•Pays N2bn claims to insured clients
Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), has recorded 226 per cent jump in Gross Written Premium (GWP), from N6.1billion in 2021 to N19.9billion for the financial year ended December 31, 2022.
With the strong performance sustained in its second year of operations, Heirs Insurance Group has become one of the fastest-growing insurance institutions in Nigeria.
This fear demonstrates the 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.
Heirs Life, the specialist life insurer recorded a 326 per cent increase in Gross Written Premium (GWP), from N2.7bn in FY2021 to N11.5billion in FY2022. It announced a 494 per cent growth in life funds, from N1.7billion in 2021 to N10.1billion in 2022.
Heirs Life made total claims payouts of N1.5billion in 2022, a 484per cent increase from N257million paid out in 2021, in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of loss.
Moreso, the company’s underwriting profit grew by 109per cent, from N670million in 2021 to N1.4bn 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.
On the other hand, Heirs General Insurance recorded a 143per cent increase in Gross Written Premium (GWP), from N3.5billion in FY2021 to N8.5billion in FY2022 and a profit before tax (PBT) increase of 157 per cent, from a loss position of N862.1million in 2021, to a profit of N499.4million in 2022.
Underwriting profit rose from N365.2m in 2021 to N1.3bn in FY2022. Living up to its promise, Heirs General Insurance paid N1.1bn in claims in 2022, an increase from N572m paid in 2021.
These figures were disclosed in the NAICOM- approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC).