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AIICO pays N52.6bn annuity in 5 yrs – Manager

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AIICO Insurance profit rises by 146% in 2018

AIICO Insurance Plc has paid a total of N52.6 billion to its annuity customers in the last five years.

Mr Joseph Ogedengbe, Annuity Product Manager, AIICO, revealed this at a one-day training programme on Wednesday in Lagos.

He said that the amount was paid between 2019 and 2023.

Ogendengbe explained that in 2019, the company paid N5.2 billion, N6 billion in 2020, N6.2 billion in 2021, N7.8 billion in 2022 and N12.6 billion in 2023.

He noted that the company was committed to ensuring retirees receive their payments as and when due.

According to him, under AIICO’s annuity portfolio, the insurance company offers Immediate and Deferred annuity plans.

The immediate annuity plan allows an individual to pay a single premium to purchase an annuity plan, after which an immediate periodic payment is made to the client either monthly or quarterly for life.

“Immediate annuity shares some common features with the PenCom Retiree’s Life Annuity, but the source of funds is usually from the account of the individual and not the pension Retirement Savings Accounts (RSAs) as applicable in RLA,” he said.

The deferred annuity is a life insurance product designed specifically for retirement and offers clients a fixed income from a chosen future date.

“It enables you to save money during your earning years, enjoy tax rebates, and earn income during your retirement,” Ogedengbe said.

He listed the benefits of annuity cover to include security, risk transfer mechanism, longevity risk, flexibility, and estate planning.

Rukayat Adeyemi

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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