Heirs Insurance Group, a subsidiary of the pan-African investment powerhouse Heirs Holdings, has unveiled its audited financial results for the fiscal year ending December 31, 2024, showcasing a remarkable performance characterized by significant growth across all business segments. The group, which operates in the life and general insurance sectors, as well as insurance brokerage and risk management consulting, attributes its success to a combination of robust leadership, stringent corporate governance, a customer-centric approach, and a commitment to leveraging digital innovation to simplify and democratize access to insurance products.
The group’s consolidated Gross Written Premium (GWP) reached an impressive N61 billion in 2024, marking a substantial 70% surge from the N35.8 billion recorded in the previous year. This growth underscores the group’s expanding market share and its ability to attract and retain customers seeking comprehensive insurance solutions. Similarly, the combined insurance revenue climbed to N31.4 billion, a significant 53% increase compared to the N20.5 billion achieved in 2023, further demonstrating the group’s strong financial performance. Profit Before Tax (PBT) witnessed an even more dramatic leap, more than doubling to N11.2 billion from N4.8 billion in 2023, representing a remarkable 133% year-on-year growth. This surge in profitability reflects the group’s effective cost management strategies and successful underwriting practices. In line with its commitment to fulfilling its obligations to policyholders, the group disbursed N10.4 billion in claims during the review period, compared to N4.18 billion in the prior year, showcasing its dedication to providing timely and reliable support to its customers in times of need. The group’s total assets also experienced a significant expansion, growing by 66% to reach N92.9 billion in 2024 from N55.8 billion in 2023.
A deeper dive into the individual performance of the group’s constituent entities reveals a consistent pattern of robust growth. Heirs Life Assurance, the group’s life insurance arm, reported a remarkable 85% increase in Gross Written Premium, reaching N44.22 billion in 2024 compared to N23.87 billion in 2023. This surge reflects the increasing demand for life insurance products and Heirs Life’s ability to cater to evolving customer needs. The company’s insurance revenue experienced an even more impressive growth of 109%, reaching N15.1 billion compared to N7.3 billion in the previous year. Profit Before Tax for Heirs Life Assurance also witnessed a substantial increase, surging by 193% to N5.5 billion from N1.88 billion in 2023. Furthermore, demonstrating its commitment to supporting its policyholders, Heirs Life Assurance paid out N5.67 billion in claims, a 120% increase from the N2.5 billion disbursed in 2023.
Heirs General Insurance, the group’s general insurance subsidiary, also maintained a strong upward trajectory. The company’s Gross Written Premium increased by a healthy 42%, reaching N16.9 billion in 2024 compared to N11.9 billion in the previous year. Insurance revenue for Heirs General Insurance also grew, reaching N14.3 billion, a 19% increase from the N12 billion recorded in 2023. Profit Before Tax for the general insurance arm experienced substantial growth, increasing by 104% to reach N4.9 billion in 2024 compared to N2.4 billion in the prior year. Reflecting its customer-centric approach and commitment to prompt claims settlement, Heirs General Insurance disbursed N4.7 billion in claims during the review period, a 25% increase compared to N3.7 billion in 2023.
Heirs Insurance Brokers, the group’s insurance brokerage and risk management consulting subsidiary, also contributed to the overall positive performance. The firm’s revenue increased by a significant 54%, rising to N1.97 billion in 2024 from N1.28 billion in the previous year, driven by successful client acquisition and retention strategies. Profit Before Tax for Heirs Insurance Brokers also grew, increasing by 53% to reach N805.91 million in 2024 compared to N528.59 million in 2023, reflecting the firm’s focus on operational efficiency and cost discipline.
Beyond its financial success, Heirs Insurance Group emphasizes its commitment to social impact and customer engagement. The group actively promotes insurance literacy and advocacy through various initiatives, such as its Essay Championship targeting young students and the broader school ecosystem. Furthermore, the group’s travel festival advocates for more inclusive policies to facilitate cross-border travel, highlighting its dedication to addressing broader societal needs and promoting a more interconnected world.
The impressive financial performance of Heirs Insurance Group in 2024 underscores its strategic approach to business growth and its dedication to providing comprehensive insurance solutions to a diverse customer base. The group’s commitment to digital innovation, coupled with its strong leadership, robust corporate governance, and customer-centric approach, positions it for continued success in the evolving insurance landscape. Serving both corporate and individual customers across Nigeria, Heirs Insurance Group is poised to further expand its reach and impact, solidifying its position as a leading player in the African insurance market.
