Heirs Insurance Group (HIG), Nigeria's fastest-growing insurance group, has announced outstanding financial results for the year ended December 31, 2024, demonstrating robust growth across all business segments.

The insurance group reported a combined Gross Written Premium (GWP) of ₦61 billion for its life and general insurance companies, representing a significant 70% increase from the ₦35.8 billion recorded in 2023.

Key Financial Highlights

The group's combined earned Insurance Revenue rose impressively from ₦20.5 billion in 2023 to ₦31.4 billion in 2024, marking a 53% increase. Even more remarkable was the combined Profit Before Tax (PBT), which more than doubled from ₦4.8 billion to ₦11.2 billion, reflecting a 133% year-on-year growth.

Customer trust remained strong as evidenced by the group's claims payments, which reached a combined ₦10.4 billion during the year, compared to ₦4.18 billion in 2023—a substantial 149% increase. Additionally, the group's combined total assets grew by 66%, rising from ₦55.8 billion in 2023 to ₦92.9 billion in 2024.

Performance Across Business Units

Heirs Life Assurance (HLA), the group's specialist life insurance company, delivered exceptional results with an 85% increase in Gross Written Premium, reaching ₦44.22 billion in 2024 from ₦23.87 billion in 2023. The company's Insurance Revenue stood at ₦15.1 billion, representing a remarkable 109% growth from the previous year.

HLA's Profit Before Tax grew to ₦5.5 billion, up from ₦1.88 billion, indicating a 193% increase. Claims paid rose significantly to ₦5.67 billion, a 120% increase from 2023, while investment income increased by 65% to ₦4.6 billion. The company closed the year with total assets of ₦66.2 billion, a 75% jump from ₦37.8 billion in the previous year.

Similarly, Heirs General Insurance (HGI) maintained strong growth momentum with a 42% rise in Gross Written Premium to ₦16.9 billion and a 19% increase in Insurance Revenue to ₦14.3 billion. The company's Profit Before Tax grew by 104% to ₦4.9 billion, while claims paid amounted to ₦4.7 billion, up 25% from the previous year.

Heirs Insurance Brokers (HIB), the group's insurance broking and risk management consulting firm, also recorded significant growth with revenue increasing by 54% to ₦1.97 billion and Profit Before Tax rising by 53% to ₦805.91 million.

Digital Innovation Driving Growth

The financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM), confirm Heirs Insurance Group's consistent year-on-year growth trajectory, reflecting strong leadership, corporate governance, and a focus on digital innovation.

The group's digital-first approach includes multiple channels such as USSD code *1100#, the SimpleLife mobile app, Prince (an AI-powered chatbot), and Nigeria's first digital insurance experience center, all designed to make insurance simple and accessible to customers.

Beyond technology, the group drives advocacy initiatives including the Essay Championship to promote insurance literacy among students and a travel festival advocating for more inclusive policies to enable cross-border travel.

Heirs Insurance Group is a subsidiary of Heirs Holdings, a leading pan-African investment company with investments across 24 countries and four continents. With an expanding retail footprint and omnichannel digital presence, the group continues to serve both corporate and individual customers throughout Nigeria.

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