Heirs Insurance Records N61bn in Gross Written Premium

Heirs Insurance Group has announced a significant milestone, reporting a gross written premium (GWP) of N61 billion for the financial year ended December 31, 2024. This figure reflects a robust 70% year-on-year increase from the previous year’s N35.8 billion, positioning the group among the fastest-growing players in Nigeria’s insurance industry. The performance underscores Heirs Insurance’s expanding market share and growing trust among policyholders.

The group’s profit before tax surged to N11.2 billion, representing a 133% increase from the N4.8 billion posted in the preceding year. This growth, according to company insiders, was driven by improved underwriting processes, expanded retail offerings, and enhanced digital distribution channels. Heirs Insurance noted that its insurance revenue rose from N20.5 billion in 2023 to N31.4 billion in 2024, showcasing continued traction in both its life and general insurance portfolios.

In a show of financial strength and reliability, the group disbursed a total of N10.4 billion in claims to policyholders in 2024—marking a 149% increase from the N4.18 billion claims paid out in the prior year. The increase in claims payment reflects the firm’s commitment to maintaining trust and fulfilling its contractual obligations to customers even as it scales its operations.

Assets under management also witnessed notable growth. The group’s total assets rose by 66%, climbing from N55.8 billion to N92.9 billion. Analysts have pointed to this as a strong indicator of capital adequacy and long-term investment capacity, particularly in a volatile economic climate.

A breakdown of the performance by subsidiaries revealed that Heirs Life Assurance, the group’s life insurance arm, posted a Gross Written Premium of N44.22 billion in 2024—an 85% increase from N23.87 billion in 2023. Its profit before tax surged by 193% to N5.5 billion. The life business also recorded a significant rise in insurance revenue, reaching N15.1 billion—a 109% year-on-year growth. Claims paid in this segment increased to N5.67 billion, reflecting the unit’s expanding policyholder base and its ability to meet customer expectations.

Heirs General Insurance, responsible for the group’s non-life portfolio, recorded a Gross Written Premium of N16.9 billion, up 42% from the previous year. Profit before tax in this segment doubled to N4.9 billion, while insurance revenue stood at N14.3 billion. Claims paid in the general insurance segment totaled N4.7 billion, a 25% increase, while investment income rose to N5.7 billion.

The company’s broking arm, Heirs Insurance Brokers, also posted strong results. Its revenue climbed by 54% to N1.97 billion, while profit before tax increased by 53% to N805.9 million. The broking unit is expected to play a more strategic role in future expansion plans, especially in aggregating retail business and enhancing customer outreach.

The management of Heirs Insurance attributed the strong performance to a combination of strategic investments in technology, robust corporate governance, and a customer-first approach. The company’s mobile app, AI chatbot, and USSD services were cited as instrumental in driving new policy acquisitions and improving user experience. The insurer also boasts Nigeria’s first digital insurance experience center—an innovation credited with increasing customer education and engagement.

The company’s strategy of democratizing access to insurance across Nigeria and Africa appears to be bearing fruit. According to internal sources, its outreach programs, especially among underserved populations and informal sector participants, have helped expand insurance literacy and coverage. This aligns with its broader mission of improving lives through accessible and reliable insurance solutions.

Heirs Insurance also highlighted the importance of risk management and capital adequacy in navigating economic headwinds such as inflation and currency volatility. The group’s performance, it stated, reflects a disciplined approach to underwriting, investment, and policyholder engagement.

While the insurance industry in Nigeria continues to grapple with macroeconomic challenges, Heirs Insurance’s 2024 financials stand out as a bright spot. Market analysts suggest that the company’s sustained profitability, coupled with its asset growth and increasing claims responsiveness, will further solidify its standing in the competitive insurance landscape.

Looking ahead, Heirs Insurance Group is expected to deepen its penetration into new markets, expand its product offerings, and build on its digital-first model. Industry watchers believe that with the momentum from 2024, the group is on track to become a leading force in shaping the future of insurance in Nigeria and beyond.

With its strategic blend of technology, strong financials, and customer trust, Heirs Insurance is not just growing in size—it is redefining what insurance can look like for millions across the country.