Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA), Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB) said over 90 per cent of its revenue in the past three years came from the retail business.
The group also revealed a plan to expand operations to West Africa through its corporate social responsibility (CSR) activities.
Speaking at the Documentary Screening and Media Parley, tagged, ‘Three Years of Impact’, the Managing Director of Heirs Life Assurance Limited Niyi Onifade, said that the insurer is living up to its promises to transform insurance practice.
Onifade explained that with strong financial capacity, the group has continued to provide succour to policyholders with a payment of N5.7 billion while expressing hope of settling claims within five minutes of filing documentation.
Onifade said the group has over 200 employees, with 53 per cent being below 35 years old.
According to him, the entity underwrites over 4,000 risks in a month, a feat that is uncommon in the insurance industry.
It announced an outstanding financial performance for 2023, attaining 60 per cent growth in premium.
The Group’s gross written premium (GWP) moved from N19.9 billion to N31.7 billion.
Its earned insurance revenue increased by 80 per cent from N11.3 billion in 2022 to N20.5 billion in 2023.
The Group also paid N4.1 billion in 2023 from N1.6 billion in 2022 claims, representing 161 per cent growth and demonstrating its reliability and commitment to upholding customer trust.
Earlier this year, Heirs 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 impressive digital presence across various channels and its customer-focused rewards and loyalty programme.
Heirs Insurance is the insurance subsidiary of Heirs Holdings, a leading pan-African investment company, with investments across 24 countries and four continents.
