HEIRS INSURANCE GROUP ACHIEVES 59% GROWTH IN GROSS PREMIUMS, REACHING N31.7 BILLION IN 2023
Heirs Insurance Group, which includes Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, has reported an impressive 59.3% increase in its gross written premium, reaching N31.7 billion in 2023, up from N19.9 billion in 2022.
Key Financial Highlights:
1. Gross Premium Growth: The total gross written premium rose significantly, with the group attributing this growth to its ongoing commitment to expanding insurance access and delivering value to stakeholders.
2. Revenue Surge: The group's insurance revenue jumped by 80%, climbing from N11.3 billion in the previous year to N20.5 billion in 2023.
3. Performance of Heirs General Insurance: The non-life segment, Heirs General Insurance, reported a 77% increase in gross written premium, growing from N8.5 billion in 2022 to N12 billion in 2023. The segment's total assets reached N18.1 billion, marking a 27.4% rise, while profit before tax surged by 203% to N2.4 billion.
4. Heirs Life Assurance Growth: The life insurance division saw a 71% growth in gross written premium, moving from N11.5 billion in 2022 to N19.7 billion. Its total assets nearly doubled, increasing from N19 billion to N37.7 billion, and investment income soared by 143% to N2.8 billion.
5. Claims Settlement: The group disbursed N1.6 billion to policyholders in claims settlements, a substantial increase of 239% compared to N471 million in 2022.
Tony Elumelu, Group Chairman of Heirs Holdings, expressed pride in the group's rapid growth within just three years of operation. He emphasized the company's focus on transforming the insurance industry and fulfilling customer needs while promoting financial inclusion.
Elumelu also mentioned plans to list more of the group's firms on the Nigerian Exchange, aiming to democratize prosperity and further enhance access to insurance products for the Nigerian population.
Heirs Insurance Group, which includes Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, has reported an impressive 59.3% increase in its gross written premium, reaching N31.7 billion in 2023, up from N19.9 billion in 2022.
Key Financial Highlights:
1. Gross Premium Growth: The total gross written premium rose significantly, with the group attributing this growth to its ongoing commitment to expanding insurance access and delivering value to stakeholders.
2. Revenue Surge: The group's insurance revenue jumped by 80%, climbing from N11.3 billion in the previous year to N20.5 billion in 2023.
3. Performance of Heirs General Insurance: The non-life segment, Heirs General Insurance, reported a 77% increase in gross written premium, growing from N8.5 billion in 2022 to N12 billion in 2023. The segment's total assets reached N18.1 billion, marking a 27.4% rise, while profit before tax surged by 203% to N2.4 billion.
4. Heirs Life Assurance Growth: The life insurance division saw a 71% growth in gross written premium, moving from N11.5 billion in 2022 to N19.7 billion. Its total assets nearly doubled, increasing from N19 billion to N37.7 billion, and investment income soared by 143% to N2.8 billion.
5. Claims Settlement: The group disbursed N1.6 billion to policyholders in claims settlements, a substantial increase of 239% compared to N471 million in 2022.
Tony Elumelu, Group Chairman of Heirs Holdings, expressed pride in the group's rapid growth within just three years of operation. He emphasized the company's focus on transforming the insurance industry and fulfilling customer needs while promoting financial inclusion.
Elumelu also mentioned plans to list more of the group's firms on the Nigerian Exchange, aiming to democratize prosperity and further enhance access to insurance products for the Nigerian population.