Heirs Insurance Group’s financial results for the year 2023 demonstrate exceptional performance, affirming the group as one of the fastest growing insurance entities in Nigeria. With a spectacular 59.30% increase in Gross Written Premium (GWP) reaching N31.7 billion from N19.9 billion in 2022, Heirs Insurance Group is firmly positioned in the insurance market.
Significant growth was witnessed in Heirs General Insurance (HGI), the non-life arm of the group, which recorded an impressive 77% increase in its PEB from N8.5 billion in 2022 to N12 billion in 2023. Total assets for 2023 stood at N18.1 billion, representing a 27.4% increase from N14.2 billion recorded in 2022. Profit before tax also grew significantly from N791 million (rebased) in 2022 to N2.4 billion in 2023, representing a 203% increase.
On its part, Heirs Life Assurance (HLA), the life insurance arm, also recorded remarkable results with its PEB growing by 71% from N11.5 billion in 2022 to N19.7 billion in 2023. Furthermore, Heirs Life paid out N2.5 billion in benefits in 2023, an increase of 119% from N1.1 billion in the previous year, demonstrating its commitment to providing timely financial support to its customers in times of need. Commenting on the results, Tony O. Elumelu, Group Chairman of Heirs Holdings, the group’s parent company, noted that the performance highlights the group’s unwavering commitment to democratising access to insurance and delivering sustainable value to its stakeholders. In summary, Heirs Insurance Group’s exceptional financial results for the year 2023 are a testament to its leadership position in the Nigerian insurance market, driven by its sustained growth, effective cost management and strategic growth initiatives.