JUST IN: Heirs Insurance Group Achieves 70% Revenue Spike in FY2024; Hits ₦61 billion GWP
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 ₦61 billion in 2024, for its life and general insurance companies, reflecting a 70% increase from the ₦35.8 billion recorded in 2023.
Its achievements:
- Combined Gross Written Premium of ₦61 billion, representing 70% YoY growth, from ₦35.8 billion in the previous year.
- Combined earned Insurance Revenue rose from ₦20.5 billion in the previous year to ₦31.4 billion in 2024, indicating a 53% increase.
- Combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to ₦11.2 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 ₦10.4 billion in claims during the year, compared to ₦4.18 billion in 2023, marking a 149% growth.
- In addition, the Group’s combined total assets grew by 66%, rising from ₦55.8 billion in 2023 to ₦92.9 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 ₦23.87 billion in 2023 to ₦44.22 billion in 2024.
- Insurance Revenue stood at ₦15.1 billion, a staggering 109% growth from ₦7.3 billion in 2023.
- Profit Before Tax grew to ₦5.5 billion, up from ₦1.88 billion, indicating a remarkable 193% increase.
- Claims paid by Heirs Life also rose significantly to ₦5.67 billion, a 120% increase from ₦2.5 billion paid to customers in 2023.
- Investment income rose from ₦2.8 billion in 2023 to ₦4.6 billion, marking a 65% increase.
- HLA closed the year with total assets of ₦66.2 billion, a staggering 75% jump from ₦37.8 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 ₦11.9 billion in 2023 to ₦16.9 billion in 2024.
- Insurance Revenue stood at ₦14.3 billion, a 19% increase from ₦12 billion recorded in 2023.
- Profit Before Tax grew by 104%, rising from ₦2.4 billion in 2023 to ₦4.9 billion in 2024.
- The company also demonstrated strong claims responsiveness, with claims paid amounting to ₦4.7 billion, up 25% from ₦3.7 billion the previous year.
- Investment income jumped by 27% from ₦4.5 billion in 2023 to ₦5.7 billion in 2024.
- Total assets marked a 48% increase from ₦18.1 billion in the prior year to stand at ₦26.7 billion in 2024.
In addition, Heirs Insurance Brokers (HIB), its insurance broking and risk management consulting firm, marked significant growth:
- Revenue grew by 54% from ₦1.28 billion in FY2023 to ₦1.97 billion in 2024, driven by increased client acquisition and retention.
- Profit Before Tax (PBT) marked a 53% rise from ₦528.59 million in the prior year to ₦805.91 million in 2024, highlighting strong cost discipline and operational efficiency.
These results were confirmed in the Group’s 2024 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).
Heirs Insurance Group 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.
Its digital-first channels, including USSD code *1100#, SimpleLife mobile app, Prince – its AI-powered chatbot, and Nigeria’s first digital insurance experience centre, ensure ease and convenience.
Beyond technology, the Group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria. Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
