Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance company, has announced impressive financial results for the fiscal year ended December 31, 2024, recording strong growth across all business segments.
According to the audited financial report approved by the National Insurance Commission (NAICOM) and audited by PricewaterhouseCoopers (PwC), the Group posted a combined Gross Written Premium (GWP) of ₦61 billion, representing a 70% increase from the ₦35.8 billion achieved in 2023.
🔹 Key Financial Highlights (FY2024):
- Gross Written Premium (GWP): ₦61 billion (↑ 70% from ₦35.8 billion in 2023)
- Insurance Revenue: ₦31.4 billion (↑ 53% from ₦20.5 billion)
- Profit Before Tax (PBT): ₦11.2 billion (↑ 133% from ₦4.8 billion)
- Claims Paid: ₦10.4 billion (↑ 149% from ₦4.18 billion)
- Total Assets: ₦92.9 billion (↑ 66% from ₦55.8 billion)
🔹 Heirs Life Assurance (HLA) Performance:
The Group’s life insurance arm, Heirs Life Assurance, achieved exceptional results:
- GWP: ₦44.22 billion (↑ 85% from ₦23.87 billion)
- Insurance Revenue: ₦15.1 billion (↑ 109%)
- PBT: ₦5.5 billion (↑ 193%)
- Claims Paid: ₦5.67 billion (↑ 120%)
- Investment Income: ₦4.6 billion (↑ 65%)
- Total Assets: ₦66.2 billion (↑ 75%)
🔹 Heirs General Insurance (HGI) Performance:
The general insurance subsidiary, Heirs General Insurance, also posted strong numbers:
- GWP: ₦16.9 billion (↑ 42%)
- Insurance Revenue: ₦14.3 billion (↑ 19%)
- PBT: ₦4.9 billion (↑ 104%)
- Claims Paid: ₦4.7 billion (↑ 25%)
- Investment Income: ₦5.7 billion (↑ 27%)
- Total Assets: ₦26.7 billion (↑ 48%)
🔹 Heirs Insurance Brokers (HIB) Performance:
The Group’s broking and risk management arm, Heirs Insurance Brokers, also showed positive growth:
- Revenue: ₦1.97 billion (↑ 54% from ₦1.28 billion)
- PBT: ₦805.91 million (↑ 53% from ₦528.59 million)
💡 Digital Innovation and Strategic Focus
Heirs Insurance Group continues to lead with technology-driven insurance solutions, offering services through:
- USSD code: *1100#
- SimpleLife App
- Prince: AI-powered customer service chatbot
- Nigeria’s first Digital Insurance Experience Centre
The company also engages in advocacy and education through its Essay Championship, travel insurance campaigns, and youth-focused initiatives to promote insurance literacy and financial inclusion.
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🌍 About Heirs Insurance Group
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, a pan-African investment group operating across 24 countries and 4 continents. With a rapidly expanding retail footprint and an omnichannel digital presence, HIG provides life, general, and risk management insurance solutions to individuals and businesses across Nigeria.
📌 With this record-breaking financial performance, Heirs Insurance Group reinforces its position as a leading player in Nigeria’s insurance industry and a trailblazer in digital transformation and customer-centric innovation.
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