Insurance and Pension

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Leadway Celebrates 55 Years Of Innovation, Expanding Financial Access And Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and wellbeing providers, is celebrating 55 years of innovation, resilience, and inclusive impact across West Africa. From its inception in 1970 as an insurance company, Leadway has evolved into a diversified group championing financial access, inclusion, and wellbeing for individuals and businesses across the region.

Today, Leadway’s integrated offerings span life and general insurance, health coverage, pensions, asset and wealth management, estate planning, hospitality and credit solutions, empowering millions to build resilient financial futures. “Leadway’s journey is, in many ways, the story of Nigeria itself—one of resilience, diversity, and progress,” said Tunde Hassan-Odukale, Group Managing Director of Leadway Holdings. “We began with the mission of providing succour and financial freedom to individuals and businesses through risk management.

Over the years, that mission has expanded into building a holistic ecosystem that now encompasses insurance, pensions, health, investments, trusteeship and hospitality. This milestone is both a testament to the trust we have earned and the excellence we continue to uphold.” Leadway has built its reputation as Nigeria’s most consistent claims-paying insurer, disbursing nearly ₦500 billion in claims between 2016 and 2024, including ₦117 billion in 2024 alone.

Through its HMO subsidiary, the group continues to deliver award-winning healthcare services to millions of Nigerians through a network of more than 2,500 hospital providers nationwide while continuously increasing robust financial portfolios and securing the future of many Nigerians through its Pensions and Asset Management subsidiaries.

Beyond Nigeria, Leadway has expanded its regional footprint into Côte d’Ivoire, strengthening its leadership in Francophone West Africa through Leadway Assurance, Ankara Services and Leadway IARD. The Group’s legacy also extends to impactful social initiatives.

Leadway Media Dash provides young entrepreneurs and SMEs with visibility by showcasing their businesses on Leadway-owned platforms. Its long-standing support for the Lagos International Trade Fair underlines its commitment to commerce and enterprise in the sub-region. Leadway also invests in Nigeria’s creative economy, sponsoring the Lagos Leather Fair, supporting the Nigerian Pavilion at the London Design Biennale, and championing emerging talent through the +234 Art Fair and Creative Bloc Carnival. Recognising the power of youth, Leadway engages with the next generation through LeadForward, a financial literacy and wellness programme for NYSC members, and Campus Connect, a university initiative promoting learning, entrepreneurship, and wellbeing. It also champions women’s empowerment through Hersurred, a platform launched in 2024 that offers mentorship, skills workshops, and networking opportunities, including an annual International Women’s Day event.

As Leadway marks its 55th anniversary, it reflects on a journey marked by impact, resilience, and trust while restating its goal to create creative and inclusive financial, health, and wellness ecosystems for its clients. “We are committed to creating the next chapter of Africa’s financial services wellbeing powerhouse, offering digital-first solutions that are unparalleled, people-focused, and competitive on a global scale, with our past guiding us and shaping the future ahead,” Tunde Hassan-Odukale reaffirme

by Online Poster — October 2, 2025 in Insurance and Pension

Pensions: Building Long Term Security In Retirement Not Quick Fix

Few issues stir as much passion as pensions. After all, retirement is not some distant concept, it is the very moment when decades of work are meant to translate into dignity, stability, and peace of mind.

For Nigerian workers, the Contributory Pension Scheme (CPS) is the system designed to ensure that this promise is kept. Yet, as public debates grow louder, it is important to separate emotion from fact, and quick fixes from sustainable solutions.

At the heart of the pension conversation lies a simple question: should retirees be allowed to withdraw their savings in full, or should access remain structured? The former offers instant gratification; the latter seeks to protect long-term security. The choice is not trivial—it is one that determines whether our elders live their final years in comfort or in poverty.

The Hidden Risks of “Take-It-All”

Imagine a retiree with ₦20 million saved up over a career. It may seem logical to withdraw the entire sum and invest it independently. Some might argue that by chasing attractive interest rates or putting the money into a family business, higher returns can be secured. But this perspective often ignores three hard realities.

