Heirs Insurance Group (HIG), consisting of Heirs Life Assurance (HLA), Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), reported a 59.30% increase in gross written premiums (GWP) from N19.9 billion to Increased. Both companies are in their fourth year of operation, with sales in 2022 reaching NGN 31.7 billion for the year ending December 31, 2023.
Furthermore, the Group’s insurance revenue in 2023 will be N20.5 billion, an 80% increase from N11.3 billion in 2022, reaffirming that the Group is one of the fastest growing insurance groups in Nigeria. Confirmed.
Looking further into the breakdown, Heirs General Insurance (HGI), the non-life insurance arm of the Heirs Insurance Group, has seen a 77% increase in GWP, increasing from N8.5 billion in 2022 to N12 billion in 2023. Reported.
Total assets in 2023 were N18.1 billion, an increase of 27.4% from N14.2 billion in 2022. Profit before tax (PBT) soared from 791 million Naira (recalculated) in FY2022 to 2.4 billion Naira in 2023 to a staggering 20.3 billion Naira. This demonstrates the company’s effective cost management and strategic growth initiatives.
Heir General also reported that its net investment income for 2023 will increase by 45% year-on-year to N1.4 billion. This impressive sales and bottom line growth confirms the company’s continued development and unwavering focus on delivering value to its customers.
Heir General also demonstrated its commitment to customer satisfaction and maintaining customer trust by paying out N1.6 billion in claims payments to policyholders, up from N471 million a year earlier. This surge in claims underscores our commitment to our customers and our service promise, with a focus on timely and transparent claims processing.
Heirs Life Assurance (HLA), the specialist life insurance division of Heirs Insurance Group, has similarly achieved impressive results, increasing gross written premiums (GWP) by 71%, from N11.5 billion in 2022 to N11.5 billion in 2023. 19.7 billion Naira. Total assets grew at an impressive rate of 98%, increasing from N19 billion in FY2022 to N37.7 billion in FY2023.
The company also demonstrated financial discipline, with investment income increasing by 143 percent from N1.1 billion in FY2022 to N2.8 billion in FY2023. Profit before tax (PBT) increased by 395% from 379 million naira (recalculated) in 2022 to 1.8 billion naira in 2023.
Additionally, Heir Life plans to sell 2.5 billion in insurance in 2023, an increase of 119% compared to 1.1 billion in the previous year, reflecting the company’s commitment to providing timely financial relief to customers when they need it. paid the money.
Meanwhile, Heir Insurance Brokers (HIB), the brokerage arm of Heir Insurance Group, delivered a strong performance with strong revenue and profit increases. Profit before tax (PBT) increased by 128 per cent from Naira 232 million in 2022 to Naira 529 million in 2023. Total revenue increased by 68 percent, from N760 million in 2022 to N1,275 million in 2023. HIB was maintained. A well-structured and efficient balance sheet indicates its strong earning power and solid financial foundation.
Commenting on the results, Tony O. Elumelu, Group Chairman of Heir Holdings, the group’s parent company, said: Heirs Insurance Group has experienced impressive year-over-year growth in just three years of operation. We set out to transform the insurance industry and are delighted to see the impressive growth the Group has achieved and the innovations it has deployed.
We are optimistic about the future and emphasize our commitment to meeting the evolving needs of our customers while promoting financial inclusion for all. ”
Heirs Insurance Group proudly donates over N100 million to various CSR projects focused on education, community development and financial literacy, demonstrating its purpose to improve lives and transform Nigeria.
The Group recently awarded N8 million to three Nigerian secondary school students who won the Heir Insurance Essay Championship, our flagship CSR initiative, including a donation to the winners’ schools. Additionally, we have trained hundreds of parents in critical financial skills.
