Heirs Insurance Group Gross Premium Hits N61bn

The Gross Written Premium (GWP) of Heirs Insurance Group (HIG), which includes its life and general insurance companies, soared to N61 billion in 2024, reflecting a 70% increase from the N35.8 billion recorded in 2023.

Similarly, its combined earned Insurance Revenue rose from N20.5 billion in the previous year to N31.4 billion in 2024, indicating a 53 per cent increase while combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to N11.2 billion, more than double the previous year’s figure, and representing a 133 per cent year-on-year growth.

The Group, it added, also sustained customer trust by paying a staggering combined N10.4 billion in claims during the year, compared to N4.18 billion in 2023, marking a 149 per cent growth. In addition, the Group’s combined total assets grew by 66 per cent, rising from N55.8 billion in 2023 to N92.9 billion in 2024.

Under the group, it’s life arm, that is, Heirs Life Assurance (HLA) reported an 85 per cent increase in Gross Written Premium from N23.87 billion in 2023 to N44.22 billion in 2024; Insurance Revenue stood at N15.1 billion, a staggering 109 per cent growth from N7.3 billion in 2023 while Profit Before Tax grew to N5.5 billion, up from N1.88 billion, indicating a remarkable 193 per cent increase.

Its general business arm, that is, Heirs General Insurance (HGI) also marked significant growth and maintained a strong growth trajectory as its Gross Written Premium marked a 42 per cent rise from N11.9 billion in 2023 to N16.9 billion in 2024.

Insurance Revenue stood at N14.3 billion, a 19 per cent increase from N12 billion recorded in 2023 while its Profit Before Tax grew by 104 per cent, rising from N2.4 billion in 2023 to N4.9 billion in 2024.

These results were confirmed in the Group’s 2024 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).

Heirs Insurance Group said it had maintained a consistent year-on-year growth streak, reflecting strong leadership and corporate governance, and a focus on driving digital innovation to make insurance simple and accessible.

Its digital-first channels, including USSD code *1100# SimpleLife mobile app, Prince – its AI-powered chatbot, and Nigeria’s first digital insurance experience centre, ensure ease and convenience.

Beyond technology, the Group said it drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria. Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates more inclusive policies to enable cross-border travel, among many other initiatives.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.