Heirs Insurance Group (HIG), Nigeria's fastest-growing insurance group, has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across all business lines and metrics.
The insurance Group reported a combined Gross Written Premium (GWP) of N61 billion in 2024, for its life and general insurance companies, reflecting a 70% increase from the N35.8 billion recorded in 2023.
Its combined earned Insurance Revenue rose from N20.5 billion in the previous year to N31.4 billion in 2024, indicating a 53% increase.
Keep up with the latest headlines on WhatsApp | LinkedIn
Even as combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to N11.2 billion, more than double the previous year's figure, and representing a 133% year-on-year growth.
The Group also sustained customer trust by paying a staggering combined N10.4 billion in claims during the year, compared to N4.18 billion in 2023, marking a 149% growth.
In addition, the Group's combined total assets grew by 66%, rising from N55.8 billion in 2023 to N92.9 billion in 2024.
Breaking down the results, Heirs Life Assurance (HLA), its specialist life insurance company, achieved staggering results:
The company reported an 85% increase in Gross Written Premium from N23.87 billion in 2023 to N44.22 billion in 2024.
Profit Before Tax grew to N5.5 billion, up from N1.88 billion, indicating a remarkable 193% increase.
Claims paid by Heirs Life also rose significantly to N5.67 billion, a 120% increase from N2.5 billion paid to customers in 2023.
Investment income rose from N2.8 billion in 2023 to N4.6 billion, marking a 65% increase.
HLA closed the year with total assets of N66.2 billion, a staggering 75% jump from N37.8 billion in the previous year.
Heirs General Insurance (HGI), its general insurance company, also marked significant growth and maintained a strong growth trajectory:
Gross Written Premium marked a 42% rise from N11.9 billion in 2023 to N16.9 billion in 2024.
Insurance Revenue stood at N14.3 billion, a 19% increase from N12 billion recorded in 2023.
Profit Before Tax grew by 104%, rising from N2.4 billion in 2023 to N4.9 billion in 2024. Investment income jumped by 27% from N4.5 billion in 2023 to N5.7 billion in 2024.
Total assets marked a 48% increase from N18.1 billion in the prior year to stand at N26.7 billion in 2024.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
In a statement, the group said it has maintained a consistent year-on-year growth streak, reflecting strong leadership and corporate governance, and a focus on driving digital innovation to make insurance simple and accessible.
"Beyond technology, the Group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria," the statement said.