1. The first is longevity risk—the possibility of outliving one’s savings. A lump sum might look substantial at 60, but what happens if life stretches to 85 or 90? (which many are praying for). The CPS is deliberately structured to provide income for life, ensuring that retirees do not face destitution in their later years.

2. The second is market volatility. Treasury bill yields and bond rates do not remain at 15 elevated levels (double digits) indefinitely. They fluctuate sometimes falling to single digits. A retiree who counts on fixed high returns may quickly discover that returns are unpredictable and insufficient, especially during downturns.

3. The third is investment risk. Stories abound of pensioners who withdraw funds to finance ventures that collapse under inflationary pressures or poor management. The intention may be noble, but the outcome is often tragic: savings vanish, while bills remain.

Two Faces of Retirement

Consider the story of two hypothetical retirees, both of whom left service with ₦20 million. Madam Okeke decided to withdraw everything and invest in a family business. For a while, it seemed promising. But within three years, inflation, currency depreciation, and unforeseen costs left her with nothing. By her early seventies, she had become dependent on relatives for basic needs.

Her colleague, Mr. Ade, opted to remain under the CPS. His monthly pension was modest but consistent. Each month, without fail, his payment arrived. At 80, he still enjoys independence, secure in the knowledge that his pension will not dry up.

Both individuals worked hard; both sought security. But their choices determined whether retirement meant stability or vulnerability.

Why Structure Matters

Some critics argue that restricting lump-sum withdrawals treats retirees like children. In reality, the principle is protective, not paternalistic. Across the world, pension systems are structured to spread income across retirement years because experience shows that without safeguards, many retirees exhaust savings too quickly. Family obligations, health crises, or speculative investments often erode lump sums, leaving individuals vulnerable at the exact stage of life when they are least able to recover financially.

The CPS prevents this outcome by ensuring that pensions last as long as life itself. For retirees who live beyond expectations, payments continue through programmed withdrawals or annuities arranged with insurance companies. The notion that payments “end” at 75 is a misconception; in truth, actuarial science only uses life expectancy as a guide for planning, not a cut-off point.

Building Trust in the System

Trust is the lifeblood of any pension system. Workers must believe that their savings are safe and that administrators are acting in their best interests. Under Nigerian CPS, pension assets are not even held by the Pension Fund Administrators (PFAs). Instead, they are kept with independent Pension Fund Custodians under the strict oversight of the National Pension Commission (PenCom). This three-tiered structure: Saver, Administrator, Custodian provides layers of security that safeguard against mismanagement.

Since the scheme’s inception in 2004, pension assets have grown to over ₦24 trillion. These funds are invested in government securities, infrastructure, corporate bonds, and housing, supporting not just individual retirees but also the broader Nigerian economy. PFAs earn regulated fees (among the lowest in Africa) while all investment returns accrue to contributors. Far from exploiting workers, the system has built a sustainable pool of capital that benefits both retirees and national development.

The Temptation of Oversimplification

It is easy to believe that giving retirees unrestricted access to their funds is the “fair” solution. But pensions are not simple savings accounts. They are insurance against the twin uncertainties of longevity and economic shocks. Psychologists call it the Dunning-Kruger effect: when complex issues are oversimplified by those who do not fully understand them. In the pension context, what looks like empowerment today may translate into widespread elderly poverty tomorrow.

The Real Struggle

Ultimately, the true enemy is not the pension structure it is poverty. A nation that fails to protect its elders condemns itself to cycles of dependency and despair. Justice in pensions is not about short-term payouts but about ensuring that workers who devoted decades to the economy are not left helpless in their later years.

The CPS was designed precisely for this: to move Nigeria away from the inefficiencies and corruption of the old Defined Benefit Scheme, and toward a sustainable system that outlasts political and economic turbulence.

A Call for Balance

Nigeria must pursue a balanced path one that recognizes retirees’ genuine frustrations while preserving the safeguards that protect them. Quick fixes may win applause in the moment, but true dignity in retirement comes from careful, compassionate, and sustainable reform.

