Heirs Insurance Group Grows GWP to N31.7bn, Posts 203% Profit

Samuel Mobolaji

Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), recorded significant growth in 2023, with a 59.30 per cent increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion by the end of the year.

This marked a strong performance as the companies enter their fourth year of operations.

The Group’s earned insurance revenue for 2023 stood at N20.5 billion, an 80 per cent increase from N11.3 billion in 2022, further establishing HIG as one of Nigeria’s fastest-growing insurance groups.

Breaking down the performance, Heirs General Insurance (HGI), the non-life arm of the group, reported a 77 per cent increase in GWP, from N8.5 billion in 2022 to N12 billion in 2023. Total assets for HGI in 2023 were N18.1 billion, a 27.4 per cent increase from N14.2 billion in 2022.

Profit Before Tax (PBT) surged by an impressive 203 per cent, climbing from N791 million in 2022 to N2.4 billion in 2023. Additionally, Heirs General recorded a 45 per cent increase in net investment income, which reached N1.4 billion.

Heirs Life Assurance (HLA) also saw remarkable growth, with a 71 per cent increase in GWP, rising from N11.5 billion in 2022 to N19.7 billion in 2023. HLA’s total assets grew by 98 per cent, from N19 billion in 2022 to N37.7 billion in 2023.

The life assurance arm of HIG posted a 143 per cent increase in investment income, which rose to N2.8 billion, while PBT skyrocketed by 395 per cent, from N379 million in 2022 to N1.8 billion in 2023.

Heirs Insurance Brokers (HIB) also delivered a robust performance, with PBT rising by 128 per cent, from N232 million in 2022 to N529 million in 2023. HIB’s total revenue grew by 68 per cent, from N760 million in 2022 to N1.275 billion in 2023.

In addition to its financial achievements, Heirs Insurance Group has contributed significantly to social impact initiatives. The group invested over N100 million in corporate social responsibility (CSR) projects, focusing on education and community development.

Notably, the group awarded N8 million to students through its flagship CSR initiative, the Heirs Insurance Essay Championship, further supporting education and empowering communities across Nigeria.