Life insurance company, African Alliance, said it paid N25.7bn claims to its policyholders in three years.

The company which recently won the ‘Claims Excellence Insurance Company of the Year 2022’ award by Banks and Financial Institutions, said it consistently increased claims payment by 17 per cent year on year since 2020.

A statement by the company said t in 2020, over N7.1bn was paid out in claims, which increased to N8.3bn in 2021, and N9.7bn in 2022.

“The breakdown of 2022 shows N4.26bn paid to annuitants, N1.76bn on group life claims, N1.84bn on individual life claims, N714m on Takaful payouts, and N1.1bn on Esusu payouts,” the statement read in part.

The statement added that the firm had continued to make remarkable progress, having successfully paid over N573m in January 2023 year-to-date, demonstrating its reliability with evidence of excellence in claims settlement.

The Managing Director and Chief Executive Officer of African Alliance Insurance Plc, Mrs Joyce Ojemudia, said, “We understand the importance of prompt claims settlement and we remain steadfast in our resolve to deliver on our promises to our valued clients.”