annuitants stands at a whopping N68.2bn between 2019 and 2024. AIICO’s commitment to financial security goes beyond offering products. The company fosters a growing community of financially empowered individuals, evident in the continuous rise in its annuity customer base. This growth is fuelled not only by new customer acquisition but also by the trust and positive experiences of existing policyholders, who have referred friends and family to the product,” part of the statement read.

Speaking on the reliable and financially secure annuity product offered by AIICO, President, Retired Customs Officers Association of Nigeria, A. A. Iguoba, commended the company for the value-packed product.

“I first heard about AIICO’s annuity product through friends in the early 2000s and signed up in 2014. Over the years, AIICO has proven to be a reliable partner, with a strong track record and a consistent payment system that ensures financial stability in retirement. This trust has led us, at the Retired Customs Officers Association of Nigeria, to not only introduce fellow retirees to AIICO but also engage actively serving officers, encouraging them to secure their future with AIICO’s annuity plan,” he said.

Another customer, Mrs Imelda Anyanwu, said, “I have been on AIICO’s annuity plan for 12 years since retiring from Union Bank, and my experience has been exceptional. I chose AIICO based on a strong recommendation, and it has proven to be the right decision. Beyond the consistency and timeliness of payments, what truly stands out is the human touch – the warmth, responsiveness, and professionalism of AIICO’s staff. They are always ready to provide support, making the experience seamless and reassuring. I have no regrets; AIICO has been a reliable partner in my retirement journey.”

AIICO’s Executive Director and Head of Retail Business, Mr Gbenga Ilori, said, “At AIICO, we understand the importance of financial stability, especially during retirement. Our annuity product is designed to address this very need, offering our customers peace of mind with guaranteed monthly payouts for life.

“We are proud to be a part of their financial journey. We are confident that the annuity market holds immense potential, and we are well-positioned to capitalise on this growth. Our robust financial standing and exceptional customer service ensure that our annuity policyholders receive not only a guaranteed income but also peace of mind throughout their retirement life.”

AIICO’s commitment to its annuity business extends beyond its existing customer base.

Over the years, the company has strategically expanded its reach through acquisitions, including the annuity portfolios of Royal Exchange Assurance and Tangerine Africa. These acquisitions have further strengthened AIICO’s footprint and legacy in the annuity business.

As part of its commitment to customer care, the company hosts an annual Annuitants’ Forum – an interactive platform designed to stay connected with its policyholders beyond just transactions. This forum serves as an opportunity for AIICO to engage directly with annuitants, listen to their experiences, address their concerns, and reaffirm its dedication to their financial well-being. By fostering open dialogue and meaningful interactions, AIICO ensures that those who have entrusted the company with their retirement security continue to feel valued, heard, and supported every step of the way.

For over 60 years, AIICO Insurance Plc has operated in the insurance industry, helping Nigerians secure their futures with reliable and innovative financial solutions.

In 2023, AIICO recorded strong growth in written premium of N110bn, consistent profitability, and a prompt claims payout of N46.5bn.