Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has announced stellar financial results for the year ending December 31, 2024 – highlighting its aggressive growth strategy, customer-centric innovations, and market leadership in the Nigerian insurance sector.
The Group reported a remarkable 70% surge in Gross Written Premiums (GWP), climbing from ₦35.8 billion in 2023 to ₦61 billion in 2024. This momentum was matched by a robust performance across key financial metrics:
- Earned insurance revenue rose by 53% to ₦31.4 billion (from ₦20.5 billion in 2023).
- Profit Before Tax (PBT) more than doubled, soaring 133% year-on-year to ₦11.2 billion (from ₦4.8 billion).
- Claims payouts grew significantly to ₦10.4 billion, marking a 149% increase, reflecting the company’s unwavering commitment to delivering on its promises to customers.
- Total assets also expanded by 66%, reaching ₦92.9 billion (up from ₦55.8 billion).
Heirs Life Assurance (HLA) Delivers Outstanding Numbers
HIG’s life insurance subsidiary, Heirs Life Assurance (HLA), recorded exceptional growth:
- GWP skyrocketed by 85% to ₦44.22 billion.
- Insurance revenue jumped 109% to ₦15.1 billion.
- PBT surged 193% to ₦5.5 billion.
- Claims paid increased by 120% to ₦5.67 billion, with investment income rising by 65% to ₦4.6 billion.
- Total assets grew 75% to ₦66.2 billion.
Heirs General Insurance (HGI) Sustains Strong Growth
HGI, the Group’s general insurance arm, posted:
- 42% growth in GWP to ₦16.9 billion.
- 19% rise in insurance revenue to ₦14.3 billion.
- 104% growth in PBT to ₦4.9 billion.
- Claims payouts increased 25% to ₦4.7 billion, and investment income grew 27% to ₦5.7 billion.
- Total assets rose 48% to ₦26.7 billion.
Heirs Insurance Brokers (HIB) Shows Impressive Momentum
The Group’s brokerage and risk management division, HIB, also performed strongly:
- Revenue climbed 54% to ₦1.97 billion.
- PBT increased 53% to ₦805.91 million.
These outstanding results, verified by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM), underscore HIG’s robust corporate governance, visionary leadership, and bold embrace of digital transformation.
Driving Innovation and Advocacy in Insurance
HIG continues to prioritize customer experience through innovative platforms like the SimpleLife mobile app and an AI-powered chatbot, ensuring seamless interactions and better access to services. Beyond technology, the Group is also investing in insurance literacy programs targeted at young Nigerians and tailored policies for travel and other emerging needs.
As part of Heirs Holdings, a leading pan-African investment firm with operations in 24 countries across four continents, HIG is solidifying its status as a transformative force in Africa’s insurance landscape.
