Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), has made a resounding mark on Nigeria’s insurance landscape with its impressive financial results for the fiscal year ended December 31, 2022.
Heirs Insurance Group, the insurance subsidiary of Heirs Holdings, a prominent pan-African investment company with investments across 24 countries and four continents, founded and led by Tony Elumelu, is rapidly expanding its retail footprint and enhancing its omnichannel digital presence. Heirs General and Heirs Life is dedicated to serving both corporate and individual customers throughout Nigeria.
The group reported a staggering 226% surge in Gross Written Premium (GWP), soaring from N6.1 billion in 2021 to a remarkable N19.9 billion in 2022. This extraordinary achievement solidifies Heirs Insurance Group as Nigeria’s fastest-growing insurance conglomerate.
Speaking on this momentous occasion, Tony Elumelu, Founder and Chairman of Heirs Holdings, commented, “Heirs Insurance demonstrates our commitment to disrupting the Nigerian insurance market. We aim to provide value, exceptional customer service, and relevant products to the masses, delivering on our mission to make insurance accessible for all.”
Heirs Life Assurance, the specialist life insurer under the group’s umbrella, delivered astonishing results with a 326% increase in Gross Written Premium, surging from N2.7 billion in FY2021 to an impressive N11.5 billion in FY2022.
Furthermore, Heirs Life announced a phenomenal 494% growth in life funds, escalating from N1.7 billion in 2021 to a substantial N10.1 billion in 2022.
In line with its customer-centric approach, Heirs Life fulfilled its promise by disbursing N1.5 billion in claims in 2022, marking a remarkable 484% increase from the N257 million paid out in 2021.
The company also achieved a 109% growth in underwriting profit, leaping from N670 million in 2021 to a commendable N1.4 billion in 2022. Additionally, the profit before tax (PBT) witnessed an extraordinary turnaround, shifting from a loss position of N279 million to a positive position of N350 million in 2022, reflecting a 226% surge.
Heirs General Insurance, the non-life insurance arm of the group, displayed exceptional growth with a 143% increase in Gross Written Premium, soaring from N3.5 billion in FY2021 to N8.5 billion in FY2022.
The company also achieved a commendable profit before tax (PBT) increase of 157%, transitioning from a loss position of N862.1 million in 2021 to a profitable N499.4 million in 2022.
The underwriting profit rose significantly from N365.2 million in 2021 to an impressive N1.3 billion in FY2022. In line with its commitment to customers, Heirs General Insurance disbursed N1.1 billion in claims in 2022, a substantial increase from the N572 million paid in 2021.
These remarkable financial results have been disclosed in the 2022 financial statement, approved by the National Insurance Commission (NAICOM), and meticulously audited by Price Waterhouse Coopers (PwC).
Heirs Insurance Group remains at the forefront of financial inclusion and is leading the digital insurance revolution in Nigeria, diligently working towards democratizing access to insurance. The group’s unique proposition includes the introduction of digital and mobile channels, simplifying insurance accessibility for all.
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