L-R: Sonny Iroche, Independent Non-Executive Director, Heirs General Insurance and Ibrahim Puri, Independent Non-Executive Director, Heirs General Insurance 

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General.

The appointments further strengthen HIG’s governance and leadership team.  HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance products and customer-centric service proposition.

Ibrahim Puri is an accomplished financial services leader, with over 30 years of experience in banking, fintech, and FMCG industries.  He was Group Executive Director at the United Bank for Africa and serves on the board of RedTech and Nigeria Breweries.  He brings a deep understanding of the African financial industry and the ability to navigate complex market dynamics.

Sonny Iroche has over four decades of experience in finance, investment promotion, and economic advisory.  He serves as the Executive Chairman of Strategic Alliance Promotion Company and has held leadership positions at the Transmission Company of Nigeria and United Capital Plc.  He also serves as a special advisor to the Board of Governors of the African Leadership Institute (AFLI).

Commenting, Tony O. Elumelu, Chairman, Heirs Holdings said: “We are pleased to welcome Ibrahim and Sonny to Heirs Insurance Group, and specifically to Heirs General Insurance.  Their exceptional leadership and track record of success will further assist in executing our vision of being Nigeria’s foremost, trusted, and innovative insurance provider.  I know that their expertise will enhance Heirs Insurance Group’s position as an industry leader, delivering exceptional value to all stakeholders.”

About Heirs Insurance Group  

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

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.

Sanlam Nigeria, a leading insurance company, comprising Sanlam Life Insurance Nigeria Limited and its subsidiary, Sanlam General Insurance Nigeria Limited, recently held an exciting Inter-House Sports team bonding event for its staff. The event, which held at the Femi Gbajabiamila Sports Complex, Abalti Barracks, Lagos was aimed at promoting teamwork, camaraderie, and a healthy dose of competition among employees.

The Inter-House Sports theme saw staff divided into four houses, each representing the different core values of the company: Collaboration (Green House), Integrity (Yellow House), Innovation (Red House) and Care (Blue House). The event featured a range of fun and engaging activities, including march past, tug of war, sack race, egg race, catching the train, relay races and sprint, as well as football among others.

“We believe that a strong team is the backbone of any successful organisation,” said Tunde Mimiko, MD/CEO of Sanlam Life Insurance Nigeria Limited. “The Inter-House Sports event was a fantastic opportunity for our staff to bond, build relationships, and showcase their skills in a relaxed and enjoyable environment,” he concluded.

The MD/CEO, Sanlam General Insurance, Bode Opadokun, reiterated the conviviality and sportsmanship displayed; “It is good to see colleagues enjoy a good day out, with strong competitive spirit and above all, meet colleagues across both businesses whom they may ordinarily not know beyond names in email correspondences.”

The event was marked by enthusiasm, energy, and a sense of belonging among participants. Team Integrity (Yellow House) emerged as the overall winner, but the real victory was the strengthened bonds and memories created among colleagues.

Sanlam Nigeria is committed to fostering a positive and inclusive work culture, and the Inter-House Sports event was a testament to this commitment. Formerly known as FBNInsurance, Sanlam Nigeria is a member of the Sanlam Group, present across Africa.

L-R: Mr. Pius Otia, Non-Executive Director; Mr. Moses Omorogbe, Company Secretary; Mrs. Funkazi Koroye-Crooks, Non-Executive Director; Chief Joshua Bernard Fumudoh, Chairman; Mr. Daniel Braie, Managing Director/CEO and Okanlawon Adelagun, Executive Director, all of Linkage Assurance Plc at its 30^th AGM held in Lagos.

Shareholders of Linkage Assurance Plc have applauded the Board and Management of the company for the outstanding performance in the 2023 financial year, which resulted in bountiful returns on investment.

The company’s shareholders who expressed their excitement over a 5-kobo dividend and bonus issue of one for 10 declared at the insurer’s 30th Annual General Meeting (AGM) held in Lagos appreciated the result given the challenges in the operating environment.

Chief Joshua B. Fumudoh, Chairman of the Board speaking at the AGM said despite the challenging operating environment, Linkage Assurance Plc achieved commendable result, and will continue to pay dividend as the company continues in its current trajectory.

Fumudoh said Linkage Assurance financial performance remained robust, with strong revenue growth, improved underwriting discipline, and prudent investment management, which are contributing to enhanced profitability.

Boniface Okezie, Nona Awoh, Williams Adebayo, Adetutu Siyanbola, Timothy Adesiyan and others who applauded the performance called on the board to design strategies to sustain the growth, expand investment for more income as well as build capacity ahead of possible recapitalisation in the insurance industry.

Fumudoh giving the performance breakdown said the company was able to grow the insurance revenue to N14.8billion in 2023 from N12.5 billion in 2022, representing a growth rate of 19 percent.

This is as investment and other incomes rose by 80 percent to N9.07 billion, as against N5.04 billion in 2022.

The underwriting firm during the year under review achieved a Profit Before Tax of N5.46 billion from N1.87 billion in the previous year, an increase of 191 percent, while Profit After Tax was N5.28 billion, as against N1.75 billion in 2022, an increase of 203 percent.

Total assets of the company rose to N52.86 billion from N38.79 billion in 2022, a 36 percent increase.

Daniel Braie, Managing Director/CEO of the Linkage Assurance Plc in his remark at the AGM said the company’s commitment to excellence and innovation remains steadfast.

