Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has recorded 60 per cent increase in premium for the full year 2023.
The Group’s General and Life companies, combined, recorded a 59.30 per cent increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they both enter their fourth year.
In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.
Breaking the results down further, Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77 per cent increase in GWP, rising from N8.5billion in 2022 to N12billion in 2023.
Total assets for 2023 stood at N18.1billion, a 27.4 per cent increase from N14.2 billion recorded in 2022. Profit Before Tax (PBT) surged from N791 million (restated) in FY’22 to N2.4 billion in FY’23, a staggering 203 per cent growth, signaling the company’s effective cost management and strategic growth initiatives.
Heirs General also reported a net investment income of N1.4 billion for 2023, a 45 per cent increase from the preceding year. This impressive top and bottom-line growth underscores the company’s ongoing development and its unwavering focus on delivering value to clients.
Demonstrating its commitment to customer satisfaction and upholding customer trust, Heirs General also disbursed N1.6 billion to policyholders in claims settlement, up from N471 million in the prior year. This sharp rise in claims settlement emphasizes the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.
Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, equally delivered phenomenal results with 71 per cent growth in Gross Written Premium (GWP), rising from N11.5 billion in 2022 to N19.7 billion in 2023. Total assets grew by an extraordinary 98 per cent increase, rising from N19billion in FY’22 to N37.7 billion in FY’23.
The company also demonstrated financial discipline, posting a 143 per cent rise in investment income, from N1.1 billion in FY2022 to N2.8 billion in FY2023. Profit Before Tax (PBT) increased by 395 per cent from N379 million (restated) in 2022 to N1.8 billion in 2023.
Furthermore, Heirs Life disbursed N2.5billion in claims in 2023, representing a 119 per cent increase over the previous year’s N1.1 billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.