AIICO Insurance Plc said it disbursed a total of N1.5 billion monthly to its annuitants, providing them with guaranteed income for their retirement years.
According to the insurer the total disbursement to the annuitants stands at N68.2 billion between 2019 and 2024.
Speaking on the reliable and financially secure annuity product offered by AIICO, Chief A. A. Iguoba, President, Retired Customs Officers Association of Nigeria, commended the company for the unique and 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, the company 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.
Mrs Imelda Anyanwu, another customer stated “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“ Mr. Ilori stated further, “We are confident that the annuity market holds immense potential, and we are well-positioned to capitalize 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.”
The insurer’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. Since then, customers from these portfolios have seamlessly integrated into the AIICO family, benefiting from consistent payouts and the company’s unwavering commitment to financial security. These acquisitions have further strengthened AIICO’s footprint and legacy in the annuity business, reinforcing its position as a trusted provider of retirement solutions.
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, it 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, the underwriter has been a trusted name in the insurance industry, helping Nigerians secure their futures with reliable and innovative financial solutions. As one of the largest and most stable insurance companies in the country, the company is the perfect partner for retirement planning. With a strong growth in written premium of ₦110 billion in 2023, consistent profitability, and a prompt claims payout of ₦46.5 billion, AIICO has earned the trust and loyalty of its customers. This financial strength and stability provide a solid foundation for its annuity business, giving retirees the confidence to sign up and stay with AIICO. With a steadfast commitment to best practices, it ensures that every annuity plan is safe, secure, and designed to provide long-term financial peace of mind.
