Heirs Insurance Group has announced that it has provided insurance protection to more than three million customers within its first five years of operation, underscoring its rapid growth and expanding influence in Nigeria’s insurance industry.
The company disclosed this on Monday during a media briefing in Lagos to mark its fifth anniversary, highlighting significant milestones in customer acquisition, claims settlement, technological innovation and financial performance.
Speaking at the event, the Group Sector Head and Managing Director of Heirs Life Assurance, Mr. Niyi Onifade, said the company’s journey since commencing operations on June 1, 2021, reflects its commitment to transforming Nigeria’s insurance landscape through customer-focused solutions and digital innovation.
According to him, Heirs Insurance was established with the goal of addressing longstanding challenges in the industry, particularly low insurance penetration and weak public trust.
“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,” Onifade said.
He noted that despite launching during the COVID-19 pandemic, a period marked by significant economic uncertainty, the company has grown into one of Africa’s fastest-growing insurance businesses.
Onifade referenced recent recognition by the Financial Times, which ranked Heirs Life Assurance as the seventh fastest-growing company in Africa, while Heirs General Insurance secured the 41st position.
He attributed the company’s growth trajectory to its focus on innovation, operational excellence and customer experience.
Technology, he said, remains a critical pillar of the company’s strategy, with investments in digital solutions designed to simplify insurance access and improve customer engagement.
Among the innovations highlighted was “Prince AI,” the company’s artificial intelligence-powered chatbot, which Onifade described as one of the most advanced insurance customer engagement platforms in Nigeria and the wider West African region.
The company also reported strong progress in claims settlement, a key metric often used to assess trust and reliability in the insurance sector.
Onifade disclosed that Heirs Insurance Group paid approximately N21 billion in claims in 2025 alone, with the majority of claims settled within 24 hours.
“Trust is the currency of insurance. 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 create anxiety for customers,” he said.
Financially, the group recorded significant growth, with gross written premiums rising to about N88 billion, profit reaching N7.5 billion and total assets exceeding N136 billion.
Beyond its commercial performance, the company said it remains committed to sustainability and social impact through scholarship programmes, environmental initiatives and support for public institutions.
Looking ahead, Onifade said the company’s long-term strategy is focused on expanding beyond Nigeria and building a pan-African insurance brand.
“The first five years have been remarkable, but the next phase will be about building an African insurance powerhouse. Our ambition is to become a leading insurance group across the continent,” he said.
Also speaking, Managing Director of Heirs General Insurance, Mr. Wole Fayemi, disclosed that the company had already paid more than N4 billion in claims in 2026, reinforcing its commitment to prompt settlement of genuine claims.
Fayemi said the company’s vision is to democratise insurance by making coverage accessible to all income groups, from low-income earners to high-net-worth individuals.
He noted that technology has played a central role in expanding insurance access, enabling customers to purchase policies through digital channels including USSD platforms and automated systems.
“We believe insurance is a critical tool for financial inclusion and economic development because it provides security for individuals and businesses, particularly small and medium-sized enterprises,” he said.
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The Executive Director (Technical), Mr. Ndubuisi Alu, revealed that the company currently serves more than 8,000 corporate clients while its retail customer base continues to expand rapidly.
He added that the company has recorded substantial growth in workforce size, operational capacity and profitability since its launch, positioning it for further expansion in the years ahead.
Industry analysts say the performance highlights the growing role of technology-driven insurance firms in deepening insurance penetration and advancing financial inclusion in Nigeria’s evolving financial services sector.
