Life Insurance Company African Alliance reported that it paid N25.7 billion in claims to policyholders over the past three years. The firm, which recently won the “Claims Excellence Insurance Company of the Year 2022” award from Banks and Financial Institutions, has consistently increased its claims payments by 17 percent year on year since 2020.
In 2020, the company paid out over N7.1 billion in claims, rising to N8.3 billion in 2021 and N9.7 billion in 2022. The 2022 breakdown shows N4.26 billion paid to annuitants, N1.76 billion for group life claims, N1.84 billion for individual life claims, N714 million for Takaful payouts, and N1.1 billion for Esusu payouts.
The statement also highlighted continued progress, noting that more than N573 million had already been paid out in January 2023 year‑to‑date, underscoring the company’s reliability and excellence in claims settlement. Managing Director and Chief Executive Officer Mrs. Joyce Ojemudia affirmed, “We understand the importance of prompt claims settlement and we remain steadfast in our resolve to deliver on our promises to our valued clients.”
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