Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), has announced a strong financial performance for the year ended 2024, posting a combined Gross Written Premium (GWP) of N61 billion. This marks a 70% increase from the N35.8 billion recorded in 2023, highlighting significant year-on-year growth across all business units.
Impressive Group-Wide Financial Growth
HIG’s combined earned insurance revenue rose by 53%, climbing from N20.5 billion in 2023 to N31.4 billion in 2024. Profit Before Tax (PBT) more than doubled to N11.2 billion, up from N4.8 billion the previous year—a 133% increase.
Demonstrating its commitment to customer trust and service delivery, the Group paid a total of N10.4 billion in claims in 2024, representing a 149% surge from the N4.18 billion paid out in 2023.
Total assets across the Group also saw remarkable growth, rising by 66% from N55.8 billion in 2023 to N92.9 billion in 2024.
Heirs Life Assurance: Strong Performance in Life Insurance Segment
Heirs Life Assurance (HLA), the Group’s specialist life insurance subsidiary, posted an 85% increase in GWP, growing from N23.87 billion in 2023 to N44.22 billion in 2024. Insurance revenue more than doubled to N15.1 billion, up 109% from N7.3 billion the previous year.
Profit Before Tax surged by 193%, reaching N5.5 billion, compared to N1.88 billion in 2023. Claims paid rose significantly by 120%, amounting to N5.67 billion, up from N2.5 billion.
HLA also reported a 65% increase in investment income, which rose from N2.8 billion in 2023 to N4.6 billion in 2024. The company ended the year with total assets of N66.2 billion, reflecting a 75% growth from N37.8 billion in 2023.
Heirs General Insurance: Solid Contribution to Group Earnings
Heirs General Insurance (HGI) also delivered strong results with its Gross Written Premium rising by 42% to N16.9 billion in 2024, up from N11.9 billion in the previous year. Insurance revenue grew 19% to N14.3 billion, while Profit Before Tax more than doubled, increasing by 104% from N2.4 billion to N4.9 billion.
Claims paid increased by 25%, amounting to N4.7 billion in 2024, compared to N3.7 billion in 2023. Investment income rose by 27% from N4.5 billion to N5.7 billion. HGI concluded the year with total assets of N26.7 billion, up 48% from N18.1 billion in 2023.
Heirs Insurance Brokers: Expanding Market Footprint
Heirs Insurance Brokers (HIB), the Group’s risk management and brokerage arm, recorded a 54% increase in revenue, growing from N1.28 billion in 2023 to N1.97 billion in 2024. Profit Before Tax also rose by 53% to N805.91 million, up from N528.59 million, underscoring strong client acquisition, retention, and operational efficiency.
About Heirs Insurance Group
Heirs Insurance Group is a leading pan-African insurance group providing life, general, and brokerage services with a mission to democratize access to insurance. The Group is committed to delivering simple, accessible, and reliable financial protection to individuals and businesses.
