Retail Business Accounts For 90% Of Heirs Insurance Revenue, Marks 3 Years Of Impact

BY NKECHI NAECHE- ESEZOBOR–Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance and Heirs Insurance Brokers on Thursday said more than 90% of its revenue came from retails business.

Niyi Onifade, managing director/CEO, Heirs Life Assurance, disclosed this today during a documentary screening/ media parley themed: “3 years of impact” with insurance editors in its head office, that they are making insurance to be a life style for Nigerians.

According to him the performance reiterates our dedication to democratising access to insurance in Nigeria and delivering value to all our stakeholders.

“Over the past 3 years, we have consistently
achieved strong year-on-year growth,
reflecting our Group’s mission of driving
financial inclusion across Nigeria through
simple, accessible and affordable insurance
solutions.”
On claims payment to policyholders he said “Yes we have been paying claims consistently and we also pay very fast too. Last year 2023 the two companies paid N4.1 billion, about 170% difference over what we paid in 2022.”
According to him prompt claims payment is one of the things that is contributing to our growth. People are having that trust in Heirs insurance because they know we will pay at when due.

On Corporate Social Responsibility, he said the company has committed over N100million into CSR in the last three years.
He listed Essay Competition, donation of 30 KVA solar power to Nigerian immigration service, donation to Tony Eluemlu story telling fund, among others as some of its CSR projects.

The insurer  had a thea growth of 60% In its premium for the financial year ended 31st December, 2023.

The Group’s General and Life companies, combined, recorded a 59.30% increase in Gross Written Premium (GWP), rising from N19.9billion in 2022 to N31.7billion, for the year ending December 31, 2023, as they both enter their fourth year.

In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

On claims payment to policyholders he said “Yes we have been paying claims consistently and we also pay very fast too. Last year 2023 the two companies paid N4.1 billion, about 170% difference over what we paid in 2022.”
According to him prompt claims payment is one of the things that is contributing to our growth. People are having that trust in Heirs insurance because they know we will pay at when due.

On Corporate Social Responsibility, he said the company has committed over N100million into CSR in the last three years.
He listed Essay Competition, donation of 30 KVA solar power to Nigerian immigration service, donation to Tony Eluemlu story telling fund, among others as some of its CSR stories.

The insuer marked its third anniversary by unveiling an impact documentary that captures its remarkable growth since its launch. The group also highlighted the innovative initiatives it has pioneered in the insurance industry, including its unrivalled digital presence across various channels and its customer-focused Rewards and Loyalty programme.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.