Prime Business AfricaHeirs Insurance has disclosed that it recorded N14.32 billion revenue in 2024, surpassing the N12.05 billion generated in 2023, representing an increase of 18.78 percent.
The insurer reported that insurance service expenses gulped N11.76 billion in full year (FY) 2024, more than the N6.54 billion expended in the same period last year.
Join our WhatsApp ChannelWhile Heirs Insurance recorded a 79.84 percent increase in expenses, the company’s net expenses from the reinsurance contract held decreased by 64.38 percent year-on-year, from N5.94 billion to N2.11 billion.
Furthermore, the insurer reported insurance service result of N442.54 million during the period under review, compared to the N425.03 million insurance service loss recorded in 2023.
It also posted net investment income of N5,72 billion in 2024, surpassing the N4.50 billion filed in the year before, indicating an increase of 27.19 percent.
Also, N519.26 million net finance expenses from insurance contracts issued were recorded last year, up by 63.98 percent when compared to the N316.66 million posted in 2023, while net finance income from reinsurance contracts held grew by 178.14 percent year-on-year, from N151.80 million to N422.22 million.
However, net insurance finance expenses declined by 41.13 percent to N97.04 million in 2024, compared to the N164.85 million recorded in 2023, and net insurance and investment result jumped by 55.18 percent year-on-year, from N3.91 billion to N6.07 billion.
In addition, Heirs Insurance reported that other income increased by 64.26 percent to N5,30 million last year, from N3.22 million posted in 2023, while other operating expenses decreased by 22.16 percent year-on-year, from N1.51 billion to N1.17 billion.
This contributed to the 104.16 percent growth in the company’s profit before tax (PBT), which rose from N2.4 billion in 2023 to N4.9 billion in 2024.
Following a robust financial period, Heirs filed income tax of N673.92 million last year, up from N283.59 million in 2023, reflecting a 137.63 percent increase.
Nevertheless, Heirs saw its profit for the year under review increase by 99.67 percent to N4.22 billion, from the N2.11 billion reported in the same period in 2023.
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