Winners of the 2026 Heirs Insurance Hackathon from Nnamdi Azikiwe University – John Trust, Unah Chinweotuto, John Justice; with leaders of Heirs Insurance Group: Peace O. Philips, Chief Digital Officer, Niyi Onifade, MD/CEO, Heirs Life Assurance; Callista Azogu, Independent Non-Executive Director, Heirs Life Assurance, and Wole Fayemi, MD/CEO, Heirs General Insurance.

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the winners of the 2026 Heirs Insurance Hackathon; a competition empowering university students to shape the future of digital insurance.

Following a rigorous judging process by industry professionals, the top winners emerged: Team Omnivoice from Nnamdi Azikiwe University emerged as the overall winner, taking home the grand prize of ₦5 million; Team Alafia from Ahmadu Bello University Zaria secured second place with a ₦3 million prize; while Team Von Mises from Lagos State University came third and received ₦1 million. The winning team comprised Unah Chinweotuto, John Justice, and John Trust.

The grand finale, which was held at Heirs Towers, Lagos, brought together brilliant young tech talent, industry experts, and mentors to celebrate innovation in the insurance sector. The maiden edition attracted a significant number of entries from students at higher learning institutions across the country, all presenting fresh, practical ideas aimed at transforming insurance in Nigeria.

Themed “The Future of Insurance: Streamlining Insurance with AI”, the Hackathon reflects Heirs Insurance Group’s strong commitment to youth empowerment, digital skills development, and inclusive innovation. It gave students a real platform to apply emerging technologies to actual challenges in the insurance industry while receiving mentorship and industry exposure.

Speaking at the grand finale, Peace O. Philips, Chief Digital Officer of Heirs Insurance Group, said: “We are truly impressed by the outstanding creativity, technical depth, and practical solutions showcased by these young talents today. This maiden hackathon has exceeded our expectations and clearly demonstrates the immense potential of Nigerian youth to solve real insurance challenges using Artificial Intelligence and digital innovation,” he said.

The Heirs Insurance Hackathon was delivered in partnership with Redtech, the digital payment solutions arm of Heirs Holdings.

Heirs Insurance Group is the insurance arm 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, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Against the backdrop of a challenging yet progressively stabilising macroeconomic environment, Leadway Assurance, Nigeria’s leading insurance services provider and a member of the Leadway Group, has once again demonstrated its position as the nation’s most dependable insurer, delivering a robust financial performance for the 2025 financial year.

Central to the company’s 2025 performance was its commitment to standing by policyholders through prompt and consistent claims settlement. Consequently, claims expenses rose by 17%, from N117 billion in 2024 to N137 billion in 2025, affirming Leadway’s formidable capacity to honour obligations across its life, annuity, and non-life portfolios, and its continued role as a dependable financial safety net for millions of customers navigating losses in these uncertain times.

The non-life portfolio accounted for N55.4 billion of total claims expenses, while annuity payouts reached N57.9 billion, and life business claims accounted for N23.7 billion. These figures validate the scale of Leadway’s operations and its sustained leadership across multiple insurance segments.

This is evident in the financial performance datasets with insurance revenue growing by 30% from N173.2 billion in 2024 to N225.3 billion in the year under review, driven by broad based growth across all business classes and resilient customer demand for insurance solutions aligned with the realities of an evolving market.

Total assets grew to N1.155 trillion from N1,024 trillion, further reinforcing the company’s strong balance sheet, liquidity position, and capacity to meet policyholder obligations while pursuing sustainable long-term growth.

Commenting on the results, Gboyega Lesi, MD/CEO of Leadway Assurance, stated: “Our 2025 performance reflects the resilience of our business model, the trust our customers continue to place in the Leadway brand, and our unwavering commitment to honouring obligations when customers need us most. Paying N137 billion in claims across our annuity, life, and non-life portfolios demonstrates the strength of our balance sheet and our customer first commitment” he said.

“As the industry evolves under the Nigerian Insurance Industry Reform Act 2025, we remain well positioned to drive innovation, deepen insurance penetration, strengthen digital capabilities, and deliver sustainable long-term value to our customers and stakeholders.”

Lesi added: “Leadway would continue to prioritise technology-driven innovation, enhanced customer experience, operational efficiency, and product development initiatives aimed at expanding access to insurance solutions across Nigeria.”

With increasing insurance awareness, growing adoption of digital distribution channels, and ongoing regulatory reforms within the Nigerian insurance sector, the company remains optimistic about the industry’s long-term growth prospects and its ability to maintain market leadership.

 About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance companies, providing a wide range of financial protection services including life insurance, general insurance, among other financial solutions.

