Heirs Insurance Group Delivers Outstanding Financial Results with 60% Premium Increase to N31.7bn in FY2023

The Group’s General and Life companies, combined, recorded a 59.30% increase in Gross Written Premium (GWP), rising from N19.9billion in 2022 to N31.7billion, 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% increase in GWP, rising from N8.5billion in 2022 to N12billion in 2023.  Total assets for 2023 stood at N18.1billion, a 27.4% increase from N14.2bn recorded in 2022.  Profit Before Tax (PBT) surged from N791million (restated) in FY2022 to N2.4 billion in FY2023, a staggering 203% growth, signaling the company’s effective cost management and strategic growth initiatives. Heirs General also reported a net investment income of N1.4bn for 2023, a 45% 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 N1.6billion to policyholders in claims settlement, up from N471million 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% growth in Gross Written Premium (GWP), rising from N11.5billion in 2022 to N19.7billion in 2023. Total assets grew by an extraordinary 98% increase, rising from N19billion in FY2022 to N37.7billion in FY2023. The company also demonstrated financial discipline, posting a 143% rise in investment income, from N1.1billion in FY2022 to N2.8billion in FY2023. Profit Before Tax (PBT) increased by 395% from N379million (restated) in 2022 to N1.8billion in 2023.

Furthermore, Heirs Life disbursed N2.5billion in claims in 2023, representing a 119% increase over the previous year’s N1.1billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.

Heirs Insurance Brokers (HIB), the broking arm of Heirs Insurance Group, delivered a strong performance with significant growth in income and profit. Profit Before Tax (PBT) rose by an impressive 128%, increasing from N232million in 2022 to N529million in 2023. Total revenue grew by 68%, climbing from N760million in 2022 to N1.275billion in 2023. HIB maintained a well-structured and efficient balance sheet, showcasing its strong earnings’ capacity and solid financial foundation.

Commenting on the results, Tony O. Elumelu, CFR, Group Chairman of Heirs Holdings, the Group’s parent company, stated: “These results underscore our unwavering commitment to democratising access to insurance and delivering enduring value for our stakeholders. Heirs Insurance Group has achieved remarkable year-on-year growth in just three years of operations. 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 emphasize our commitment to meeting the evolving needs of our customers while driving financial inclusion for everyone.”

Heirs Insurance Group has proudly contributed over N100 million to various CSR projects focused on education, community development, and financial literacy, demonstrating its purpose of improving lives and transforming Nigeria. The Group recently awarded N8 million to three junior secondary students in Nigeria who emerged winners in its flagship CSR initiative, the Heirs Insurance Essay Championship, including a donation to winner’s school. Additionally, the Group has trained hundreds of parents in critical financial skills.

As part of its strategic vision, Heirs Insurance Group has deployed enhanced digital capabilities and rolled out innovative engagement channels, positioning the Group as a leader in the digital insurance space in Nigeria. This commitment to technological innovation ensures seamless access to insurance products and services for all Nigerians, driving financial inclusion across all demographics.

The results were confirmed in the Group’s 2023 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).