“We are optimistic about the opportunities ahead and prepared to navigate any challenges that arise. Our strategic focus centres on driving growth, sustaining profitability, and delivering value to our stakeholders.”

Driving growth in 2024, Braie said strategies will include product innovation, market penetration, customer engagement as well as operational efficiency

“By continuously innovating and developing new insurance products tailored to our customers’ evolving needs, we aim to stay ahead of market trends and strengthen our market leadership.”

This is to inform all registered agents and insurance companies that a new licensing portal for registration and renewal of the licences of insurance Agents has been developed.

The new portal will ease, fast track and streamline licencing of insurance agents and will reduce manual intervention in the issuance of agency licensing process.

Consequently, all applications for registration and renewal of agency license shall hence forth be submitted using https://agent.naicom.gov.ng on the new portal effective August 1, 2024

NAICOM advised that all pending applications that have not been registered on the old portal should be resubmitted through the new licensing agents’ portal.

It equally advised all registered agents and insurance companies to note the above and be guided accordingly.

Upon receipt of all necessary approvals from the National Insurance Commission (NAICOM), Old Mutual Nigeria Life Assurance Company Limited and Old Mutual General Insurance Company Nigeria Limited are proud to announce their rebrand and name change to emPLE Life Assurance Limited and emPLE General Insurance Limited respectively.

This transformation follows the completion of the acquisition of 100 percent of Old Mutual’s equity in both businesses by emPLE Group.

emPLE Group is dedicated to delivering superior financial solutions and fostering long-term growth and value creation across Africa. Central to emPLE’s purpose is empowering people by providing innovative financial solutions that enhance their freedom, security, and prosperity.

Old Mutual has been a prominent player in Nigeria’s financial landscape, offering comprehensive life assurance, general insurance, savings, and investment solutions to over 1.5 million customers across the country. With the acquisition finalized, the companies will now operate under the emPLE brand, reflecting their integration into the emPLE Group’s vision and strategy.

The acquisition of Old Mutual’s insurance businesses in Nigeria and their transformation to emPLE mark a pivotal moment in emPLE’s journey. emPLE is poised to enhance its service offerings and customer engagement, positioning itself as the premier insurer in Africa. This rebranding allows emPLE to consolidate its strengths, expand its capabilities, and build lifelong financial partnerships with its clients.

According to Mr. Olalekan Oyinlade, Managing Director of emPLE General Insurance Limited, “the rebranding to emPLE signifies a new chapter for us. We remain steadfast in our dedication to delivering innovative insurance solutions that meet the evolving needs of our customers. emPLE, meaning empowering people, reflects our mission to protect and empower individuals and families throughout Africa, ensuring their financial security and prosperity.”

The acting Managing Director of emPLE Life Assurance Limited, Mr. Rantimi Ogunleye, added “We are excited about this new phase. The acquisition will significantly bolster our commitment to expanding our market presence and strengthen our ability to achieve remarkable growth and enhance the value we provide to our customers.”

As emPLE embarks on this transformative journey, the company reaffirms its commitment to enhancing its operational capabilities and customer offerings. With a renewed focus on empowerment and sustainability, emPLE aims to innovate within the insurance sector by introducing cutting-edge solutions that prioritise customer needs and environmental responsibility. This commitment reinforces emPLE’s dedication to delivering unparalleled service and fostering long-term partnerships with its clients across Africa.

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa. At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity.

We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.

Front row (L-R): Dr. Donald Kanu (Company Secretary); Mr. Kundan Sainani (Chairman), Mr. Babatunde Fajemirokun (Managing Director/CEO), Mr. Adewale Kadri (Executive Director, Technical.

AIICO Insurance Plc, a leading insurer in Nigeria, has continued its strong growth trajectory as it declared a profit after tax of N12 billion for the financial year ended December 31, 2023, up from the N5.2 billion it posted during the corresponding period in 2022.
Disclosing these impressive figures to the felicitous shareholders at the 54th annual general meeting of the company in Lagos, its Chairman, Mr. Kundan Sainani, noted that the profit after tax increased by 132.6 percent.
Sainani further disclosed that year 2023 produced other significant gains for the company as a consequence of the meticulous execution of its business strategy, resulting in a gross written premium of N110.1 billion during the review year as against N88.3 billion in 2022.
The result, according to him, was achieved as the company transitioned from using IFRS 4 to IFRS 17 standard, which resulted in the recognition of insurance revenue of about N72.6 billion from N54.8 billion in 2022, demonstrating the company’s commitment to transparency and robust financial practices.
The AIICO chairman said these results were achieved in the midst of serious socio-economic challenges typified by increases in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity, and the 2023 Fiscal Bill, all of which contributed to the rise of domestic prices.
“Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth. Our profits for the period increased by 132.6 percent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses”, he said.
Referencing the dynamics in the economy and projecting into the future, Sainani said AIICO remains resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield advantageous returns.
On his part, AIICO’s Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.
Fajemirokun said both the board and management were considering devoting a bigger chunk of future profits to dividend payments.
Other major highlights of the annual general meeting included the election of Mrs. Kemi Adewole to the board of AIICO as an Independent Non-Executive Director and the official welcome of Mr. Gbenga Ilori as an Executive Director.
The appreciative shareholders commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.
A shareholder, Dr. Alex Adio, commended the company for consistent dividend payments. He urged the board to increase dividend payout next year.
Another shareholder, Dr. Anthony Omojola, praised the company for its share buy-back scheme, noting that it would enhance earnings per share and increase share price.
AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life be & general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.