Heirs Insurance Group surges to N61bn GWP with 70% FY2024 revenue growth

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has reported remarkable financial results for the year ending December 31, 2024.

The company achieved a significant 70% increase in its combined Gross Written Premium (GWP), rising from ₦35.8 billion in 2023 to ₦61 billion in 2024. This growth is mirrored in the company’s overall performance, with earned insurance revenue climbing from ₦20.5 billion to ₦31.4 billion, reflecting a 53% rise.

The Group’s Profit Before Tax more than doubled, escalating from ₦4.8 billion to ₦11.2 billion, equivalent to a 133% year-on-year growth.

HIG also demonstrated a strong commitment to customer service, paying out ₦10.4 billion in claims during the year, up 149% from ₦4.18 billion in 2023. Additionally, total assets increased by 66%, reaching ₦92.9 billion, up from ₦55.8 billion the previous year.

Heirs Life Assurance (HLA), the Group’s specialized life insurance company, reported even more impressive figures, with GWP soaring by 85% to ₦44.22 billion. Insurance revenue jumped 109% to ₦15.1 billion, while Profit Before Tax surged to ₦5.5 billion—up 193% from 2023. Claims paid increased significantly to ₦5.67 billion, marking a 120% rise, and investment income rose to ₦4.6 billion, a 65% increase. HLA’s total assets also grew remarkably by 75%, reaching ₦66.2 billion.

Similarly, Heirs General Insurance (HGI) saw a 42% increase in GWP, rising to ₦16.9 billion. Its insurance revenue increased by 19% to ₦14.3 billion, and Profit Before Tax jumped 104% to ₦4.9 billion. Claims paid rose to ₦4.7 billion, a 25% increase, while investment income reached ₦5.7 billion, marking a 27% growth. HGI’s total assets rose by 48% to ₦26.7 billion.

Heirs Insurance Brokers (HIB), the Group’s broking and risk management arm, also reported substantial growth, with revenue increasing by 54% to ₦1.97 billion and Profit Before Tax rising 53% to ₦805.91 million.

These achievements are substantiated by the Group’s audited financial statements, verified by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM). HIG’s ongoing success reflects strong leadership, corporate governance, and a dedication to digital innovation, characterized by platforms that enhance customer experience, such as the SimpleLife mobile app and an AI-powered chatbot.

In addition to technological advancements, HIG focuses on advocacy, providing initiatives aimed at improving insurance literacy among youth and enhancing travel policies. Heirs Insurance Group operates under Heirs Holdings, a prominent pan-African investment firm with a growing presence across 24 countries and four continents.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE