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By Henry Uche
AIICO Insurance Plc has announced that it disburses N1.3 billion monthly to its annuity customers, providing them with a guaranteed stream of income during their retirement years. The substantial payout underscores the transformative impact of AIICO’s Annuity product on the lives of its customers.
In a statement, AIICO emphasised that its commitment to financial security extends beyond offering products. The company is dedicated to fostering a growing community of financially empowered individuals, a commitment reflected in the continuous rise of its annuity customer base.
Moses Olajuwon Obajemu, AIICO’s Head of Media Relations, highlighted that the growth in the number of annuitants is driven by both new customer acquisition and the trust and positive experiences of existing policyholders. These satisfied customers have referred friends and family members to AIICO’s Annuity product.
Obajemu pointed to the real-life impact of AIICO’s Annuity product through the stories of its customers. For instance, Mr. Samuel Ogunremi, an annuity customer since 2012, shared his positive experience with AIICO Insurance. “I have been with AIICO since 2012, and I have no cause for regret. People ask me how I have been getting my retirement money every month without disappointment. I always tell them to try AIICO Insurance because they have been paying me without fail. Since I retired, AIICO hasn’t let me down. I always get my payment monthly. So, I am happy to recommend AIICO to others for the same good experience,” Ogunremi said.
Another satisfied annuity recipient, Mrs. Ayetunde Aiso, a former civil servant, echoed these sentiments. “Ever since I signed up for AIICO’s Annuity for my retirement, I have always received my payment as and when due – no delays and no stories. I have experienced peace of mind. I have no problem recommending AIICO to anyone who wants to enjoy a peaceful retirement,” Aiso stated.
Mr. Gbenga Ilori, Executive Director and Head of Retail Business at AIICO, reaffirmed the company’s commitment to financial stability for retirees. “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,” Ilori said.
Ilori further emphasized AIICO’s confidence in the potential of the annuity market. “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 stream but also peace of mind throughout their retirement journey,” he added.
AIICO’s commitment to its annuity business extends beyond its existing customer base. The company has expanded its reach through strategic acquisitions, such as the annuity portfolios of Royal Exchange Assurance and Tangerine Africa. These acquisitions have strengthened AIICO’s footprint and legacy in the annuity business.
Babatunde Fajemirokun, Managing Director/CEO of AIICO Insurance Plc, explained the significance of these strategic moves. “Integrating Tangerine Africa’s annuity portfolio is a key step in AIICO’s growth strategy and our commitment to delivering exceptional value to our customers. This acquisition strengthens our annuity offerings and extends our reach, allowing us to provide even greater financial stability and peace of mind to our policyholders,” Fajemirokun stated.
AIICO Insurance’s strategic initiatives and steadfast commitment to customer satisfaction underscore its role as a leading provider of financial security for retirees in Nigeria.
