Annuity Business: AIICO Insurance gets PenCom approval

Underwriting giant, AIICO Insurance, has the nod of the National Pensions Commission (Pencom) resume the writing of annuity business regulated by the Commission. The company and its appointed custodian, First Pension Custodian (PFC) have obtained PenCom’s approval to recommence the sale of the product nationwide.

Sola Ajayi, head of Retail in an interaction with journalist stated, “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 business 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, Ajayi noted.

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, the company further said.

“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,  Babatunde Fajemirokun,  the chief Operating Officer

AIICO Insurance Plc,  is a 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.

 

Source: Businessday