Heirs Insurance Group has announced that it has exceeded three million policyholders within its first five years of operation, marking a significant milestone in its growth and ambition to reshape Nigeria’s insurance landscape.
The disclosure was made on Monday in Lagos by Niyi Onifade, Sector Head of Heirs Insurance Group and Managing Director of Heirs Life Assurance, during a press conference commemorating the company’s fifth anniversary.
According to Onifade, the achievement reflects the organisation’s commitment to delivering customer-focused services powered by innovation and technology. Since commencing operations on June 1, 2021, the company has positioned itself as a disruptor in an industry long challenged by low penetration and trust issues.
“From inception, our goal was not merely to operate within the industry but to transform it. Reaching over three million customers in five years demonstrates the impact of that vision,” he said.
He noted that the company was launched at the height of the COVID-19 pandemic, a period marked by global uncertainty, but has since grown into one of Africa’s fastest-rising insurance providers.
Onifade highlighted recent international recognition as evidence of the group’s rapid growth, citing rankings by the Financial Times that placed Heirs Life Assurance as the seventh-fastest-growing company in Africa and Heirs General Insurance at 41st position.
He emphasised that innovation remains central to the company’s strategy, with continued investment in digital platforms to enhance customer experience. Among such initiatives is the introduction of “Prince AI,” an artificial intelligence-powered chatbot designed to streamline customer engagement across Nigeria and the wider West African region.
The group also underscored its focus on trust-building through efficient claims processing. Onifade revealed that total claims payouts reached approximately N21 billion in 2025, with the majority settled within 24 hours.
“In insurance, trust is everything. Prompt claims settlement is how we reassure customers and strengthen confidence in the system,” he said.
Financially, the company has recorded strong performance, with gross written premiums rising to about N88 billion, profits reaching N7.5 billion, and total assets surpassing N136 billion.
Beyond its financial metrics, Heirs Insurance Group has also pursued social impact initiatives, including scholarship programmes, environmental sustainability efforts, and support for public institutions.
Looking ahead, Onifade stated that the company’s long-term strategy will focus on expanding its footprint across Africa, with the aim of building a leading continental insurance brand.
“The journey so far has been remarkable, but our vision extends far beyond Nigeria. The next phase is about establishing a truly African insurance powerhouse,” he said.
