AIICO Insurance, has appointed First Pension Custodian, to relaunch itself into the annuity business.
The head of Retail, Mr. Sola Ajayi commenting on the restart of the business said, “We are open for business nationwide and have already started booking new annuity sales from all Pension Fund Administrators (PFAs)”.
AIICO Insurance is one of the pioneers of Annuity in Nigeria, having started Annuity sales since 2013. The business has over 7,500 annuitants who are being paid their monthly annuities. The AIICO Annuity product is designed to pay customers for the entire duration of their life, no matter how long they live. We are committed to the eradication of old age poverty in Nigeria, one person at a time.
AIICO Insurance asset backing annuity liabilities is in excess of Thirty Billion Naira (N30,000,000,000), which is a testament to AIICO’s commitment to ensure that all future commitment will be met as at when due.
“We thank all our existing customers; we will continue to be there for them and say a hearty welcome to all our intending customers,” said the Chief Operating Officer, Mr. Babatunde Fajemirokun.
On commission payment due to brokers and agent, Head Retail Business, Sola Ajayi said that the PenCom and the National Insurance Commission are still working on the final details of the guideline to ensure that the complains of the operators are Kent.
He added that he expects that the guideline when released will address the needs of all stakeholders in the annuity business.
AIICO Insurance is the leading life insurer in Nigeria. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers. AIICO has the largest agency workforce in the industry and has branches in 20 states across Nigeria.