Heirs Insurance Group Records 60% Premium Increase To N31.7bn In FY2023

Heirs Insurance Group (HIG) has announced its financial results for the 2023 fiscal year, showcasing substantial growth and impressive performance across all business indicators.

The financial performance, which underscores the Group’s resilience and operational efficiency shows a 60 percent premium increase to N31.7 billion during the year from N19.9 billion in 2022.

The Group comprises Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB).

In addition, the Group’s earned insurance revenue for the year 2023, stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

Further breakdown of the figures showed Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77% increase in GWP, rising from N8.5 billion in 2022 to N12 billion in 2023.

Total assets for 2023 stood at N18.1 billion, a 27.4% increase from N14.2 billion recorded in 2022. Profit Before Tax (PBT) surged from N791 million (restated) in FY2022 to N2.4 billion in FY2023, a staggering 203% growth, signalling the company’s effective cost management and strategic growth initiatives.

Heirs General also reported a net investment income of N1.4 billion for 2023, a 45% increase from the preceding year. This impressive top and bottom-line growth underscores the company’s ongoing development and unwavering focus on delivering value to clients.

Furthermore, Heirs General also disbursed N1.6 billion to policyholders in claims settlement, up from N471 million in the prior year. This sharp rise in claims settlement emphasises the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.

Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, equally delivered phenomenal results with 71% growth in Gross Written Premium (GWP), rising from N11.5 billion in 2022 to N19.7 billion in 2023. Total assets grew by an extraordinary 98% increase, rising from N19 billion in FY2022 to N37.7 billion in FY2023.

The company also demonstrated financial discipline, posting a 143% rise in investment income, from N1.1billion in FY2022 to N2.8billion in FY2023. Profit Before Tax (PBT) increased by 395% from N379 million (restated) in 2022 to N1.8 billion in 2023.

Also, Heirs Life disbursed N2.5 billion in claims in 2023, representing a 119% increase over the previous year’s N1.1 billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.

Heirs Insurance Brokers (HIB), the broking arm of Heirs Insurance Group, delivered a strong performance with significant growth in income and profit. Profit Before Tax (PBT) rose by an impressive 128%, increasing from N232 million in 2022 to N529 million in 2023.

Total revenue grew by 68%, climbing from N760 million in 2022 to N1.275 billion in 2023. HIB maintained a well-structured and efficient balance sheet, showcasing its strong earnings capacity and solid financial foundation.

Commenting on the results, Tony O. Elumelu, CFR, Group Chairman of Heirs Holdings, the Group’s parent company, stated: “These results underscore our unwavering commitment to democratising access to insurance and delivering enduring value for our stakeholders. Heirs Insurance Group has achieved remarkable year-on-year growth in just three years of operations. We set out to transform the insurance industry, and I am pleased to see the remarkable growth the Group has achieved and the innovations it has rolled out. We are optimistic about the future and emphasise our commitment to meeting the evolving needs of our customers while driving financial inclusion for everyone.”