With 55 years of experience, Leadway is dedicated to delivering innovative solutions and superior service to its customers.

AIICO Insurance Plc, one of Nigeria’s leading insurance and financial services providers, has reaffirmed its long-standing commitment to education, capacity development, and people empowerment.

The company believes that meaningful progress; for individuals, for industries, and for nations — begins with deliberate investment in learning and human potential, and continues to channel its resources towards initiatives that nurture talent and equip people for the future.

Over the years, AIICO has consistently invested in programmes and partnerships that strengthen knowledge, build professional competence, and create opportunities for individuals to thrive.

From workforce development to other broader social impact initiatives, the company’s philosophy remains clear: people are the most enduring asset of any organisation, and empowering them is the surest path to sustainable growth.

It is in this spirit that the company has completed the upgrade of the AIICO Hall at The College of Insurance and Financial Management (CIFM) — a hall that has long borne the AIICO name. The renovation is the latest expression of the company’s belief that the spaces in which people learn must evolve alongside the demands of a changing world.

The newly upgraded hall has been outfitted with state-of-the-art multimedia infrastructure, modern audio-visual systems, and other contemporary facilities designed to deliver an optimum learning experience. The improvements are intended to support immersive teaching, interactive learning, and hands-on training for students and professionals progressing through the College.

Beyond the four walls of the upgraded hall, the impact of this initiative extends to the broader society. Every learner who passes through the facility — whether an aspiring insurance professional, a finance specialist, or an industry executive seeking advanced training — benefits from an environment built to support meaningful, future-ready learning.

By investing in such infrastructure, AIICO is contributing to the long-term strengthening of Nigeria’s insurance and financial services ecosystem and to the development of a skilled workforce capable of driving sustainable economic growth.

Speaking on the initiative, Mr. Babatunde Fajemirokun, the Managing Director/Chief Executive Officer of AIICO Insurance Plc said:

“At AIICO, we have always believed that the most enduring investment any organisation can make is in people. Education, capacity development, and empowerment are the threads that run through everything we do — and they are how we choose to give back to the society that has supported our growth. The upgrade of this hall is a tangible expression of that commitment. Learning needs evolve, technology evolves, and the experiences our learners deserve must evolve with them. We are proud to play a part in shaping an environment where the next generation of insurance and financial professionals can be properly equipped to lead the industries of tomorrow.”

The upgrade of the AIICO Hall is part of the company’s broader and ongoing commitment to corporate social responsibility, education, and human capital development across Nigeria.

AIICO Insurance pledges to continue supporting initiatives that build capacity, empower people, and strengthen the foundations of the insurance and financial services industry for generations to come.s

About AIICO Insurance Plc

AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Heirs Insurance Group has achieved a landmark double recognition, with member companies, Heirs Life Assurance and Heirs General Insurance, both earning coveted spots on the 2026 Financial Times ranking of Africa’s Fastest-Growing Companies, one of the continent’s most authoritative benchmarks for business performance and expansion.

Of the 130 companies featured across all sectors, Heirs Life Assurance ranked 7th and Heirs General Insurance ranked 41st, placing both companies firmly among Africa’s elite growth stories and cementing the Group’s status as a dominant force in the continent’s insurance landscape.

The dual ranking reflects exceptional growth recorded across the assessment period, a testament to the Group’s deliberate and disciplined approach to expansion. This performance was driven by consistent financial strength, customer-centric innovation, a broadened product portfolio, and operational excellence.

For Heirs Insurance Group, the recognition is a validation of its long-term vision to redefine insurance in Africa.

Commenting on the achievement, Niyi Onifade, Sector Head of Heirs Insurance Group, said: “We are immensely proud that both Heirs Life Assurance and Heirs General Insurance have been recognised among Africa’s fastest-growing companies. This ranking is a validation of our unwavering commitment to delivering exceptional value to our customers and our focus on sustainable, technology-driven growth. As proud pioneers of digital transformation in the Nigerian insurance sector, we continue to reflect the spirit of excellence defined by our parent company, Heirs Holdings. We are committed to building financial resilience, not just in Nigeria, but across the entire African continent.”

This recognition arrives on the heels of another significant milestone, the Group’s recent launch of PrinceAI, a revolutionary multi-language generative AI assistant purpose-built to transform how Africans access and engage with insurance services.

Beyond resolving enquiries, PrinceAI enables real-time customer engagement, dramatically reducing the friction that has historically stood between consumers and insurance coverage. Through Prince AI, Heirs Insurance Group further deepens its commitment to making insurance truly accessible to all.

Heirs Insurance Group is the insurance arm 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, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Mr. Tope Smart, Group Chairman, NEM Insurance Plc, said at the 56^th Annual General Meeting (AGM) of the company in Lagos that NEM Insurance Plc will soon unveil a life assurance firm as part of its expansion strategy.

Smart stated that “our Group recorded N166.8 billion gross premium income while the parent company recorded N157.8 billion during the year under review, as against N110.7 billion and N108.3 billion for group and parent respectively in 2024. Though profit after tax declined from N29 billion in 2024 to N24 billion during the year under review, this was due to foreign exchange losses we experienced during the period.”

Other key performance indices include: insurance revenue grew from N97.9 billion in 2024 to N152.3 billion in 2025, an increase of 56% over the previous year; (investment income) an increase of 70% recorded in 2025 against 130.3% achieved in 2024. The total investment income in 2025 was N12.9 billion while that of 2024 was N7.6 billion; claims paid during the year was N49.8 billion against N31.3 billion in 2024. The claims ratio for 2025 was 29.8% while 2024 was 28%; the Group’s Profit before Tax (PBT) was N27.9 billion and N33.6 billion in 2024, a decrease of 17% because of the fluctuation in foreign exchange gain; the position of the Group’s financial assets between 2025 and 2024 increased by 38% while Total Assets and Total Equity also improved by 49.8% and 29% respectively.

The Board recommended a dividend of N1.50 kobo per N1 ordinary shares amounting to N7,524,716,650.50 payable to shareholders and subject to deduction of withholding tax at the appropriate rate.

He lamented that the operating environment was volatile and challenging because of the insecurity in the country and high cost of living.

“As we continue to experience the impact of ongoing war in the Middle East which accounted for the recent additional increase in oil prices and its effect on goods and services, presently, fuel pump price fluctuates between N1250 and N1,400 as against N890. Exchange rate is becoming stable at an average of N1,378.13 per Dollar. Nigeria is ranked 52^nd largest economy globally, against 53^rd in the preceding year based on nominal GDP in 2025 and fourth largest in Africa against the sixth largest in Africa in the preceding year. The country’s GDP growth rate reached 3.90% in 2025, a notable increase from the 3.40% recorded in 2024.”

The NEM chairman said the growth and recovery in the economy should be improved upon by government at all levels, as there is need for urgent measures to produce more goods locally and create enough job opportunities for the unemployed populace.

“Despite all the challenges, our company maintained its leadership position in general business. This trend of excellent performance is expected to be sustained with the right form of support from all stakeholders, expectations from the government at all levels and other concerned parties to improve the security architecture in our country, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens.”

L-R: Idowu Semowo, Executive Director, Finance and Investment, NEM Insurance Plc; Ifunanya Iwuagwu, Company Secretary/Legal Adviser; Andrew Ikekhua, Managing Director/CEO, NEM Insurance Plc; Tope Smart, Group Chairman; Daphne Dafinone, Director, and Kelechi Okoro, Non-Executive Director, during the 56th Annual General Meeting (AGM) of NEM Insurance Plc held in Lagos on Thursday, May 14, 2026.

Shareholders of NEM Insurance Plc have commended the company’s board and management following the recommendation of a N7.52 billion dividend payout for the 2025 financial year amid strong growth across key financial indicators.

The commendation came at the company’s 56th Annual General Meeting in Lagos where the Group Chairman, Tope Smart, presented the Annual Report and Financial Statements for the year ended December 31, 2025.

The board recommended a dividend of N1.50 per ordinary share amounting to N7.52 billion, subject to shareholders’ approval and deduction of withholding tax at the applicable rate.

Shareholders at the meeting expressed satisfaction with the company’s consistent returns and resilient performance despite the challenging business environment, noting that the proposed dividend demonstrated management’s commitment to rewarding investors.

Speaking on the company’s performance, Smart disclosed that insurance revenue grew by 56 percent from N97.9 billion in 2024 to N152.3 billion in 2025, while Investment income also rose significantly by 70 percent to N12.9 billion from N7.6 billion recorded in the previous year.

He added that the company’s subsidiaries, NEM Asset Management Company Limited and NEM Health Limited, did quite well and made positive contributions to the Group’s earnings during the year under review.

On claims settlement, Smart stated that claims expenses increased to N49.8 billion in 2025 from N31.3 billion in 2024, reflecting the company’s commitment to meeting obligations to policyholders promptly.

According to him, the Group recorded a profit before tax of N27.9 billion. He, added that the company maintained a strong financial position as financial assets increased by 38 per cent, while total assets and total equity rose by 49.8 per cent and 29 per cent respectively.

