Heirs Insurance Group has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across business lines and metrics.
The insurance group reported a combined Gross Written Premium of N61bn in 2024 for its life and general insurance companies, indicating a 70 per cent increase from the N35.8bn recorded in the previous year.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the pan-African investment company, with investments across 24 countries and four continents.
The insurance group also recorded a combined insurance revenue of N31.4bn, which is about 53 per cent higher than N20.5bn in 2023. Profit Before Tax rose from N4.8bn in 2023 to N11.2bn, more than double the previous year’s figure, and representing a 133 per cent year-on-year growth, and the group paid about N10.4bn in claims during the year under review compared to N4.18bn. Its total assets grew by 66 per cent, rising from N55.8bn in 2023 to N92.9bn in 2024.
Analysing the financial performance of the entities that make up the group indicated that Heirs Life Assurance reported an 85 per cent increase in Gross Written Premium from N23.87bn in 2023 to N44.22bn in 2024. Insurance revenue rose by 109 per cent to N15.1bn from N7.3bn in 2023 as its profit before tax grew to N5.5bn, up from N1.88bn, indicating a 193 per cent increase. Claims paid by Heirs Life also rose to N5.67bn, a 120 per cent increase from N2.5bn paid to customers in 2023.
Heirs General Insurance also maintained a strong growth trajectory as its Gross Written Premium rose by 42 per cent to N16.9bn from N11.9bn in 2023. Insurance revenue hit N14.3bn, a 19 per cent increase from the N12bn recorded in 2023, and profit before tax grew by 104 per cent, rising from N2.4bn in 2023 to N4.9bn in 2024. HGI also demonstrated strong claims responsiveness, with claims paid amounting to N4.7bn, up 25 per cent from N3.7bn in the previous year.
The insurance broking and risk management consulting firm in the group, Heirs Insurance Brokers, posted growth as well. Its revenue grew by 54 per cent from N1.28bn in FY2023 to N1.97bn in 2024, driven by increased client acquisition and retention. Profit Before Tax rose by 53 per cent from N528.59m in the prior year to N805.91m in 2024, highlighting strong cost discipline and operational efficiency.
In a statement accompanying the financial results, the group said it had achieved year-on-year growth due to its strong leadership and corporate governance and a focus on driving digital innovation to make insurance simple and accessible.
It added, “Beyond technology, the group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria. Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.”
Heirs Insurance Group serves both corporate and individual customers across Nigeria.
