Heirs Insurance Group sees 59% premiums boost amid record growth

Joy Agwunobi

Heirs Insurance Group (HIG), consisting of Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), recorded a 59.3 percent increase in  gross written premium (GWP) for the 2023 financial year, surging from N19.9 billion in 2022 to N31.7 billion, as indicated by its financial performance across all key indicators.

In addition, HIG’s earned insurance revenue for the year hit N20.5 billion, representing an 80 percent increase from N11.3 billion in 2022, solidifying HIG’s status as one of Nigeria’s fastest-growing insurance groups.

HGI, the non-life segment of the company, exhibited a 77 percent  increase in GWP, climbing from N8.5 billion in 2022 to N12 billion in 2023. The company’s total assets also rose by 27.4 percent from N14.2 billion to N18.1 billion. 

According to the company’s financials, profit before tax (PBT) saw a 203 percent  growth, leaping from N791 million (restated) in FY2022 to N2.4 billion in FY2023, showcasing effective cost management and strategic growth initiatives. 

HGI reported a net investment income of N1.4 billion, a 45 percent  increase from the previous year. In addition, the company disbursed N1.6 billion in claims, up from N471 million in the prior year, highlighting its commitment to timely and transparent claims processing.

In a similar trajectory, Heirs Life Assurance,the group’s life insurance arm, posted a 71 percent  growth in GWP, rising from N11.5 billion in 2022 to N19.7 billion in 2023. 

Heirs Life Assurance further showcased a solid financial discipline in FY2023 as evidenced by a 143 percent growth in its investment income from N1.1 billion in 2022 to N2.8 billion. This outstanding performance was further solidified by a 395 percent leap in profit before tax, which rose from N379 million (restated) in 2022 to N1.8 billion in 2023.

HLA also reportedly disbursed N2.5 billion in claims in 2023, a 119 percent increase from the previous year’s N1.1 billion, demonstrating its dedication to providing timely financial relief to customers.

In just three years, Heirs Insurance Group has emerged as the fastest growing insurance underwriting company in the country, with numerous impressive accomplishments to its name.

The group recently marked its third anniversary by releasing an impact documentary, which chronicled its growth and pioneering initiatives in the sector.

The documentary, which was unveiled earlier this year, showcased the group’s innovative strides in the industry, ranging from its strong digital presence across various channels to its customer-centric rewards and loyalty program.

Tony  Elumelu, the group chairman of Heirs Holdings, commented on the group’s growth, noting  its unwavering commitment to democratising access to insurance and delivering enduring value to stakeholders. He highlighted that Heirs Insurance Group had achieved remarkable year-on-year growth in just three years of operation.

Elumelu added: “We set out to transform the insurance industry, and I am pleased to see the remarkable growth the group has achieved and the innovations it has rolled out. We are optimistic about the future and remain committed to meeting the evolving needs of our customers while driving financial inclusion for everyone.”

Providing insight into the progress made by Heirs Insurance Group, Niyi Onifade, managing director, explained that the insurance outfit is fulfilling its promise to revolutionise the insurance industry.

Reiterating the company’s position as an industry game-changer, Onifade emphasised the group’s robust financial capacity, which has enabled it to pay out N5.7 billion in claims to policyholders. He further underscored the group’s commitment to bringing succour to its customers, acknowledging their role in the group’s success.

Showcasing the group’s commitment to exceptional customer service, Onifade noted that Heirs Assurance Insurance currently settles claims within 24 hours, with the ambitious goal of reducing this time to five minutes in the near future.

The MD also revealed that the group boasts a youthful workforce, with 53 percent of its over 200 employees being under 35 years of age, adding yet another layer of vitality and dynamism to the organisation.