Heirs Insurance Group (HIG), a subsidiary of Heirs Holdings, which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), recently announced its financial results for the 2023 fiscal year, highlighting impressive growth across all key performance metrics.
Together, Heirs General and Heirs Life reported a remarkable 59.30% increase in Gross Written Premiums (GWP), rising from N19.9 billion in 2022 to N31.7 billion by year-end 2023, as both companies entered their fourth year of operations. Additionally, the Group’s earned insurance revenue for 2023 reached N20.5 billion, marking an 80% growth from the N11.3 billion earned in 2022, further solidifying HIG’s status as one of Nigeria’s fastest-growing insurance groups.
In a demonstration of its commitment to customer satisfaction, Heirs General disbursed N1.6 billion in claims settlements in 2023, a significant increase from N471 million the previous year. This sharp rise reflects the company’s dedication to fulfilling service promises with a strong focus on transparent and timely claims processing. Heirs Life also made strides, disbursing N2.5 billion in claims—a 119% jump from N1.1 billion in 2022—highlighting the Group’s unwavering commitment to its policyholders.
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.
Remarking on the results, Heirs Holdings Insurance Sector Head and MD/CEO of Heirs Life Assurance, Niyi Onifade, stated: “This performance reiterates our dedication to democratising access to insurance in Nigeria and delivering value to all our stakeholders. Over tha past 3 years, we have consistently achieved strong year-on-year growth, reflecting our Group’s mission of driving financial inclusion across Nigeria through simple, accessible and affordable insurance solutions.”
Heirs Insurance Group has contributed over N100 million to various CSR projects aimed at education, community development, and financial literacy, reinforcing its mission to improve lives and drive Africa’s transformation. As part of its flagship CSR initiative, the Heirs Insurance Essay Championship, the Group recently awarded N8 million to three junior secondary school students in Nigeria who emerged as winners, along with a donation to the winner’s school. In addition, the Group has provided financial literacy training to hundreds of parents, equipping them with essential skills to better manage their finances.
Heirs Insurance Group continues to set the standard for success in Africa’s insurance sector, empowering individuals and businesses to secure their futures. This month, Heirs Insurance Group celebrates 3 years of resilience and impact, with an exciting documentary highlighting its journey, milestones, and vision for the future.
Watch the Heirs Insurance Group full anniversary video here.