As part of its expansion drive, Smart revealed that plans to establish a life assurance company were at an advanced stage and would soon be unveiled.

Also speaking at the AGM, the Managing Director of NEM Insurance Plc, Andrew Ikekhua, said the company’s balance sheet remained robust, reflecting strong capitalisation and preparedness to operate effectively under the new regulatory capital regime introduced by the Nigerian Insurance Industry Reform Act 2025.

He noted that the company also received several awards and recognitions in 2025, including Best General Insurance Company of the Year; Outstanding Performance in Claims Settlement Award by Risk Analyst; and the Pearl Award in the Financial Services (Insurance Sector) for the year 2025.

L–R: Team Lead, Reinsurance, Specialty Risk & Global Client Services, Leadway Assurance, Lawal Bello; Acting Chairman, Kosofe Branch B/PRO, Biode Motor Park, Ojota, Comrade Adewale Olawale; Lagos Sector Commander, Federal Road Safety Corps (FRSC), Corps Commander, Kehinde Ganiyu Hamzat; and Head, Technical Risk Management, Leadway Assurance, Otuyemi Olatunde at the Arrive Alive road safety sensitisation initiative organised by Leadway Assurance in partnership with FRSC at Biode Motor Park, Ojota, Lagos.

Leadway Assurance, Nigeria’s leading insurance services provider and a subsidiary of Leadway Group, a foremost non-banking financial services and wellbeing conglomerate, has partnered with the Federal Road Safety Corps (FRSC) to promote road safety advocacy and reward safety-compliant motorists through the Arrive Alive campaign.

Leadway Assurance and the FRSC have worked together on road safety advocacy for years. The partnership has been further strengthened with the launch of the Arrive Alive campaign, which aims to deepen public awareness of responsible driving, promote safer road behaviour, and encourage better compliance with road safety regulations among motorists. The initiative also aims to reduce preventable road accidents and reinforce a stronger culture of safety among road users across Nigeria.

As part of the campaign, a webinar titled “Arrive Alive Because Life is Priceless” was held on May 6, 2026. The session featured the FRSC Lagos State Sector Commander Corps Commander, Kehinde Hamzat, and Leadway’s Head of Technical Risk Management, Otuyemi Olatunde, who shared practical insights on essential vehicle safety items every motorist should have, including first aid kits, fire extinguishers, and discussed major causes of road accidents such as driver distraction, negligence, and unsafe road behaviour.

The speakers also addressed common misconceptions among motorists and emphasised the importance of proactive safety measures to prevent avoidable road traffic incidents.

The webinar was followed by live sensitisation engagements at the FRSC office in Ojota and the Ojota Motor Park in Lagos on 7 May 2026. During the engagements, private and commercial motorists were educated on safe driving practices, compliance with traffic regulations, and responsible road use.

Motorists who demonstrated compliance with safety requirements, including seat belt use, possession of complete vehicle documentation, and availability of required safety equipment in their vehicles, were recognised and rewarded as part of the campaign’s behavioral reinforcement strategy.

Executive Director, Technical & Operations, Leadway Assurance, Olufunmilayo Amanwa, commenting on the campaign, said, “The ‘Arrive Alive’ initiative reflects our long-standing commitment to protecting lives beyond insurance coverage.”

According to data released by the Federal Road Safety Corps (FRSC), Nigeria recorded a total of 10,446 crashes across the country in 2025, an increase of 9.2 percent from 9,570 in 2024, with deaths resulting from last year’s crashes put at 5,289 persons.

She added that “These data points reinforce the urgent need for sustained road safety awareness and behavioural change among motorists and commuters alike. By promoting safer driving habits, we are contributing to the reduction of preventable road traffic accidents and supporting the development of a more responsible road culture in Nigeria.”

Also, The FRSC Lagos State Sector Commander, Corps Commander, Kehinde Hamzat, commenting on the partnership, said, “Our collaboration with Leadway Assurance on the ‘Arrive Alive’ initiative strengthens ongoing efforts to improve compliance with road safety regulations across Nigeria. We continue to emphasise that most road traffic crashes are preventable when motorists make responsible decisions on the road. This initiative reinforces our shared commitment to saving lives and promoting safer road use nationwide.”

The partnership reflects strengthened collaboration between the private sector and regulatory authorities to address road safety challenges in Nigeria. It underscores a shared responsibility to promote road discipline, deepens public awareness of safe driving practices, and encourages sustained compliance with traffic regulations. It is expected to contribute to a reduction in preventable road traffic incidents, improved road user behaviour, and a stronger culture of accountability among motorists in Nigeria.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering a diversified range of solutions across insurance, pensions, health, and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.