Heirs Insurance Group (HIG) has announced its audited financial results for the full year ended December 31, 2024, recording remarkable growth across all performance indicators.
The Group posted a combined Gross Written Premium (GWP) of ₦61 billion for its life and general insurance businesses in 2024, representing a 70% jump from the ₦35.8 billion recorded in 2023.
Key highlights from the 2024 performance include:
Gross Written Premium: ₦61 billion, up 70% from ₦35.8 billion in 2023
Insurance Revenue: ₦31.4 billion, a 53% rise from ₦20.5 billion
Profit Before Tax: ₦11.2 billion, more than double the previous year’s ₦4.8 billion (133% growth)
Claims Paid: ₦10.4 billion, up 149% from ₦4.18 billion
Total Assets: ₦92.9 billion, up 66% from ₦55.8 billion
Breaking down the performance by entity, Heirs Life Assurance (HLA)—the Group’s life insurance arm—posted outstanding results:
GWP grew by 85% to ₦44.22 billion (from ₦23.87 billion in 2023)
Insurance revenue surged by 109% to ₦15.1 billion
Profit before tax rose 193% to ₦5.5 billion (up from ₦1.88 billion)
Claims paid increased 120% to ₦5.67 billion
Investment income climbed to ₦4.6 billion, up 65%
Total assets jumped 75% to ₦66.2 billion from ₦37.8 billion
Heirs General Insurance (HGI), the Group’s non-life insurance subsidiary, also sustained a robust growth trajectory:
GWP rose 42% to ₦16.9 billion
Insurance revenue reached ₦14.3 billion, a 19% increase
Profit before tax grew 104% to ₦4.9 billion
Claims paid amounted to ₦4.7 billion, up 25%
Investment income grew 27% to ₦5.7 billion
Total assets expanded 48% to ₦26.7 billion from ₦18.1 billion
Meanwhile, Heirs Insurance Brokers (HIB)—the Group’s broking and risk advisory firm—continued its upward trajectory:
Revenue rose 54% to ₦1.97 billion (from ₦1.28 billion in 2023)
Profit before tax increased 53% to ₦805.91 million
The Group’s 2024 results, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM), confirm Heirs Insurance Group’s sustained growth momentum and commitment to industry excellence.
HIG attributed its performance to sound corporate governance, visionary leadership, and a digital-first approach that enhances customer experience. The Group’s innovative platforms—*1100# USSD code, SimpleLife mobile app, “Prince” AI-powered chatbot, and Nigeria’s first digital insurance experience centre—continue to simplify access to insurance for millions of Nigerians.
Beyond technology, Heirs Insurance Group is deepening industry awareness and social impact through initiatives like the Heirs Insurance Essay Championship, which promotes insurance literacy among students, and its travel festival, which advocates for inclusive mobility policies.
As a subsidiary of Heirs Holdings, the pan-African investment company with operations in 24 countries across four continents, Heirs Insurance Group continues to scale its footprint in Nigeria’s retail and corporate insurance segments through an integrated omnichannel strategy.
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