Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced its audited financial results for the year ended 31 December 2024, recording substantial year-on-year growth across all business segments and financial metrics.
The Group posted a combined Gross Written Premium (GWP) of ₦61 billion for its life and general insurance operations, marking a 70% increase from the ₦35.8 billion recorded in 2023.
Key financial highlights for the Group include significant year-on-year growth across all core metrics.
Gross Written Premium rose to ₦61 billion, marking a 70% increase from ₦35.8 billion in 2023. Insurance Revenue climbed to ₦31.4 billion, representing a 53% rise from ₦20.5 billion the previous year.
Profit Before Tax more than doubled to ₦11.2 billion, compared to ₦4.8 billion in 2023, reflecting an impressive 133% year-on-year growth. Claims Paid stood at ₦10.4 billion, showing a 149% surge from ₦4.18 billion in the previous year.
Heirs Life Assurance (HLA), the Group’s specialist life insurance subsidiary, recorded particularly impressive performance in 2024. The company posted a Gross Written Premium of ₦44.22 billion, reflecting an 85% increase from ₦23.87 billion in 2023. Insurance revenue also rose significantly to ₦15.1 billion, a 109% jump from ₦7.3 billion in the previous year.
Profit Before Tax climbed to ₦5.5 billion, marking a 193% growth from ₦1.88 billion in 2023. The company demonstrated strong claims responsiveness, paying out ₦5.67 billion in claims, up 120% from ₦2.5 billion in the prior year. Investment income stood at ₦4.6 billion, a 65% increase from ₦2.8 billion. Total assets grew markedly to ₦66.2 billion, up 75% from ₦37.8 billion in 2023.
Heirs General Insurance (HGI), the Group’s general insurance arm, also recorded substantial growth. It reported a Gross Written Premium of ₦16.9 billion, representing a 42% increase from ₦11.9 billion in 2023. Insurance revenue rose by 19% to ₦14.3 billion.
Profit Before Tax doubled, reaching ₦4.9 billion from ₦2.4 billion in the previous year. Claims paid amounted to ₦4.7 billion, a 25% rise from ₦3.7 billion in 2023. The company also recorded investment income of ₦5.7 billion, up 27% from ₦4.5 billion. Total assets grew to ₦26.7 billion, a 48% increase from ₦18.1 billion the previous year.
Group-wide, Heirs Insurance Group reported total assets of ₦92.9 billion, marking a 66% increase from ₦55.8 billion in 2023, underscoring its strong financial footing and sustained growth trajectory across all business units.
Meanwhile, Heirs Insurance Brokers (HIB), the Group’s risk advisory and brokerage subsidiary, also recorded notable improvements in its 2024 financial performance.
Revenue rose to ₦1.97 billion, marking a 54% increase from ₦1.28 billion in 2023.
Profit Before Tax reached ₦805.91 million, representing a 53% growth from ₦528.59 million recorded in the previous year.
The Group’s financials, audited by PricewaterhouseCoopers (PwC), have been approved by the National Insurance Commission (NAICOM), reinforcing its reputation for transparency and compliance.
Heirs Insurance Group’s impressive performance was attributed to its strong corporate governance, dynamic leadership, and innovative digital strategies. Its digital-first platforms, including USSD code *1100#, the SimpleLife mobile app, AI-powered chatbot “Prince”, and Nigeria’s first digital insurance experience centre, have significantly improved accessibility and customer engagement.
Beyond technological innovation, the Group continues to champion insurance literacy and inclusion. Initiatives such as the Heirs Insurance Essay Championship target young Nigerians, while its travel insurance campaigns advocate for policy reform to support greater mobility across African borders.
As the insurance subsidiary of pan-African investment company Heirs Holdings, HIG continues to extend its reach across Nigeria through an omnichannel retail presence, serving both corporate and individual customers nationwide.