Aiico Insurance reposition annuity business for effectiveness, growth

A foremost insurance company in Nigeria, Aiico Insurance has reaffirmed its commitment to continually provide a first class annuity business that meets customers’ expectation and enhanced growth of the insurance industry in Nigeria.
The assertion was made at this year’s edition of the annual training programme organised by the company in Lagos for members of the Nigerian Association of Insurance and Pension Editors (NAIPE).
Aiico Insurance CEO, Mr Babatunde Fajemirokun was represented at the occasion by Mr. Segun Olalandu, who is Head, Strategic Marketing and Communication, stated that Aiico Insurance was committed to doing everything in its power to leverage annuity business in the country and reap the full benefits therefrom.
The Aiico Insurance boss who described annuity business as a game changer for everybody explained that the company has strategically repositioned the annuity department of the company for effectiveness and growth.
Speaking on members NAIPE support for his company thus far, the CEO ‘’thanked for their continued support and tasked them to make good use of the training to enrich members’ knowledge on annuity business, so as to be able to tell the story accurately to others.’’
Mr Victor Owotorose, Senior Manager, Business Development, during the course of his lecture explained that annuity was an insurance contract that promise to pay regular income immediately or after some time in the future.
According to him, ‘’A defined annuity has an accumulated phase, followed by a disbursement phase, while an immediate annuity converts a lump sum into cash flow the very first day.’’
He also defined annuity as ‘’a contract between an individual and insurance company in which a lump sum payment, or series of payments and return, receives regular disbursements, beginning immediately or at some in the future.’’

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