Our elders deserve nothing less.

by Online Poster — October 1, 2025 in Insurance and Pension

Nigerian Insurers Shine With N83 Billion Claim Settlement For Britannia-U Nigeria

The Nigerian insurance industry has paid a staggering N83 billion claim to Britannia-U Nigeria Limited following a massive fire incident on one of the company’s exploration platforms.

The payment was made by a consortium of underwriters after the claim was adjusted from an initial estimate of $72 million to $55 million.

The Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, speaking at a seminar organised by National Association of Insurance and Pension Editors (NAIPE) in Abeokuta, Ogun State, commended the industry players for prioritising prompt settlement of genuine claims. He expressed pride in the industry’s ability to pay the claim, noting that it demonstrates the industry’s strength and credibility.

The fire incident occurred on the 4,000 barrels of crude oil per day capacity Britannia-U1 FPSO operated by Britannia-U Nigeria Limited, offshore Forcados in Delta State. Despite initial doubts about the industry’s capacity to pay the claim, NAICOM intervened, and the claim was settled in full.

The NAICOM boss emphasised the need for industry players to publicise claims paid to change the negative perception of the sector. He noted that billions are being paid in claims annually, but these payments are not being publicised, contributing to the negative perception.

The settlement of the Britannia-U claim is part of nearly N180 billion in large claims settled by the industry for corporate clients this year, aside from numerous smaller claims. The NAICOM boss commended the industry’s responsiveness and reliability in settling valid claims, highlighting the importance of trust and confidence in the sector.

The premium for the risk was $170,000, while the claim paid was $55 million (N83 billion), highlighting the significant impact of the settlement on the industry’s reputation.

NAICOM has been working to ensure that the industry provides more oversight functions and makes informed decisions, leveraging data and encouraging collaborations across institutions.

by Online Poster — September 29, 2025 in Insurance and Pension

PenCom DG Visits TUC, Agree Collaboration To Boost Pension Compliance

The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has reaffirmed the Commission’s commitment to strengthening collaboration with the Trade Union Congress of Nigeria (TUC) in advancing pension reforms and ensuring greater compliance with the Contributory Pension Scheme (CPS).

Ms. Oloworaran gave the assurance during a courtesy visit to the TUC President, Comrade (Engr.) Festus Osifo, in Abuja on 24 September 2025. She was accompanied by the Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, and other top management staff of the Commission.

Speaking at the meeting, the PenCom DG acknowledged the invaluable role of the TUC as a member of the PenCom Governing Board and stressed that the relationship between the two organisations remained crucial to the sustainability of the CPS in Nigeria. She proposed more structured stakeholder engagements between PenCom and TUC to further strengthen the CPS and ensure greater compliance by employers of labour across the country.

Ms. Oloworaran emphasised that every employer of labour is obligated under the Pension Reform Act (PRA) 2014 to remit pension contributions on behalf of employees. She called for TUC’s support in enforcing compliance, noting that timely remittances were essential for securing workers’ financial stability in retirement.
The PenCom DG also spoke about reforms underway to address value erosion in pension savings. She said PenCom is working to mitigate the impact of inflation on pension assets.

Ms. Oloworaran disclosed that PenCom will unveil a revised Investment Regulation to expand opportunities in alternative investments and deliver better real returns. In addition, she said that the PenCom is working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on mechanisms that will allow pension investments in naira but generate returns in dollars, as part of efforts to safeguard retirement funds.

Furthermore, she said that PenCom would soon introduce a minimum pension for all retirees under the CPS to guarantee a more dignified retirement for Nigerians. This is being enabled by President Tinubu’s approval of a N758 billion bond, which comprises funding for the Pension Protection Fund (PPF), which would fund the minimum pension guarantee.

Responding, Comrade Osifo commended PenCom for its professionalism and effectiveness, describing it as one of the highly performing Institutions in Nigeria. He recounted his experience with PenCom staff during his time in the pension industry, praising their exceptional integrity, competence and dedication.

