‎
‎By Rosemary Iwunze

The Management of Anchor Insurance Company Limited has officially announced that the Company has successfully met the recapitalisation requirements of the National Insurance Commission (NAICOM) under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

‎The Managing Director/CEO, Dr. Ebose Augustine Osegha declared: “Today, our capital base stands in excess of ₦25.5bn, significantly exceeding the ₦15bn minimum requirement for non-life insurance companie” noting that “this achievement reflects our financial strength, sound corporate governance and long-term commitment to protecting the interests of our customers and stakeholders.”

‎Having achieved this feat, he hinted on the task ahead, stating that “for Anchor Insurance, this milestone means stronger capacity to underwrite larger and more complex risks, enhanced claims-paying ability, greater confidence for our customers and business partners, expanded opportunities for growth and innovation and continued compliance with the highest regulatory standards.”

‎He continued: “Most importantly, it strengthens our promise to deliver reliable insurance protection, innovative solutions and an exceptional customer experience at every touchpoint.”

‎He thanked the company’s customers for their support and trust. He states: “we sincerely thank you for your unwavering trust and support. Your confidence has been instrumental to this achievement.”

‎The MD assured stakeholders that: “as we embark on this new chapter, we remain steadfast in our mission to protect what matters most and to remain the insurance company of choice today and for generations to come.”

By Rosemary Iwunze

Heirs Insurance Group has met the National Insurance Commission’s (NAICOM) recapitalisation requirements, with both Heirs General Insurance and Heirs Life Assurance included on the Commission’s list of insurance companies that have satisfied the revised minimum capital requirements.

This development follows the conclusion of National Insurance Commission’s (NAICOM) landmark recapitalisation programme, which will reshape Nigeria’s insurance landscape and create a stronger industry capable of supporting larger investments, infrastructure projects and accelerated economic growth.

As Nigeria pursues its ambition of building a US$1 trillion economy, the recapitalisation reforms come at a time of growing international interest in Africa’s financial services sector. The reforms are expected to significantly strengthen investor confidence in Africa’s largest economy by creating insurers with greater financial resilience, stronger governance and the underwriting capacity required supporting large-scale investments across diverse industries.

For Heirs Insurance Group, the recapitalisation positions the Group for larger local and international engagements. It substantially expands the Group’s ability to retain larger risks, participate in more complex transactions, pursue strategic partnerships with multinational organisations and support both local and international investors seeking risk protection in one of Africa’s fastest-growing markets.

Speaking on behalf of Heirs Insurance Group, Niyi Onifade, MD/CEO, Heirs Life Assurance, said: “This is a significant transformation point for us at Heirs Insurance Group and Nigeria’s insurance industry as a whole. The recapitalisation reforms open up the industry for more competition and create opportunities to support the scale of investments Nigeria requires. We are ready to take advantage of the numerous opportunities this brings and commit to deepening financial inclusion, strengthening strategic partnerships and redefining insurance through technology and customer-centric innovation, as we have always done.

“Heirs Insurance Group enters this new phase with significant competitive advantages already in place. Over the past five years, the Group has established itself as one of Africa’s fastest-growing insurance businesses, combining rapid growth with technology-led innovation, simplified customer experiences and one of the industry’s strongest digital ecosystems.”

Earlier this year, Heirs Life Assurance and Heirs General Insurance were recognised among the Financial Times’ fastest growing companies in Africa, while the Group has also emerged as Nigeria’s leading digital insurance brand through sustained investment in digital distribution, customer engagement and technology-enabled service delivery.

The Group’s innovation includes the launch of Prince AI, Nigeria’s first multilingual generative AI insurance assistant, enabling customers to purchase policies, access information and receive support across multiple local and international languages, and its digital experience centres, part of a broader strategy to remove friction from insurance and expand access to millions of underserved customers.

The strengthened capital base now amplifies these capabilities and emphasises the Group’s stance on driving innovation to enhance insurance accessibility in Nigeria.

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.

‎
‎By Rosemary Iwunze
‎
Prudential Zenith Life Insurance and Standard Chartered Bank Nigeria Limited have announced the launch of a strategic bancassurance partnership to expand access to life insurance and financial protection across Nigeria.

‎This collaboration effort combines Prudential Zenith’s underwriting expertise with Standard Chartered’s banking network to deliver accessible protection solutions to a larger segment of the Nigerian population.

‎The partnership demonstrates a shared commitment to bridging the insurance gap and advancing financial inclusion by embedding access to insurance within everyday banking touchpoints. Through this alliance, Standard Chartered customers will have access to a range of life insurance products tailored to diverse life-stage needs, from individual protection to family security and education planning.

‎Speaking on the game-changing potential of this collaboration initiative, Afolabi Lawal, Executive Director and Chief Financial Officer, Prudential Zenith Life Insurance, remarked: At Prudential Zenith, we believe that financial inclusion is not only about access, but also about empowerment.

This partnership with Standard Chartered Bank Nigeria Limited allows us to reach more Nigerians with products that are not exclusively protective but also aspirational. Whether it is safeguarding a child’s education or securing a family’s future, we are making life insurance more intuitive, affordable, and integral to every customer’s financial journey. Together, we are dismantling barriers while building a stronger, more resilient society.

‎Affirming this commitment, Ayodeji Adelagun, Acting Chief Executive Officer, Standard Chartered Bank Nigeria Limited, stated: This partnership with Prudential Zenith Life Insurance underscores our commitment to deliver financial solutions that enable and protect clients and their families. By deploying these essential insurance products into our banking services, we are improving our umbrella of wealth offerings and deepening financial inclusion in Nigeria. Our customers can now secure their futures with confidence, knowing that their wealth and legacy are protected.

‎The bancassurance relationship will offer customers a range of carefully selected products designed to deliver financial security and peace of mind. This partnership combines Standard Chartered Bank’s distribution network with Prudential Zenith Life Insurance’s underwriting expertise to make insurance more accessible, affordable and easier to manage for Nigerians, building on Prudential and Standard Chartered’s 27-year global relationship across 11 markets in Africa and Asia.

‎Standard Chartered Bank re-entered Nigeria in 1999 as a wholly owned subsidiary of Standard Chartered PLC, a leading international banking group. Standard Chartered Nigeria offers a wide array of financial products and services spanning Corporate & Institutional Banking, Wealth Management, and Transaction Banking. Operating from its ultra-modern Head Office in Victoria Island, Lagos, and primary hubs in Abuja and Port Harcourt, the Bank pairs a robust digital banking framework with local footprint optimisations to serve corporate clients and the emerging affluent segment. 

‎The Bank remains anchored by deep financial stability, having comfortably met the Central Bank of Nigeria’s (CBN) ₦200 billion minimum capital requirement well ahead of the statutory deadline. Driven by its definitive global brand promise, ‘Here for good’, Standard Chartered Nigeria is committed to local sustainable development, sound international governance, and seamlessly connecting its clients to high-growth corridors across Asia, Africa, and the Middle East.

‎Prudential Zenith Life is a fully owned subsidiary of Prudential plc, following Prudential plc’s acquisition of a 100% shareholding as of September 26th, 2024. It has become one of the most capitalised companies in the Nigerian insurance industry. With a Profit After Tax of ₦7.4 billion in FY 2024, Prudential Zenith Life offers a wide range of individual products, including savings and investment-linked products, endowment plans, and protection plans designed to meet the needs of individuals and their families. For corporate clients, the company provides Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring comprehensive coverage for the welfare of clients’ employees and families.