Heirs Insurance group grows gross premium by 226% – Report


Heirs (1)Heirs Insurance Group, comprising Heirs General Insurance and Heirs Life Assurance, says its gross written premium rose by 226 per cent from N6.1bn in 2021 to N19.9bn for the financial year ended December 31, 2022.

It said in a statement that Heirs Insurance demonstrated Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.

It stated, “Heirs Life, the specialist life insurer recorded a 326 per cent increase in gross written premium, from N2.7bn in FY, 2021 to N11.5bn in FY, 2022. Heirs Life also announced a 494 per cent growth in life funds, from N1.7bn in 2021 to N10.1bn in 2022.

“Heirs Life made total claims payouts of N1.5bn in 2022, a 484 per cent increase from N257m paid out in 2021, in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of loss.”

The company’s underwriting profit grew by 109 per cent, from N670m in 2021 to N1.4bn in 2022, with a profit before tax growth from a loss position of N279m to a positive position of N350m in 2022, a 226 per cent jump, it stated.

Heirs General Insurance, the Group’s non-life insurer, recorded a 143 per cent increase in gross written premium, from N3.5bn in FY, 2021 to N8.5bn in FY, 2022 and a profit before tax increase of 157 per cent, from a loss position of N862.1m in 2021, to a profit of N499.4m in 2022.

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