Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance and Heirs Insurance Brokers has disclosed plans to expand its operation to Sub-Saharan Africa in the next few months.
According to the insurance services company, more than 90 percent of its revenue currently is coming from retail business.
Niyi Onifade, managing director/CEO, Heirs Life Assurance, who disclosed this during a documentary screening/media parley themed, ‘3-Years of Impact,’ said the firm’s focus to make insurance a life style for Nigerians is yielding a good result.
According to him, the performance reiterates the company’s dedication to democratise access to insurance in Nigeria and deliver value to all 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 percent different from what as paid in 2022.”
According to him prompt claims payment is one of the factors contributing to the firm’s growth. “People are having that trust in Heirs insurance because they know we will pay when it crystallises.”
The insurer had a growth of 60 percent in its premium for the financial year ended 31st December 2023.
The Group’s General and Life companies, combined, recorded a 59.30 percent 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 percent 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 percent difference over what we paid in 2022.”
The insurer 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.
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