Heirs Insurance records 226% rise in premium to N20bn in 2022

…Cements position as Nigeria’s fastest-growing insurance group

By Cynthia Ezekwe.

Heirs Insurance Group, the insurance subsidiary of Heirs Holdings, a pan-African investment company, announced a record-high 226 per cent increase in Gross Written Premium (GWP) , from N6.1bn in 2021 to N20 billion revenue, for the financial year ended December 31, 2022.

This was disclosed in the company’s 2022 financial statement, approved by the National Insurance Commission (NAICOM) and  audited by PricewaterhouseCoopers (PwC), a company that offers business advisory services such as auditing, accounting, taxation, strategy management, and human resource consulting services.

Notably, the insurance firm comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), is in its second year of operations,with its fast-paced strong performances  earning  it the  fastest-growing insurance group in Nigeria.

Further breakdown of the firm’s performances showed that Heirs Life, the specialist life insurer, recorded a 326 per cent   increase in Gross Written Premium (GWP), from N2.7 billion in FY’2021 to N11.5 billion in FY’2022.

Heirs Life also announced a 494 per cent growth in life funds, from N1.7 billion in 2021 to N10.1 billion in 2022.

Heirs Life made total claims payouts of N1.5 billion in 2022, a 484 per cent  increase from N257 million paid out in 2021. The company’s underwriting profit grew by 109 per cent , from N670 million in 2021 to N1.4 billion in 2022, with a profit before tax (PBT) growth from a loss position of N279 million to a positive position of N350 million in 2022, which is a significant increase of 226 per cent.

Heirs General Insurance, the group’s non-life insurer, recorded a 143 per cent  increase in GWP, from N3.5 billion in FY2021 to N8.5 billion in FY2022 and a profit before tax (PBT) increase of 157 per cent, from a loss position of N862.1 million in 2021, to a profit of N499.4 million  in 2022.

The company’s underwriting profit rose from N365.2 million  in 2021 to N1.3 billion in FY2022.  Heirs General Insurance paid  N1.1 billion in claims in 2022, an increase from N572 million  paid in 2021.