Financial Year 2023: Heirs Insurance Group Grew Premium by 60% to N31.7bn

Dike Onwuamaeze

Heirs Insurance Group (HIG) recorded substantial growth and an impressive performance in the 2023 financial year across all business indicators, according to a report published recently.
The financial performance of HIG, comprising Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), highlighted its resilience and operational efficiency.

The group’s general and life companies recorded 59.3 per cent increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023.
HIG’s earned insurance revenue for year 2023 was N20.5 billion, which represented 80 per cent increase from N11.3 billion it recorded in 2022, reaffirming the group as one of the fastest-growing insurance groups in Nigeria.
A breakdown of the results showed that HGI, the non-life arm of HIG, reported a 77 per cent increase in GWP, rising from N8.5 billion in 2022 to N12 billion in 2023.

Its total assets for 2023 stood at N18.1 billion, representing a 27.4 per cent increase from N14.2 billion it recorded in 2022, while its Profit Before Tax (PBT) surged from N791 million (restated) in FY2022 to N2.4 billion in FY2023, a staggering 203 per cent growth that signalled the company’s effective cost management and strategic growth initiatives.

HGI also reported a net investment income of N1.4 billion for 2023, a 45 per cent increase from the preceding year.
This impressive top and bottom-line growth underscored the company’s ongoing development and its unwavering focus on delivering value to clients.
HGI also disbursed N1.6 billion to policyholders in claims settlement, up from N471 million in the prior year.
The sharp rise in claims settlement emphasised the company’s commitment to its customers and dedication to keeping service promises, with a strong focus on timely and transparent claims processing.

HLA equally delivered phenomenal results with 71 per cent growth in GWP, rising from N11.5 billion in 2022 to N19.7 billion in 2023.
Its total assets also recorded an extraordinary 98 per cent increase, rising from N19 billion in FY2022 to N37.7 billion in FY2023.
The company demonstrated financial discipline, posting a 143 per cent rise in investment income, from N1.1 billion in FY2022 to N2.8 billion in FY2023.
Its PBT increased by 395 per cent from N379 million (restated) in 2022 to N1.8 billion in 2023.
Furthermore, Heirs Life disbursed N2.5 billion in claims in 2023, representing a 119 per cent increase over the previous year’s N1.1 billion, to demonstrate its commitment to delivering timely financial relief to its customers during their times of need.

HIB delivered a strong performance with significant growth in income and profit. Its PBT rose by an impressive 128 per cent from N232 million in 2022 to N529 million in 2023, while its total revenue grew by 68 per cent, climbing from N760 million in 2022 to N1.275 billion in 2023.  
Commenting on the results, Chairman of Heirs Holdings, Mr. Tony O. Elumelu, said, “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 operation. 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 emphasise our commitment to meeting the evolving needs of our customers while driving financial inclusion for everyone.”

Heirs Insurance Group had 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 trained hundreds of parents in critical financial skills.

Furthermore, Heirs Insurance Group deployed enhanced digital capabilities and rolled out innovative engagement channels, positioning the group as a leader in the digital insurance space in Nigeria.

The commitment to technological innovation would ensure seamless access to insurance products and services for all Nigerians, driving financial inclusion across all demographics.