Stanbic IBTC Insurance Pays over N8.9 billion Claims

Ebere Nwoji

Stanbic IBTC Insurance Limited, has announced that it paid over N8.9 billion in death claims and annuity benefits in 2025.

Giving a breakdown of the paid claims, the insurance underwriter said N1.59 billion  was paid to  1,162  customers on death claims, while N7.37 billion was paid to 4,824 retirees on annuity  under the company’s annuity policy. 

Stanbic IBTC said totally, it made 5,986 payments during the year, with the value paid rising by 68.3 per cent from N5.33 billion in 2024.

“The steady increase in both the value and volume of payments reflects the growing scale of the business and its ability to meet a rising number of policyholder obligations. It also highlights the importance of having the financial capacity and processes to support customers when their policies become payable,” the company stated.

Commenting on the 2025 performance, Chief Executive Officer Stanbic IBTC Insurance, Akinjide Orimolade, 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 N358 million in claims and annuity benefits. In 2025, that figure was N8.96 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,” he stated.