Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), has demonstrated impressive growth in the 2023 business year, as shown by its financial performance across all key indicators.
The Group recorded a remarkable 59.3% increase in Gross Written Premium (GWP), soaring from N19.9 billion in 2022 to N31.7 billion for the year ending December 31, 2023. This achievement marks the companies’ entry into their fourth year with strong momentum.
HIG’s earned insurance revenue for 2023 reached N20.5 billion, representing an 80% surge from N11.3 billion in 2022, solidifying its position as one of Nigeria’s fastest-growing insurance groups.
Performance Breakdown by Company
Heirs General Insurance (HGI), the non-life segment of HIG, reported a 77% increase in GWP, climbing from N8.5 billion in 2022 to N12 billion in 2023. The total assets for HGI also grew significantly, reaching N18.1 billion, a 27.4% increase from N14.2 billion recorded in 2022.
Profit Before Tax (PBT) for HGI surged to N2.4 billion in FY2023, up from N791 million (restated) in FY2022, marking a staggering 203% growth. This achievement highlights effective cost management and strategic growth initiatives. The company also reported net investment income of N1.4 billion for 2023, a 45% increase from the previous year. This strong performance reflects the company’s commitment to delivering value to clients.
Heirs General disbursed N1.6 billion in claims settlements to policyholders, a significant rise from N471 million in the prior year. This increase emphasizes the company’s commitment to customer satisfaction, focusing on timely and transparent claims processing.
Heirs Life Assurance (HLA), the Group’s life insurance arm, also reported impressive results with a 71% growth in GWP, increasing from N11.5 billion in 2022 to N19.7 billion in 2023. Total assets nearly doubled, growing by 98% from N19 billion in FY2022 to N37.7 billion in FY2023.
Financial discipline was evident in HLA’s investment income, which rose 143% from N1.1 billion in FY2022 to N2.8 billion in FY2023. Additionally, Profit Before Tax for HLA skyrocketed by 395%, climbing from N379 million (restated) in 2022 to N1.8 billion in 2023.
Overall, Heirs Insurance Group’s strong performance in 2023 reflects its resilience, operational efficiency, and commitment to customer satisfaction, setting a solid foundation for future growth in the insurance sector.
