Heirs Insurance Group has announced a combined Gross Written Premium (GWP) of ₦61bn in 2024, for its life and general insurance companies, reflecting a 70% increase from the ₦35.8bn recorded in 2023, the group said in a statement that the performance showed a strong year-on-year growth across all business lines and metrics..
The group combined earned Insurance Revenue rose from ₦20.5bn in the previous year to ₦31.4bn in 2024, indicating a 53% increase while the combined Profit Before Tax (PBT) rose from N4.8 bn to ₦11.2bn, more than double the previous year’s figure, and representing a 133% year-on-year growth.
The claims flag remained down with a staggering combined ₦10.4bn in claims during the year, compared to previous ₦4.18bn, marking a 149% growth. In addition, their total assets grew by 66%, rising from ₦55.8bn to ₦92.9bn.
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 ₦23.87bn to ₦44.22bn. Insurance revenue stood at ₦15.1bn, a 109% growth from ₦7.3bn.
Profit Before Tax grew to ₦5.5bn, up from ₦1.88bn, indicating a remarkable 193% increase. Claims paid by Heirs Life also rose to ₦5.67bn, a 120% increase from ₦2.5bn paid to customers in 2023. Investment income rose from ₦2.8bn to ₦4.6bn, marking a 65% increase. HLA closed the year with total assets of ₦66.2bn, a 75% jump from ₦37.8bn 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 ₦11.9bn in to ₦16.9bn. Insurance revenue stood at ₦14.3bn, a 19% increase from ₦12bn recorded in 2023.
Profit Before Tax grew by 104%, rising from ₦2.4bn to ₦4.9bn. The company also demonstrated strong claims responsiveness, with claims paid amounting to ₦4.7bn, up 25% from ₦3.7bn the previous year. Investment income jumped by 27% from ₦4.5 bn to ₦5.7bn. Total assets marked a 48% increase from ₦18.1bn in the prior year to stand at ₦26.7bn.
In addition, Heirs Insurance Brokers (HIB), its insurance broking and risk management consulting firm, marked significant growth; revenue grew by 54% from ₦1.28bn to ₦1.97bn, driven by increased client acquisition and retention. Profit Before Tax (PBT) marked a 53% rise from ₦528.59 million to ₦805.91 million, 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.