The TUC president pledged the union’s continued support for the Commission, particularly in promoting compliance among employers. He decried the practice of some employers who deduct workers’ pension contributions but fail to remit them, warning that such delays harm the eventual returns on retirement savings and often lead to industrial disputes.

Comrade Osifo further called for a review of the PRA 2014 to introduce greater flexibility in pension fund investments to better protect savings from inflation and exchange rate pressures.

The meeting ended on a positive note, with both PenCom and TUC resolving to work more closely together to deepen the CPS and secure the future of Nigerian workers.

by Online Poster — September 25, 2025 in Insurance and Pension

Leading Industry Thought Leaders Chart Growth Path For Insurance Industry At IMT 4.0

The Insurance Meets Tech (IMT) 4.0 Conference, one of West Africa’s largest insurance and technology convergence platforms, held on Thursday, September 18, 2025, in Lagos, themed “Innovating for the New Trybe” and highlighted the role of technology in transforming the Nigerian insurance sector.

Discussions at the conference also centred, among other things, on how to bridge traditional insurance structures with emerging, technology-driven solutions, emphasising digital adoption, innovation, and client-centred experiences.
Leading an Executive Dialogue to discuss the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, was the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, who was represented at the event by the Deputy Commissioner for Insurance (Finance & Administration), Mr Ekerete Ola Gam-Ikon.

Omosehin stated that the NIIRA 2025, signed into law in July 2025, will foster economic growth by transforming the sector through increased capital, stronger policyholder protection via a Policyholder Protection Fund, digitalisation, microinsurance promotion, and alignment with global best practices.

“The Act is a warm piece of legislation that provides the blueprint to reset the industry”, he said. “This Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee. Nigerians can now be confident that when something goes wrong, insurance will deliver,” he explained.

Omosehin highlighted that NIIRA’s recapitalisation will increase insurers’ capacity to handle risks and retain local businesses, contributing to the nation’s vision of a one trillion dollar economy.

The Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, who is also the MD/CEO of AXA Mansard Insurance Plc, said, “NIIRA 2025 represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic framework, in line with the President’s vision for achieving a $1 trillion economy by 2030.

“This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.”
In her contribution to the discourse on NIIRA 2025, the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said, “The insurance industry is set for unprecedented transformation following the signing of the Act.

“It introduced critical measures such as stringent capital requirements to ensure the financial soundness of operators, enforcement of compulsory insurance policies to enhance consumer protection, digitisation of the insurance market to improve access and efficiency, zero tolerance for delays in claims settlement, creation of dedicated policyholder protection funds, especially in cases of insolvency, and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.

The President of the Nigerian Council of Registered Insurance Brokers, Prince Babatunde Oguntade, who was represented at the conference by Mr. Peter Offiong, Assistant General Manager at Scib Nigeria & Co. Ltd, while stressing the need for immediate implementation of the Act, highlighted NIIRA’s provisions on compulsory insurance, emphasising that digital platforms and collaboration with state agencies will support enforcement.

He emphasised that brokers remain central to the ecosystem. “Brokers will evolve into digitally empowered advisers who offer customised, transparent services. The Act safeguards their relevance while ensuring consumer adoption of compulsory insurance,” he said.

Tunde Mimiko, Managing Director, SanlamAllianz Life Insurance, whose organisation was IMT 4.0’s Official Insurer, stressed the need for the industry to build systems that move beyond legacy bottlenecks, strengthen compliance, and foster greater trust with policyholders. He emphasised that such developments are crucial for safeguarding customers and positioning insurance as a key driver of financial security and sustainable growth in Nigeria.

The Managing Director, Cornerstone Insurance Plc, Stephen Alangbo, emphasised the company’s role as an Innovation Partner, focusing on digital transformation, customer-centric solutions, and the use of Insurtech to shape the future of inclusive coverage in Africa.

