• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, July 19, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Heirs insurance firms record N14.8bn premium in Q3

Insurance

The Matters Press by The Matters Press
October 26, 2022
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

Heirs Insurance Ltd. (HIL) and Heirs Life Assurance (HLA) have generated a total of N14.8 billion Gross Written Premium (GWP) in the third quarter.

RELATED POSTS

Atiku still confused, repetitive over‎ Fuel Subsidy Withdrawal

Befitting honour for former President Buhari commendable – TMSG

17-member committee for burial of Buhari

Mr Niyi Onifade, Managing Director, Heirs Life Assurance, said this at a press briefing on Wednesday in Lagos.

Onifade said Heirs Insurance recorded a GWP of N5.8 billion in the third quarter from N3.5 billion recorded in 2021, while Heirs Life’s GWP soared to N9 billion in the third quarter from N2.7 billion recorded in 2021.

He explained that the performances of the two firms were impressive within the period of review as they pooled N1.550 millon profits.

“Heirs Insurance recorded a Profit Before Tax (PBT) of N600 million in the third quarter, while Heirs Life generated N950 million at the end of the third quarter of this year,” he said.

According to him, the two firms have settled total claims of N1.611 billion to policyholders from inception on June 1, 2021 to the end of the third quarter.

Onifade explained that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million as at the period under review.

He said Heirs Life also paid a total of N58 million as claims at the end of 2021 and N700 million during the review period.

“We recognise the need to pay claims, always look for reasons to pay and not reasons not to pay. Consequently we made our claims settlement process simple and seamless,” he said.

The Hiers Life boss said the firms had fully integrated with the portal of the National Insurance Commission (NAICOM) and activated a robust digitally enabled call centre.

Onifade said the insurers had also done a lot in terms of insurance penetration drive within over one and half years of existence by supporting the financial inclusion drive of NAICOM and by extension the federal government.

On Bancassurance, he noted that the underwriters having partnered with the United Bank for Africa on bancassurance, planned to be in 100 branches of the bank in line with bancassurance guidelines for the industry before the end of the year.

The Heirs Life MD stated that the companies’ agency networks had also developed, and that they were growing a robust relationship with insurance brokers and agents.

In her remark, the Managing Director, Heirs Insurance, Dr Adaobi Nwakuche, said Heirs Insurance introduced 33 new products, while Heirs Life introduced 16 new products in year 2022 and had gotten approval to introduce more.

“We are very deliberate about creating new products in the market that will differentiate us from what others are doing.

“We want to change the narrative by doing what will delight our clients by providing products that are easy to understand and very affordable,” she said.

On the ravaging flood, Nwakuche said the undwriting companies’ management teams had begun engagements on how to mitigate risks that may arise from the menace.

Heirs Insurance is a subsidiary of Heirs Holdings, a pan-African investment group, with presence in 23 African countries and four continents.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria has not taken decision yet on fuel subsidy
Economy/Technology

Atiku still confused, repetitive over‎ Fuel Subsidy Withdrawal

July 19, 2025
Befitting honour for former President Buhari commendable – TMSG
Economy/Technology

Befitting honour for former President Buhari commendable – TMSG

July 17, 2025
Buhari attends inauguration of Barrow of Gambia
Entertainment/sports

17-member committee for burial of Buhari

July 14, 2025
Lagos falls flat to APC
Economy/Technology

Lagos falls flat to APC

July 13, 2025
African intellectuals release letter to world, caution continent on selfness
Economy/Technology

Nigeria celebrates Soyinka at 91

July 13, 2025
China introduces new visa
Economy/Technology

Nigeria maintains issuance of 5-year visa to Americans

July 13, 2025
Next Post
FIRS generates N4.2tn in 10 months

FIRS begins on-the-spot online tax collection from online betting

CIIN president tasks Insurance directors on manpower development

Leadway Insurance boss cautions on alarming rise in cybersecurity risk

Recommended Stories

South Africa in load shedding to manage dip in power

Eko, Ikeja DisCos blame drop in generation for power outage

January 29, 2022
SMEs in Africa take more loans as global peers wean off debt

Nigeria intensifies efforts to formalise SMEs operations

February 16, 2024
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

Why food prices remain high – FG

December 9, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Atiku still confused, repetitive over‎ Fuel Subsidy Withdrawal
  • Befitting honour for former President Buhari commendable – TMSG
  • 17-member committee for burial of Buhari

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us