Heirs Insurance Group has released its audited financial report for the year ending December 31, 2024, showcasing remarkable growth and solid performance across its life, general, and brokerage businesses. The Group recorded a combined Gross Written Premium of N61 billion, representing a significant 70% increase from N35.8 billion in 2023. This impressive growth reflects the Group’s strategic drive to deepen insurance penetration in Nigeria and make insurance more accessible to individuals and businesses.
The Group’s earned insurance revenue rose by 53%, climbing from N20.5 billion in 2023 to N31.4 billion in 2024. Profit before tax more than doubled, reaching N11.2 billion—an increase of 133% from the previous year’s N4.8 billion. Demonstrating its strong commitment to policyholders, the company paid N10.4 billion in claims during the year under review, up from N4.18 billion in 2023, marking a substantial 149% rise. Total assets also saw a notable boost, growing by 66% from N55.8 billion to N92.9 billion.
A deeper look into Heirs Life Assurance, the Group’s specialist life insurance arm, reveals even more striking results. The company’s Gross Written Premium jumped to N44.22 billion in 2024, an 85% surge from N23.87 billion in 2023. Insurance revenue reached N15.1 billion, more than doubling the previous year’s N7.3 billion, while profit before tax skyrocketed to N5.5 billion, reflecting a 193% increase.
Claims paid to customers also rose significantly from ₦2.5 billion to ₦5.67 billion, and investment income grew by 65%, hitting ₦4.6 billion. Heirs Life ended the year with total assets valued at ₦66.2 billion, up from ₦37.8 billion in 2023.
Meanwhile, Heirs General Insurance, which handles non-life insurance products, continued its upward trajectory. It recorded ₦16.9 billion in Gross Written Premium, up from ₦11.9 billion the year before. Insurance revenue grew to ₦14.3 billion, and profit before tax rose by 104% to ₦4.9 billion, compared to ₦2.4 billion in 2023. The company paid ₦4.7 billion in claims during the year, while investment income increased to ₦5.7 billion. Its total assets stood at ₦26.7 billion by year-end, up from ₦18.1 billion in the previous year.
Heirs Insurance Brokers, the Group’s advisory and consulting arm, also delivered a strong performance. Revenue rose by 54% from ₦1.28 billion to ₦1.97 billion, while profit before tax increased to ₦805.91 million, up from ₦528.59 million in 2023—an indication of the firm’s improved client acquisition and operational efficiency.
These results, which were audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM), affirm the Group’s strong governance structure and business resilience. With its customer-centric approach and technology-driven solutions—such as its *1100# USSD code, the SimpleLife mobile app, the AI chatbot “Prince,” and Nigeria’s first digital insurance experience centre—Heirs Insurance Group is redefining how insurance is experienced in Nigeria.
Beyond financials, the Group continues to drive awareness and engagement through impactful initiatives. From championing insurance education through its annual essay competition to advocating inclusive travel policies via its travel festival, Heirs Insurance is demonstrating that insurance can be a tool for empowerment and national development. As a subsidiary of Heirs Holdings, the pan-African investment company with a presence in 24 countries and across four continents, Heirs Insurance Group is steadily cementing its role as a major player in Nigeria’s insurance landscape.
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