AIICO Insurance Disburses N68.2bn to Annuitants in Five Years
Ebere Nwoji
AIICO Insurance Plc, has said that it disbursed a total of N68.2 billion to retired workers in various sectors of the economy who entrusted their retirement benefits in the underwriting firm through the purchase of annuity insurance from the company.
The above amount was disbursed by the company in the past five years between year 2019 to 2024.
An annuity is a written contract typically between a retired worker and a life insurance company in which the insurance company makes a series of regularly spaced payments to the retiree in return for a premium or premiums he have paid. An annuity is different from life insurance.
According to the company the disbursement was made at the rate of N1.5 billion per month.
It said, “The company currently disburses a staggering N1.5 billion monthly to these annuitants, providing them with guaranteed income for their retirement years. Total disbursement to the annuitants stands at a whopping 68.2 billion between 2019 and 2024.”
AIICO said in paying the above amount to the retirees, it tried to secure their financial stability and welfare through prompt and improved annuity payment despite the intense economic headwinds and unabating inflationary pressure in the country.
Speaking on the disbursement, AIICO’s Executive Director, and Head of Retail Business, Mr. Gbenga Ilori, said, “At AIICO our 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 policy holders, who have referred friends and family to the product.
“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 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, “ Ilori said.
Speaking on the reliable and financially secure annuity product offered by AIICO, one of the annuitants and President, Retired Customs Officers Association of Nigeria, Chief A. A. Iguoba, commended the company for the unique and value-packed product.