He highlighted Cornerstone’s commitment to leveraging technology and developing innovative products to meet dynamic market needs, as outlined in their strategy for leading the African insurance industry.

The event also featured global thought leadership and the conference’s Headline Speaker, Per Lagerström, a former McKinsey partner and the CEO of Yellowspot. He challenged Nigerian insurers to rethink their models, emphasising the human element in innovation. “Insurance is not built on products alone; it is built on behaviour. If we do not understand how people earn, live, and dream, we cannot design solutions they will embrace. Technology gives us the tools, but human insight gives us the answers.”
In his opening remarks, the convener of the IMT Conference and the Managing Director/CEO of Modion Communications, Mr. Odion Aleobua, called on insurance innovators to build distribution that meets people where they are: online, on mobile, at work, and in communities, while conforming to evolving lifestyles. He called on regulators to adopt regulations that protect consumers without stifling industry innovation.

He also noted that the high calibre of sponsors, participants, and partners, including the Commissioner for Insurance, regulators, and industry leaders, reflected a collective commitment to shaping a future of innovation and digital adoption within the Nigerian insurance industry.

Others who spoke at the conference included Mrs Abimbola Anakomaiya, President, Professional Insurance Ladies Association (PILA); Mr Bode Pedro, MD/CEO, Casava Inc; Mr. Olalekan Oyinlade, MD/CEO, emPLE General Insurance; Mr. Deji Macaulay, CEO and Co-founder, CubeCover; Mr. Nelson Ekerele, MD/CEO, Enterprise Life Assurance Limited; Ms Adetola Adegbayi, Founder, Mutual Specialists; Uche Ayodele, Founder and CEO, FastClaim Solutions Limited; Nkiruka Okere, General Manager of aYo, Nigeria; Ayo-Bankole Akintujoye, CEO of Caladium Consulting and Ugodre Obi-Chukwu, Founder and CEO of Nairamatrics among other who participated in the Redefined 2.0, the youth segment.

by Online Poster — September 20, 2025 in Industry

Universal Insurance PLC Posts N15.25bn Premium In 2024

Universal Insurance PLC, said it posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024.

The Managing Director/CEO of the Company, Dr. Jeff Duru, disclosed this in Lagos while speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), which they sponsored.

He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

According to him, “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported in 2024.

“We are charged to serve the public better to make them have that experience. Our claim payment is top-notch. Our services are top-notch. We are fully computerised.

All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment seamlessly, and you can also initiate claim payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130% of our first quarter target. We are progressive, we are highly innovative, and bringing insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Dr Duru said, “Our initiatives and products include Shop insure cover. The shop insure cover was basically designed for shop owners and businessmen that operate businesses at a Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bike. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

“We have our digital chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chatbot will deliver fantastic experience to the customers both chat and voice services.

“We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle. Our survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle. Even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything. It cut down fraud, cut down manpower and reduce cost and give you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service.”

Universal insurance PLC is a non life insurance underwriter that has existed for over 60 years, reengineered, regenerated to serve customers better. The Company is fully recapitalised with asset base of over N20 billion.

by Online Poster — July 15, 2025 in Insurance and Pension 0

Heirs Insurance Group Achieves 70% Revenue Spike In FY2024; Hits ₦61 billion GWP

Amaka Obiefuna

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across all business lines and metrics.

The insurance Group reported a combined Gross Written Premium (GWP) of ₦61 billion in 2024, for its life and general insurance companies, reflecting a 70% increase from the ₦35.8 billion recorded in 2023.
Its achievements:

Combined Gross Written Premium of ₦61 billion, representing 70% YoY growth, from ₦35.8 billion in the previous year.
Combined earned Insurance Revenue rose from ₦20.5 billion in the previous year to ₦31.4 billion in 2024, indicating a 53% increase.

Combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to ₦11.2 billion, more than double the previous year’s figure, and representing a 133% year-on-year growth.
The Group also sustained customer trust by paying a staggering combined ₦10.4 billion in claims during the year, compared to ₦4.18 billion in 2023, marking a 149% growth.
In addition, the Group’s combined total assets grew by 66%, rising from ₦55.8 billion in 2023 to ₦92.9 billion in 2024.
Breaking down the results, Heirs Life Assurance (HLA), its specialist life insurance company, achieved staggering results:

The company reported an 85% increase in Gross Written Premium from ₦23.87 billion in 2023 to ₦44.22 billion in 2024.
Insurance Revenue stood at ₦15.1 billion, a staggering 109% growth from ₦7.3 billion in 2023.
Profit Before Tax grew to ₦5.5 billion, up from ₦1.88 billion, indicating a remarkable 193% increase.
Claims paid by Heirs Life also rose significantly to ₦5.67 billion, a 120% increase from ₦2.5 billion paid to customers in 2023.
Investment income rose from ₦2.8 billion in 2023 to ₦4.6 billion, marking a 65% increase.
HLA closed the year with total assets of ₦66.2 billion, a staggering 75% jump from ₦37.8 billion in the previous year.
Heirs General Insurance (HGI), its general insurance company, also marked significant growth and maintained a strong growth trajectory:
Gross Written Premium marked a 42% rise from ₦11.9 billion in 2023 to ₦16.9 billion in 2024.
Insurance Revenue stood at ₦14.3 billion, a 19% increase from ₦12 billion recorded in 2023.
Profit Before Tax grew by 104%, rising from ₦2.4 billion in 2023 to ₦4.9 billion in 2024.
The company also demonstrated strong claims responsiveness, with claims paid amounting to ₦4.7 billion, up 25% from ₦3.7 billion the previous year.
Investment income jumped by 27% from ₦4.5 billion in 2023 to ₦5.7 billion in 2024.
Total assets marked a 48% increase from ₦18.1 billion in the prior year to stand at ₦26.7 billion in 2024.

In addition, Heirs Insurance Brokers (HIB), its insurance broking and risk management consulting firm, marked significant growth:
Revenue grew by 54% from ₦1.28 billion in FY2023 to ₦1.97 billion in 2024, driven by increased client acquisition and retention.
Profit Before Tax (PBT) marked a 53% rise from ₦528.59 million in the prior year to ₦805.91 million in 2024, highlighting strong cost discipline and operational efficiency.
These results were confirmed in the Group’s 2024 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).

Heirs Insurance Group has maintained a consistent year-on-year growth streak, reflecting strong leadership and corporate governance, and a focus on driving digital innovation to make insurance simple and accessible.
Its digital-first channels, including USSD code *1100#, SimpleLife mobile app, Prince – its AI-powered chatbot, and Nigeria’s first digital insurance experience centre, ensure ease and convenience.
Beyond technology, the Group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria. Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

by Online Poster — July 14, 2025 in Insurance and Pension 0

Universal Insurance PLC Posts N15.25bn Premium In 2024, As Profit Hits 2.8bn

One of the oldest insurance companies in Nigeria, Universal Insurance PLC, said it posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024.

He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

“We are charged to serve the public better to make them have that experience. Our claim payment is not top-notch. Our services are top-notch. We are fully computerised.

All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment there seamlessly, and you can also initiate claim payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

On products and initiatives, Dr Duru said, “Our initiatives and products include Shop in Shop cover. The shop in shop cover was basically designed for shop owners and businessmen that operate businesses at an Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, hotel insurance cover, cover for personal injury and alternative accommodation during relocation effort.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

“We have our digital chat box, or Artificial Intelligence (AI) driven chat box and visual assistant. That is 247 services that will take the position of our service centers at any point in time, our chat box will deliver fantastic experience to the customers both chat and voice services.

“We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle, our survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle, and even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything, it cut down fraud, cut down manpower and reduce cost and give you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service.

by Online Poster — July 10, 2025 in Insurance and Pension 0

Health Insurance Expanded To Cover Enrollees With HIV, TB – NHIA

The National Health Insurance Authority, NHIA, says it has expanded the national health insurance scheme to cover some extreme health cases including people with HIV (PLHIV) and for TB patients, with pilots under way in four states.

