Heirs Insurance hits 3m policyholders as total assets rise to N136bn

Heirs Insurance Group says it has impacted and protected more than three million customers in its first five years of operation.

The Group Sector Head and Managing Director of Heirs Life Assurance, Niyi Onifade, disclosed this on Monday at a press conference in Lagos to commemorate the fifth anniversary of Heirs Insurance Group.

Onifade said the milestone underscored the company’s commitment to transforming the insurance industry through customer-centric services and technology-driven solutions.

According to him, the company, which began operations on June 1, 2021, has remained focused on addressing long-standing challenges in the insurance sector, including low penetration and trust deficits.

On the company’s financial performance, Onifade said gross written premium rose significantly to about N88 billion, while profitability climbed to N7.5 billion and total assets exceeded N136 billion.

He added that beyond financial performance, the company remained committed to sustainability and social impact through initiatives such as scholarships for students, environmental sustainability projects and support for public institutions.

Onifade said: “From the beginning, we were determined not just to participate in the industry but to transform it.

“We are proud to say that we have become a customer-centric insurance group, having impacted and protected more than three million customers over the past five years.”

Reflecting on the last five years, Onifade noted that the company was launched during the COVID-19 pandemic amid global uncertainty.

According to him, the organisation has fulfilled the promises it made at inception and grown to become one of Africa’s fastest-growing companies.

He cited the company’s recent recognition by the Financial Times, which ranked Heirs Life as the seventh fastest-growing company in Africa, while Heirs General Insurance was ranked 41st.

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“These recognitions are not just about us; they demonstrate what is possible in the insurance industry when innovation, customer focus and operational excellence come together,” he said.

Onifade said technology remained central to the company’s growth strategy, adding that the group had continued to leverage digital innovation to improve customer experience.

He highlighted the recent launch of “Prince AI”, the company’s artificial intelligence-powered chatbot, describing it as one of the most advanced insurance customer engagement platforms in Nigeria and West Africa.

The Managing Director also emphasised the importance of prompt claims settlement in building trust, describing trust as the “currency of insurance”.

He disclosed that the group’s combined claims payout reached about N21 billion in 2025, with most claims settled within 24 hours.