Stanbic IBTC Insurance Limited paid over N8.9 billion in death claims and annuity benefits during 2025, marking a significant increase from the previous year. The company said N1.59 billion was paid to 1,162 customers as death claims, while N7.37 billion went to 4,824 retirees through annuity policies. In total, Stanbic IBTC made 5,986 payments during the year, with the total value rising 68.3 per cent from N5.33 billion in 2024.
The insurance underwriter attributed the growth to the expanding scale of its business and its capacity to meet rising policyholder obligations. The company said in a statement that the increase in both payment value and volume reflects the importance of having the financial infrastructure and processes to support customers when their policies become payable.
The growth has been substantial over a longer period. Chief Executive Officer Akinjide Orimolade said that five years ago, the company paid N358 million in claims and annuity benefits, meaning 2025 payments represented more than 25-fold growth. Death claims grew more than eightfold in value and more than twentyfold in number over that five-year span, while annuity payments expanded more than 40-fold in value and nearly ninefold in number.
Orimolade said each payout represents support for families, retirees or beneficiaries at critical moments. He described the growth as reflecting both the scale the business has achieved and the responsibility of serving an expanding customer base. The company stressed the importance of meeting customer needs when insurance policies become payable.
For savers and retirees in Nigeria, the company's ability to handle a growing volume of claims at higher values indicates improved capacity to deliver promised annuity and death benefits when needed.