Lagos, Sept.4, 2023: Heirs Insurance Group has announced a 26 per cent increase in its Gross Written Premium (GWP), from N6.1billion in 2021 to N19.9billion for the financial year ended Dec.31, 2022.
The group comprised Heirs General Insurance (HGI) and Heirs Life Assurance (HLA).
This was contained in a statement made available by Mr Timileyi Adebiyi, Communications Manager, Heirs Life, on Monday in Lagos.
Adebiyi said that the figures provided was in the National Insurance Commission’s (NAICOM)-approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC)
He stated that Heirs Life, recorded a 326 per cent increase in Gross Written Premium (GWP), from N2.7billion in finacial year(FY) 2021 to N11.5billion in FY2022.
Adebiyi said, Heirs Life also grew its life funds by 494 per cent, from N1.7billion in 2021 to N10.1billion in 2022.
He revealed that Heirs Life made total claims payouts of N1.5billion in 2022, indicating a 484 per cent increase from N257million paid out in 2021.
He noted that this was in accordance with the insurer’s promise of providing relief to its customers, quickly and efficiently, in times of loss.
“In addition, the company’s underwriting profit grew by 109per cent, from N670million in 2021 to N1.4billion in 2022.
“This is with a Profit Before Tax (PBT) growth from a loss position of N279miillion, to a positive position of N350million in 2022, indicating a 226 per cent rise,” he said.
According to him, Heirs General Insurance, the group’s non-life insurer, recorded a 143 per cent increase in Gross Written Premium (GWP), from N3.5billionn in FY2021 to N8.5billion in FY2022 and PBT increase of 157 per cent.
Adebiyi said this figure was from a loss position of N862.1million in 2021, to a profit of N499.4million in 2022.
He further said that firm’s underwriting profit rose from N365.2million in 2021 to N1.3billiion in FY2022.
The company’s spokesperson said that Heirs General paid N1.1billion in claims in 2022, which is an increase from N572million paid in 2021, to live up to its promise.
According to him, the strong performance sustained by the underwriter in its second year of operations, has mde it become the fastest-growing insurance group in Nigeria.
Adebiyi said that Heirs insurance demonstrates Mr Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market.
He this was done by bringing value, great customer service and relevant products to the mass market and delivering on the mission of providing insurance for all, not just for some.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Elumelu.
With a rapidly expanding retail footprint and an channel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria, champions financial inclusion and leading the digital insurance space.