Heirs Insurance Group, consisting of Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), proudly announces a 226% surge in Gross Written Premium (GWP), soaring from N6.1 billion in 2021 to a remarkable N19.9 billion for the financial year ending on December 31, 2022.
Gatekeepers News reports that these figures were disclosed in the NAICOM-approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC).
With this impressive performance in its second year of operation, Heirs Insurance Group has firmly established itself as Nigeria’s fastest-growing insurance group.
This accomplishment reflects Tony Elumelu’s vision through Heirs Holdings to disrupt the Nigerian insurance market by delivering value, exceptional customer service, and relevant products to the masses. The company is dedicated to its mission of providing insurance for all, not just a select few.
Heirs Life, the specialized life insurer within the group, recorded an outstanding 326% increase in Gross Written Premium (GWP), surging from N2.7 billion in FY2021 to an impressive N11.5 billion in FY2022. Additionally, Heirs Life reported a staggering 494% growth in life funds, from N1.7 billion in 2021 to a substantial N10.1 billion in 2022.
Heirs Life efficiently fulfilled its promise of providing quick and efficient relief to its customers in times of loss, which is proven by the N1.5 billion total claims payouts in 2022, marking a remarkable 484% increase from the N257 million paid out in 2021.
Moreover, the company’s underwriting profit exhibited a substantial growth of 109%, rising from N670 million in 2021 to a robust N1.4 billion in 2022, leading to a remarkable 226% increase in profit before tax (PBT), shifting from a loss position of N279 million to a positive position of N350 million in 2022.
Heirs General Insurance, the group’s non-life insurer, achieved a commendable 143% increase in Gross Written Premium (GWP), surging from N3.5 billion in FY2021 to a substantial N8.5 billion in FY2022. Furthermore, the company reported a significant increase in profit before tax (PBT) of 157%, transitioning from a loss position of N862.1 million in 2021 to an impressive profit of N499.4 million in 2022. Underwriting profit also exhibited substantial growth, rising from N365.2 million in 2021 to an impressive N1.3 billion in FY2022. Staying true to its promise, Heirs General Insurance paid N1.1 billion in claims in 2022, marking an increase from the N572 million paid in 2021.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments spanning across 24 countries and four continents, founded and led by Tony Elumelu.
With a rapidly expanding retail presence and a comprehensive digital footprint, Heirs General and Heirs Life serve both corporate and individual customers throughout Nigeria.
Heirs Insurance Group is at the forefront of financial inclusion and leads the digital insurance transformation in Nigeria, passionately advancing its mission to democratise access to insurance.
As part of its unique proposition, the group has introduced digital and mobile channels to simplify insurance access, making insurance easily accessible to all.
