Financial performance
The Heirs Insurance Group recently announced impressive financial results for the 2023 fiscal year, showcasing significant growth across all business metrics. The Group’s resilience and operational efficiency are highlighted by a remarkable 59.30 percent increase in Gross Written Premium (GWP), which surged from N19.9 billion in 2022 to N31.7 billion by December 31, 2023.
In addition, the Group’s earned insurance revenue for 2023 reached N20.5 billion—a staggering 80 percent increase from N11.3 billion in the previous year—solidifying its position as one of Nigeria’s fastest-growing insurance groups.
Breaking down the results further, Heirs General Insurance (HGI), the non-life segment, reported a 77 percent increase in GWP, climbing from N8.5 billion in 2022 to N12 billion in 2023. The company’s total assets also rose to N18.1 billion, reflecting a 27.4 percent increase from N14.2 billion recorded in 2022.
The profit before tax (PBT) for HGI surged from N791 million (restated) in 2022 to N2.4 billion in 2023, marking a remarkable 203 percent growth. This achievement underscores the company’s effective cost management and strategic growth initiatives.
Heirs General also demonstrated a strong commitment to customer satisfaction by disbursing N1.6 billion to policyholders in claims settlements, significantly up from N471 million in the prior year. This increase highlights the company’s dedication to maintaining service promises and providing timely, transparent claims processing.
Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, also delivered outstanding results, with a 71 percent growth in GWP—from N11.5 billion in 2022 to N19.7 billion in 2023. Total assets for HLA experienced an extraordinary 98 percent increase, soaring from N19 billion in 2022 to N37.7 billion in 2023.
In a demonstration of financial discipline, HLA posted a 143 percent rise in investment income, increasing from N1.1 billion in 2022 to N2.8 billion in 2023. Additionally, its PBT surged by 395 percent, from N379 million (restated) in 2022 to N1.8 billion in 2023.
HLA also made significant contributions to customer financial relief by disbursing N2.5 billion in claims during 2023—a 119 percent increase over the previous year’s N1.1 billion.
Furthermore, Heirs Insurance Brokerage (HIB), the Group’s brokerage arm, recorded impressive growth, with a PBT rise of 128 percent—from N232 million in 2022 to N529 million in 2023, while total revenue grew by 68 percent, reaching N1.275 billion in the same period.
CSR commitment
Beyond its impressive financial metrics, Heirs Insurance is actively engaged in community initiatives that highlight its commitment to social responsibility. The Group has contributed over N100 million to various corporate social responsibility (CSR) projects, focusing on education, community development, and financial literacy.
In a noteworthy CSR initiative, the Heirs Insurance Essay Championship awarded N8 million to three junior secondary students in Nigeria, alongside donations to their schools. Additionally, the Group has trained hundreds of parents in essential financial skills, demonstrating its dedication to improving lives within the communities it serves.
Future
As Nigeria’s economy continues to evolve, the demand for insurance products is expected to rise, and Heirs Insurance is strategically positioned to seize these opportunities. The company plans to expand its reach, introduce innovative products, and enhance its service offerings in the coming years. By maintaining its focus on customer satisfaction, financial stability, and technological innovation, Heirs Insurance is poised to emerge as a leading force in the Nigerian insurance industry.
Heirs Insurance has established itself as a trusted and reliable partner in the market. Through its customer-centric approach, solid financial foundation, innovative product offerings, exceptional service, and commitment to community engagement, the company has built a robust reputation and is well-equipped for sustained growth and success in the dynamic Nigerian insurance landscape.