This was disclosed by Mrs. Aisha Abubakar Haruna, acting Director, Lagos regional office of the NHIA who represented Dr Kelechi Ohiri, the Director General, NHIA at the annual general meeting of the Nigerian Association of Insurance and Pension Editors, NAIPE in Lagos.

Ohiri, who announced that the health insurance now covers no fewer than 20million Nigerians up from 16.8million in 2023 and achieving 99percent of the 2027 presidential target explained that the Authority achieved an additional 800,000 beneficiaries who joined the basic health care provision fund bringing the total to 2.6 million as of May 2025.

Ohiri also stated that the NHIA embarked on addressing drug shortages and care delays via the multi-project strategy.

He said: “NHIA has focused on expanding health insurance coverage, improving quality of care and protecting the rights of enrollees while strategically and creatively deploying health insurance to save lives in a way that contributes and sustains significant benefit to the health sector.

“As of June last month, NHIA has achieved 20 million enrollees in the health insurance. This was the combined efforts by the state health insurance agencies, health maintenance organizations and the National Health Insurance Scheme. As a matter of fact, we have exceeded the mandates that have been given to us by the president. He gave us a target which we exceeded in June. We have a significant jump from 16.8 million Nigerians enrolled by 2023. By June 2025, we have hit 20 million. We have also embarked on addressing drug shortages and care delays via the multi-project strategy.”

The NHIA DG noted that from 2024 to 2025, NHIA has strategically intervened in the revision of tariffs revising the accreditation processes and mandating one hour limit on care authorization while mitigating any previous issues for medicine shortages, denial, delay in issue codes and provider payment delays.

by Online Poster — July 10, 2025 in Insurance and Pension 0

AXA Mansard Named Insurance Company Of The Year At 2025 Nairametrics Capital Market Choice Awards

By Amaka Obiefuna

AXA Mansard Insurance Plc, Nigeria’s leading provider of innovative insurance and financial solutions, has won the Insurance Company of the Year award at the prestigious Nairametrics Capital Market Choice Awards 2025.

This recognition, bestowed by one of Nigeria’s foremost financial media platforms, Nairametrics, “underscores our unwavering commitment to our value of customer-first, excellence, resilience, and culture of innovation, even amid economic uncertainties”, said Kunle Ahmed, Chief Executive Officer, AXA Mansard Insurance Plc.

Organized by Nairametrics, an authority in business and financial reporting, the Capital Market Choice Awards celebrate organizations that demonstrate outstanding performance, integrity, and industry leadership. With rigorous analysis and deep insight into Nigeria’s financial markets, Nairametrics has established itself as a leading voice in business intelligence, making this award a distinguished benchmark of excellence within the business ecosystem in Nigeria.

Despite a challenging economic landscape in 2024, AXA Mansard exhibited remarkable resilience, achieving significant milestones in customer service, financial strength, and digital innovation. The company strengthened its market position through strategic investments, enhanced product offerings, and a steadfast commitment to protecting the financial security of Nigerians.

Commenting further, Kunle Ahmed expressed his gratitude and reaffirmed the company’s dedication to its stakeholders, saying “We are honored to be recognized as the Insurance Company of the Year by Nairametrics, an institution renowned for its analytical rigor and industry expertise”.

“This award is a testament to the hard work and commitment of our entire team, as well as the trust reposed in us by our customers, partners, brokers and other market stakeholders. In the face of economic uncertainties, AXA Mansard remains resilient, innovative, and deeply committed to delivering insurance solutions that empower Nigerians to secure their futures.”

“As we continue to navigate the evolving financial landscape, the award present to us another reason to remains disciplined, focused on strengthening our operational efficiencies, fostering our digital transformations, and delivering exceptional value to our esteemed customers”, he concluded.

by Online Poster — July 5, 2025 in Insurance and Pension 0