Stanbic IBTC Insurance Pays ₦8.96bn in Claims and Annuity Benefits
Stanbic IBTC Insurance Limited paid ₦8.96 billion in death claims and annuity benefits in 2025, a 68.3 per cent increase from the ₦5.33 billion paid in 2024.
The payments comprised ₦1.59 billion for 1,162 death claims and ₦7.37 billion across 4,824 annuity payments to retirees covered by the company’s annuity policy. In total, the insurer made 5,986 payments during the year.
The 2025 performance extends five years of growth in the value and volume of payments to policyholders and beneficiaries. Over that period, the company’s payouts have increased alongside the scale of its business and the number of obligations it meets.
Commenting on the performance, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, said, “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 ₦358 million in claims and annuity benefits. In 2025, that figure was ₦8.96 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 company said it has continued to strengthen its claims assessment processes, customer communication and operational controls to support the payment of valid claims. Its service priorities include providing clear policy information, accessible service channels, timely claims updates and prompt settlement.
Stanbic IBTC Insurance is entering its next phase of growth following a successful recapitalisation exercise, which strengthened its capital position and capacity to build on its existing business.
The company said the stronger capital base will support investment in policy administration, claims management and customer service infrastructure. It will also provide greater capacity to expand its life insurance and retirement income businesses, alongside prudent underwriting and risk management.
“Having paid over ₦20 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,” Orimolade added.
As it pursues further growth, Stanbic IBTC Insurance said it will focus on supporting customers throughout their policy journey—from providing clear information at purchase to making prompt and dependable payments when claims or annuities become due.
