Heirs Insurance Powers Ahead, Redefining Industry Standards

Omolabake Fasogbon

In just a few years, Heirs Insurance has emerged as one of the most dynamic forces in Nigeria’s insurance landscape, powering ahead with bold innovation, customer-first solutions, and a refreshingly modern approach to risk protection.

Backed by the visionary leadership of the Tony Elumelu-led Heirs Holdings, the company has wasted no time in shaking off the industry’s legacy of low penetration, limited trust, and poor customer engagement.

From digital-first policy platforms to simplified claims processing, Heirs Insurance is redefining industry standards with speed, transparency, and accessibility at the heart of its operations. It has made insurance feel less like a tedious obligation and more like an empowering tool for financial security—especially for Nigeria’s young, digitally savvy population.

With its twin brands, Heirs Life and Heirs General, the firm is targeting both the underinsured and the next generation of customers with products that blend affordability, flexibility, and relevance.

As it continues its aggressive expansion across Nigeria’s 36 states, Heirs Insurance is not just gaining market share—it’s reshaping public perception of what insurance can and should be. By marrying technology with trust, and performance with purpose, the company is setting a new benchmark for what success in Nigeria’s insurance sector looks like in the 21st century.

Clearly, the Nigerian insurance industry is witnessing renewed traction, with latest audited results from one of its fastest-growing players revealing double- and triple-digit growth across key financial indicators for 2024. The numbers point to a shifting dynamic in the industry, driven by retail expansion, digitisation, and more responsive claims management.

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, reported record-breaking financial results for the full year ended December 31, 2024, as the Group’s Combined Gross Written Premium (GWP) rose by an impressive 70 percent year-on-year to N61 billion, up from N35.8 billion in 2023.

The group also more than doubled its profit before tax to N11.2 billion, reflecting a 133 percent increase, as its retail-focused digital strategy continued to gain traction across customer segments.

The results confirm Heirs Insurance Group’s growing footprint in Nigeria’s insurance landscape, where it has rapidly moved from challenger status to a clear industry leader in both innovation and growth.

Segment Strength and Strategic Gains

The group’s life insurance arm, Heirs Life Assurance (HLA), was the standout performer in 2024, delivering a 193 percent jump in profit before tax to N5.5 billion and growing its GWP by 85 percent toN44.2 billion. Its insurance revenue more than doubled, and total assets rose by 75 percent to N66.2 billion.

Heirs General Insurance (HGI), the group’s non-life subsidiary, also posted solid performance, with GWP up 42 percent to N16.9 billion and profit before tax rising 104 percent to N4.9 billion. Strong underwriting discipline and growing brand affinity helped the company retain momentum, even amid rising claims costs.

Claims Responsiveness Boosts Brand Trust

Across both its life and general companies, claims paid surged by 149 percent to N10.4 billion, a move analysts say reinforces trust in the brand and signals the group’s capacity to deliver on its customer promise. Claims responsiveness has become a differentiator for Heirs Insurance Group; in a market historically marred by delayed or denied claims, paying N10 billion in one year is a signal of financial strength and customer-centricity.

Digital Channels and Retail Strategy Drive Volume

A core theme in the group’s strategy is digital accessibility. Customers interact with the business via multiple self-service channels including USSD (*1100#), the SimpleLife app, and Prince, its AI-powered chatbot. Heirs Insurance Group has also opened Nigeria’s first digital insurance experience centre, part of its broader mission to make insurance simple, affordable, and accessible.

These tools enable policy purchase, claims submission, and service requests with reduced friction, a deliberate move to normalise insurance as part of daily life.

“We are making insurance simple, affordable, and accessible. That’s not just a slogan, it is our execution mandate,” MD/CEO, Heirs Life Assurance, Niyi Onifade said.

These innovations have helped unlock new customer segments, particularly among SMEs and first-time policyholders. The company’s Heirs Insurance Essay Championship, targeting junior secondary school students, and travel insurance advocacy initiatives further highlights its push for broader financial literacy and insurance inclusion.

The Group also credited the broader Heirs Holdings ecosystem, led by Chairman Tony O. Elumelu, for institutional support, citing not just capital infusion but access to group-level experience across 24 countries and four continents.

 “We are being challenged to democratise insurance in Nigeria, and we are drawing from a pan-African playbook to do it,” Niyi added.

Consolidation and Market Expansion

Following these strong results, Heirs Insurance Group appears set to consolidate its market position in 2025. Continuous growth is expected, but with increased focus on sustainability, risk diversification, and Pan-African expansion.

Still, questions remain around macroeconomic risks, especially inflationary pressures and foreign exchange volatility. However, with a combined N92.9 billion in total assets and an agile digital infrastructure, the group appears well positioned to navigate future headwinds.

Heirs Insurance Group’s 2024 results confirm it is now one of the industry’s most formidable players. As insurance penetration remains under two percent in Nigeria, the group’s commitment to retail growth, technology, and education could set a new tone for the sector.

For an industry long held back by perception and legacy systems, the Group’s results offer a compelling case study on what is possible when trust meets technology and when insurance is delivered with both heart and scale.

Therefore, as the HIG continues its bold push to redefine industry standards, the company stands as a symbol of what is possible when innovation meets purpose. With a strong customer-first philosophy, cutting-edge digital platforms, and a commitment to simplifying insurance for everyday Nigerians, HIG is not just competing, it is setting the pace. From life and general coverage to claims processing and financial inclusion, the firm is charting a new path that blends accessibility with excellence.

Looking ahead, HIG shows no signs of slowing down. The company is poised to deepen its market footprint while reshaping public perception of insurance in Nigeria. In an industry ripe for transformation, Heirs Insurance is not only raising the bar, it is becoming the benchmark.