Heirs Insurance Group Posts N20bn in Revenue for FY2022
Ebere Nwoji
Heirs Insurance Group, comprising of Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), has announced a 226 per cent growth in Gross Written Premium (GWP), from N6.1billion in 2021 to N19.9billion for the financial year ended December 31, 2022.
The underwriting firm said it achieved this height in its second year of operation in the ever competitive insurance market in Nigeria; thus clinching the recognition as the fastest-growing insurance group in Nigeria.
The Heirs Group management said with this performance, Heirs Insurance has demonstrated Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.
The company in a statement said Heirs Life, the specialist life insurer recorded a 326 per cent increase in Gross Written Premium (GWP), from N2.7billion in FY2021 to N11.5 billion in FY2022.
“Heirs Life recorded 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 N1.5bn in 2022, a 484 increase from N257million; paid out in 2021, in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of losses. In addition, the company’s underwriting profit grew by 109 per cent from N670million in 2021 to N1.4 billion in 2022, with a profit before tax (PBT) growth from a loss position of N279million to a positive position of N350million in 2022, a 226 per cent jump.
“Heirs General Insurance, the Group’s non-life insurer, recorded a 143 percent increase in Gross Written Premium (GWP) from N3.5 billion in FY2021 to N8.5 billion in FY2022 and a profit before tax (PBT) increase of 157 percent from a loss position of N862.1 million in 2021 to a profit of N499.4million in 2022. Underwriting profit rose from N365.2million in 2021 to N1.3 billion in FY2022. Living up to its promise, Heirs General Insurance paid N1.1 billion in claims in 2022, an increase from N572million paid in 2021, “it stated.
