Stanbic IBTC Insurance Pays over N8.9 billion Claims

The Nigerian insurance giant, Stanbic IBTC Insurance Limited, disclosed in 2025 that it disbursed over N8.9 billion in death claims and annuity benefits. The breakdown of these payments revealed that N1.59 billion was given to 1,162 customers who had availed themselves of the death claims provision, while N7.37 billion was distributed to 4,824 retirees under the annuity policy. In total, the company made 5,986 payments throughout the year, with the amount paid soaring by 68.3 percent, from N5.33 billion in 2024.

This significant increase in both the value and quantity of payments highlights the company's expanding business and its capability to honor a growing number of policyholder commitments. It underscores the critical importance of possessing the financial resources and operational capacity to assist clients when their policies become payable.

Speaking on the 2025 achievements, Stanbic IBTC Insurance's Chief Executive Officer, Akinjide Orimolade, emphasized, "Every payout represents a family, a retiree, or a beneficiary we have been able to support at a critical juncture. Five years ago, we paid N358 million in claims and annuity benefits; in 2025, that number had skyrocketed to N8.96 billion, a more than 25-fold surge.

In terms of death claims, their value had increased more than eightfold in value and more than twentyfold in quantity over that period; annuity payments had grown more than 40-fold in value and nearly ninefold in number. This growth exemplifies both the scale at which the business has matured and the responsibility that accompanies serving an increasing number of clients, a duty we undertake with great seriousness."