Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, audited financial results for the year ended December 31, 2024, just released by the company showed a strong year-on-year (YOY) growth across all business lines and metrics.
The insurance Group reported a combined Gross Written Premium (GWP) of N61 billion in 2024, for its life and general insurance companies, reflecting a 70% increase from the N35.8 billion recorded in 2023.
The Group’s achievements as released to the investing public showed that combined Gross Written Premium peaked at N61 billion, representing 70 per cent YoY growth, from N35.8 billion in the previous year.
The result showed that combined earned Insurance Revenue rose from N20.5 billion in the previous year to N31.4 billion in 2024, indicating a 53% increase.
Also, combined Profit before Tax (PBT) rose from N4.8 billion in 2023 to N11.2 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 N10.4 billion in claims during the year, compared to N4.18 billion in 2023, marking a 149% growth.
In addition, the Group’s combined total assets grew by 66%, rising from N55.8 billion in 2023 to N92.9 billion in 2024.
Heirs Life Assurance (HLI)
Breaking down the results, Heirs Life Assurance (HLA), its specialist life insurance company, achieved remarkable performance as its Gross Written Premium (GRP) soared by 85 per cent to end 2024 financial year at N44.22 billion, from N23.87 billion in 2023 financial year.
Insurance Revenue stood at N15.1 billion, a staggering 109% growth from N7.3 billion in 2023.
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