Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI), and Heirs Insurance Brokers (HIB), has released its financial results for the fiscal year 2023, reflecting significant growth and strong performance across all key metrics.

The financial results underscore the Group’s resilience and operational effectiveness.

Collectively, the Group’s Life and General Insurance sectors achieved a remarkable 59.30% increase in Gross Written Premium (GWP), climbing from N19.9 billion in 2022 to N31.7 billion for the year ending December 31, 2023, as they both celebrate their fourth year of operation.

Moreover, the Group’s earned insurance revenue for 2023 reached N20.5 billion, marking an impressive 80% increase from N11.3 billion in 2022, solidifying its position as one of Nigeria's fastest-growing insurance entities.

Delving deeper into the results, Heirs General Insurance (HGI), the non-life segment of Heirs Insurance Group, reported a 77% rise in GWP, increasing from N8.5 billion in 2022 to N12 billion in 2023. 

Total assets for 2023 amounted to N18.1 billion, reflecting a 27.4% growth from N14.2 billion in 2022. Profit Before Tax (PBT) soared from N791 million (restated) in FY2022 to N2.4 billion in FY2023, representing an extraordinary 203% increase, indicative of the company’s effective cost management and strategic growth efforts.

Heirs General also achieved a net investment income of N1.4 billion for 2023, a 45% rise compared to the previous year. This remarkable growth in both revenue and profit highlights the company’s continuous development and its steadfast commitment to providing value to its clients.

In line with its dedication to customer satisfaction and maintaining trust, Heirs General disbursed N1.6 billion to policyholders in claims settlements, a significant increase from N471 million in the previous year. This notable rise in claims payments underscores the company’s commitment to its customers and its focus on ensuring timely and transparent claims processing.

Heirs Life Assurance (HLA), the dedicated life insurance division of Heirs Insurance Group, reported outstanding performance with a 71% increase in Gross Written Premium (GWP), which surged from N11.5 billion in 2022 to N19.7 billion in 2023. 

The company’s total assets experienced a remarkable 98% growth, rising from N19 billion in FY2022 to N37.7 billion in FY2023. Additionally, HLA exhibited strong financial management, achieving a 143% increase in investment income, from N1.1 billion in FY2022 to N2.8 billion in FY2023. Profit Before Tax (PBT) saw a staggering 395% rise, escalating from N379 million (restated) in 2022 to N1.8 billion in 2023.

Moreover, Heirs Life paid out N2.5 billion in claims in 2023, marking a 119% increase from the previous year's N1.1 billion, which highlights the company’s dedication to providing timely financial support to its clients in their moments of need.

Heirs Insurance Brokers (HIB), the brokerage segment of Heirs Insurance Group, also showcased robust performance with notable growth in both income and profit. Profit Before Tax (PBT) surged by an impressive 128%, rising from N232 million in 2022 to N529 million in 2023. Total revenue increased by 68%, moving from N760 million in 2022 to N1.275 billion in 2023. HIB maintained a well-organized and efficient balance sheet, reflecting its strong earning potential and solid financial stability.

In response to these results, Tony O. Elumelu, CFR, Group Chairman of Heirs Holdings, the parent company of the Group, remarked: “These results highlight our steadfast commitment to making insurance accessible and providing lasting value to our stakeholders. Heirs Insurance Group has achieved significant year-on-year growth within just three years of operation. Our goal has been to revolutionize the insurance sector, and I am delighted to witness the impressive growth and innovations the Group has introduced. We remain optimistic about the future and are dedicated to addressing the evolving needs of our customers while promoting financial inclusion for all.”

Heirs Insurance Group has made a significant impact by investing over N100 million in various corporate social responsibility (CSR) initiatives aimed at education, community development, and financial literacy, reflecting its mission to enhance lives and transform Nigeria. 

Recently, the Group awarded N8 million to three junior secondary students in Nigeria who excelled in its premier CSR program, the Heirs Insurance Essay Championship, which also included a contribution to the school of the winning student. Furthermore, the Group has equipped hundreds of parents with essential financial skills through training programs.

In alignment with its strategic vision, Heirs Insurance Group has implemented advanced digital solutions and introduced innovative engagement platforms, establishing itself as a frontrunner in Nigeria's digital insurance sector. This dedication to technological advancement facilitates easy access to insurance products and services for all Nigerians, promoting financial inclusion across various demographics.

The outcomes of these initiatives were validated in the Group’s 2023 financial statements, which were audited by PricewaterhouseCoopers (PwC) and received approval from the National Insurance Commission (NAICOM).