Stanbic IBTC Insurance Limited paid a total of N8.96 billion in death claims and annuity benefits in 2025, representing a 68.3 per cent increase from the N5.33 billion disbursed in 2024, as the insurer recorded sustained growth in policyholder payments over five years.
The payments covered 5,986 claims and annuity obligations during the year, comprising N1.59 billion paid on 1,162 death claims and N7.37 billion disbursed through 4,824 annuity payments to retirees. The performance highlights the growing scale of the company’s insurance and retirement income businesses, as well as its expanding obligations to policyholders and beneficiaries.
The latest figures represent a significant increase in the company’s payouts, with the value of claims and annuity benefits rising more than 25-fold over five years, from N358 million to N8.96 billion in 2025.
Commenting on the performance, Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, said the growth reflected the company’s expanding customer base and its responsibility to provide financial support to families, beneficiaries and retirees when their policies become payable.
He disclosed that death claims had grown more than eightfold in value and over twentyfold in volume during the five-year period, while annuity payments increased more than 40-fold in value and nearly ninefold in number.
‘Behind every payout is a family, a retiree or a beneficiary we have been able to support at an important moment. Five years ago, we paid N358 million in claims and annuity benefits. In 2025, that figure was N8.96 billion, more than 25-fold growth,’ he said.
Orimolade added that the company remained conscious of the responsibility associated with serving a growing number of customers, stressing that dependable claims settlement remained central to its operations.
The increasing volume of payments has also necessitated improvements in claims administration, customer communication and operational controls to ensure the timely settlement of valid claims.
According to the company, it has strengthened its claims assessment processes and customer service infrastructure to improve policy administration, provide clearer information to policyholders and ensure efficient communication throughout the claims settlement process.
The development comes as Stanbic IBTC Insurance enters another phase of expansion following a successful recapitalisation exercise that strengthened its capital base and enhanced its capacity to grow its life insurance and retirement income businesses.
The stronger capital position is expected to support further investments in policy administration, claims management and customer service infrastructure, while providing additional capacity to meet policyholder obligations as the business expands.
The recapitalisation also comes against the backdrop of the company’s growing payout commitments, having paid more than N20 billion in claims and annuity benefits over the past five years.
Orimolade said the strengthened capital base would enable the insurer to build on its payment track record, expand its customer reach and sustain the delivery of insurance and retirement income solutions.
‘Having paid over N20 billion in claims and annuity benefits over the past five years, our successful recapitalisation puts us in an even stronger position to build on this progress.
‘It gives us greater capacity to serve more customers, grow our life insurance and retirement income businesses, continue meeting our obligations to policyholders as the business expands, while maintaining the discipline and service standards they expect from us,’ he said.
The insurer’s performance comes amid growing attention to the role of insurance companies in providing financial protection and sustainable retirement income, particularly through life insurance policies and annuity products.
Annuity payments provide retirees with regular income in exchange for accumulated retirement savings, making the financial strength and operational capacity of insurance companies critical to meeting long-term obligations.
For Stanbic IBTC Insurance, the next phase of growth will focus on expanding its life insurance and retirement income businesses while maintaining prudent underwriting, effective risk management and dependable claims settlement.
The company said its priority remained supporting customers throughout their policy journey, from providing clear information at the point of purchase to ensuring prompt payment when claims or annuity benefits become due.