Heirs Insurance grows gross premium to N31.7bn

Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, has reported a 59.30 per cent growth in its gross written premium to N31.7bn in 2023.

In a statement made available to our correspondent on Sunday, the firm stated that the premium stood at N19.9bn in 2022.

 The group’s insurance revenue soared by 80 per cent to N20.5bn from N11.3bn in the previous year.

 Commenting on the results, the Group Chairman of Heirs Holdings, Tony Elumelu, said: “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.” Heirs General Insurance, the non-life arm of the group, recorded 77 per cent growth in GWP, rising from N8.5bn in 2022 to N12bn in 2023. Also, HGI’s total assets stood at N18.1bn, a 27.4 per cent increase from the N14.2bn recorded in 2022, while profit before tax surged by 203 per cent to N2.4bn last year. Net investment income rose by 45 per cent to N1.4bn for 2023.

 Heirs Life Assurance, the life insurance arm of the Group, equally delivered a 71 per cent growth in GWP, rising from N11.5bn in 2022 to N19.7bn.

Total assets grew by 98 per cent, increasing from N19bn in 2022 to N37.7bn.

According to the report, the company also posted a 143 per cent increase in investment income to N2.8bn in 2023. The group disbursed N1.6bn to policyholders in claims settlement in 2023, up from N471m in the previous year, representing a 239 per cent increase. The PUNCH reports that Elumelu has disclosed that the group would list more of the firms in its portfolio on the Nigerian Exchange, to democratise prosperity.