Heirs Insurance Group has made significant strides in the insurance sector, revealing a substantial 59.30 percent growth in its gross written premium (GWP), reaching an impressive N31.7 billion in 2023. This marks an increase from N19.9 billion in 2022, indicating the group’s robust performance. The surge in revenues is reflective of the company’s strategic initiatives aimed at enhancing accessibility to insurance for a broader demographic, fulfilling its vision to transform the insurance landscape in Nigeria.
The growth in the group’s insurance revenue is notable, soaring 80 percent from N11.3 billion in 2022 to N20.5 billion in 2023. This remarkable uptick can be attributed to the innovative products and services the firm has introduced over just three years of operation. Tony Elumelu, the Group Chairman of Heirs Holdings, emphasized the importance of these results, highlighting the company’s commitment to democratizing access to insurance and creating sustainable value for stakeholders. The positive trajectory demonstrates the group’s intention to meet evolving customer needs while promoting financial inclusion.
Heirs General Insurance (HGI), the group’s non-life insurance division, showcased impressive growth in GWP, rising 77 percent from N8.5 billion in 2022 to N12 billion in 2023. Additionally, HGI’s total assets climbed by 27.4 percent, reaching N18.1 billion compared to N14.2 billion the year prior. The profit before tax for the division increased a staggering 203 percent to N2.4 billion, while net investment income saw a 45 percent rise to N1.4 billion in 2023. These results underscore the effective operational strategies HGI has implemented to capture a larger share of the market.
On the other hand, Heirs Life Assurance, the group’s life insurance segment, marked a significant GWP increase of 71 percent, growing from N11.5 billion in 2022 to N19.7 billion in 2023. Total assets for Heirs Life Assurance nearly doubled, with a remarkable 98 percent growth from N19 billion to N37.7 billion. The investment income for this division surged dramatically by 143 percent, reaching N2.8 billion in 2023. This impressive performance illustrates the rising demand for life insurance products and services within the market, showcasing the company’s ability to cater effectively to its clientele.
In the area of claims management, the Heirs Insurance Group exhibited a commendable commitment to its policyholders. The group disbursed N1.6 billion in claims settlements in 2023, a staggering increase from N471 million in the previous year, representing a remarkable 239 percent surge. This not only demonstrates the firm’s financial resilience but also emphasizes its focus on customer satisfaction and trust-building, vital elements in the insurance sector to maintain a loyal customer base.
Looking toward the future, Elumelu has indicated plans to further enhance Heirs Insurance Group’s presence in the market. The company aims to list more of its subsidiaries on the Nigerian Exchange, which would allow for greater transparency and accessibility in the financial services sector. This move is part of a broader vision to democratize prosperity, making insurance products more accessible and affordable for the general populace. Overall, Heirs Insurance Group’s achievements in just a few years reflect a well-executed strategy focused on growth, innovation, and customer-centric service.
