Heirs Insurance Group Grows Revenue By 226% To N20bn In 2022
…Becomes Nigeria’s fastest-growing insurance group
Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced a record-high 226% growth in Gross Written Premium (GWP), from N6.1bn in 2021 to N19.9bn for the financial year ended December 31, 2022. With the strong performance sustained in its second year of operations, Heirs Insurance Group has become the fastest-growing insurance group in Nigeria.
Heirs Insurance demonstrates Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.
Heirs Life, the specialist life insurer recorded a 326% increase in Gross Written Premium (GWP), from N2.7bn in full year (FY) 2021 to N11.5bn in FY2022. Heirs Life also announced a 494% growth in life funds, from N1.7bn in 2021 to N10.1bn in 2022.
Heirs Life made total claims payouts of N1.5bn in 2022, a 484% increase from N257m paid out in 2021, in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of loss. In addition, the company’s underwriting profit grew by 109%, from N670m in 2021 to N1.4bn in 2022, with a profit before tax (PBT) growth from a loss position of N279m to a positive position of N350m in 2022, a 226% jump.
Heirs General Insurance, the Group’s non-life insurer, recorded a 143% increase in Gross Written Premium (GWP), from N3.5bn in FY2021 to N8.5bn in FY2022 and a profit before tax (PBT) increase of 157%, from a loss position of N862.1m in 2021, to a profit of N499.4m in 2022. Underwriting profit rose from N365.2m in 2021 to N1.3bn in FY2022. Living up to its promise, Heirs General Insurance paid N1.1bn in claims in 2022, an increase from N572m paid in 2021.
These figures were disclosed in the NAICOM-approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC).
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 Tony Elumelu. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.
Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone
