Heirs Insurance Group says it has impacted and protected more than three million customers in its first five years of operation.Mr Niyi Onifade, the group’s Sector Head and Managing Director of Heirs Life Assurance, said this on Monday at a news conference in Lagos to commemorate the fifth anniversary of Heirs Insurance Group.
He 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.
“From the beginning, we were determined not just to participate in the industry but to transform it.
“Today, 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,” he said.
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.
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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.
“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.
“At the point of claims, you either destroy trust or build trust. We have chosen to build trust through prompt claims payment because delayed claims can create anxiety for customers,” he said.
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.
Looking ahead, Onifade said the group’s next phase of growth would focus on expanding its footprint across Africa.
“The first five years have been remarkable, but the next 15 years will be about building an African insurance powerhouse.
“We are here for the long haul and our aspiration is to become a leading insurance group across the continent,” he said.
Also, the Managing Director of Heirs General Insurance, Mr Wole Fayemi, said the company had paid more than N4 billion in claims so far in 2026 as part of efforts to build trust and deepen insurance penetration in Nigeria.
“Our goal was to democratise insurance and support financial inclusion by ensuring that the rich, the middle class and even the lowest-income earners can benefit from insurance protection.
“We leveraged technology to take insurance to the grassroots while also serving high-net-worth customers. We believe insurance plays a critical role in supporting economic growth by providing security for small and medium-scale enterprises.
“There has never been a year since we commenced operations that we have not paid billions of naira in claims.
“As of today, Heirs General Insurance alone has paid well over N4 billion in claims this year, and we remain committed to settling all genuine claims promptly,” he said.
The Executive Director (Technical), Mr Ndubuisi Alu, said the company currently served more than 8,000 corporate clients, while its retail customer base continued to grow.
Alu said the growth was driven by digital platforms that enabled customers to purchase insurance policies seamlessly through channels such as USSD and other automated systems.
He added that the company had recorded significant growth in workforce and profitability since inception.
(NAN)
