By Peter Egwuatu & Favour Egbulle

Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has recorded   a 59.30% increase in Gross Written Premium (GWP) for the financial year ending December 31, 2023 to N31.7 billion, from N19.9 billion in the same period of 2022.

The Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

Breaking the results down further, Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77% increase in GWP, rising from N8.5billion in 2022 to N12 billion in 2023.   Total assets for 2023 stood at N18.1billion, a 27.4% increase from N14.2bn recorded in 2022.   Profit Before Tax (PBT) surged from N791million (restated) in 2022 to N2.4 billion in FY2023, a staggering 203% growth, signaling the company’s effective cost management and strategic growth initiatives.

Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, equally delivered phenomenal results with 71% growth in Gross Written Premium (GWP), rising from N11.5billion in 2022 to N19.7billion in 2023.

Furthermore, Heirs Life disbursed N2.5billion in claims in 2023, representing a 119% increase over the previous year’s N1.1billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.

Commenting on the results, Tony O. Elumelu,   Group Chairman of Heirs Holdings, the Group’s parent company, stated: “These results underscore our unwavering commitment to democratising access to insurance and delivering enduring value for our stakeholders.