Stanbic IBTC Insurance Pays N8.96bn in Claims, Annuity Benefits in 2025

By Aduragbemi Omiyale

About N8.96 billion was paid in death claims and annuity benefits to policyholders and beneficiaries by Stanbic IBTC Insurance Limited in 2025, in contrast to the N5.33 billion disbursed in 2024.

It was gathered that of this amount, N1.59 billion covered 1,162 death claims, while N7.37 billion went towards 4,824 annuity payments to retirees under the company’s annuity policy.

“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.

“Death claims have grown more than eightfold in value and more than twentyfold in number over that period, while annuity payments have grown more than 40-fold in value and nearly ninefold in number.

“That growth reflects both the scale the business has reached and the responsibility that comes with serving more customers, a responsibility we take seriously,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.

Stanbic IBTC Insurance has strengthened its claims assessment processes, customer communication and operational controls to support the dependable payment of valid claims.

The company says it remains focused on providing clear policy information, accessible service channels, timely claims communication and prompt settlement of valid claims.

The performance comes as the company moves into its next phase of growth following a successful recapitalisation exercise, which has strengthened its capital position and enhanced its capacity to build on this foundation.

The strengthened capital base will support investment in policy administration, claims management and customer service infrastructure, while creating greater capacity to expand the company’s life insurance and retirement income businesses. This growth will continue to be pursued alongside prudent underwriting and risk management.

“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,” Mr Orimolade added.