Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced on Wednesday a record-high 226% increase in Gross Written Premium (GWP), from N6.1 billion (N1 = $0.0013) in 2021 to N19.9 billion for the financial year ended December 31, 2022. The robust performance in its second year of operations establishes the firm as the fastest-growing insurance group in Nigeria.
The financial statement for 2022, approved by the National Insurance Commission (NAICOM) and audited by PricewaterhouseCoopers (PwC), reveals that Heirs Insurance Group paid a cumulative N2.6 billion claims to policyholders who suffered insured risks in 2022. Heirs Life and Heirs General Insurance paid total claims of N1.5 billion and N1.1 billion respectively in 2022, marking significant increases from the previous year.
Heirs Life, the specialist life insurer, saw a substantial growth with a 326% increase in GWP, from N2.7 billion in 2021 to N11.5 billion in 2022. The life funds also experienced a 494% growth, from N1.7 billion in 2021 to N10.1 billion in 2022. The company's underwriting profit grew by 109%, from N670 million in 2021 to N1.4 billion in 2022, with a profit before tax (PBT) growth from a loss position of N279 million to a positive position of N350 million in 2022.
Heirs General Insurance also reported significant growth with a jump in GWP from N3.5 billion in 2021 to N8.5 billion in 2022, and a PBT increase of 157%, shifting from a loss position of N862.1 million in 2021 to a profit of N499.4 million in 2022.
These developments underscore Tony Elumelu’s Heirs Holdings’ ambition to disrupt the Nigerian insurance market, delivering value, excellent customer service, and relevant products to the mass market.
Heirs Insurance Group is an insurance subsidiary of Heirs Holdings, a leading pan-African investment company with investments across 24 countries and four continents. With an expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life continue to serve both corporate and individual customers across Nigeria.
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