Sunday, September 7, 2025
24.5 C
Lagos

Heirs Insurance Group Posts N20bn in Revenue for FY2022, Cements Position in Sector

 

– N2.7bn underwriting profit and N849.4m PBT in FY2022

– N2.6bn claims paid in the period under review

Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced a record-high 226% jump 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 FY2021 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.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Barth Nnaji to Deliver The Bullion Lecture 2025

Globally acclaimed energy expert, Professor Barth Nnaji, is to...

NLNG Visits President Tinubu to Deepen Collaboration, Ease of Doing Business

  President Bola Tinubu (GCFR) with members of Nigeria LNG Limited’s...

A.M. Best to Attend 43rd AIO Conference 2016

A.M. Best will attend the 43rd African Insurance Organisation...

Brand Africa to Unveil Africa’s Top 100 Brands on Oct 22

Brand Africa is to release its highly anticipated 4th Brand Africa 100: Africa’s Best Brands rankings of the Top 100 Most Admired and Most Valuable brands in Africa at a Gala event at Sandton Convention Center on 22 October 2015. The rankings, first launched in 2011 at the 2nd Brand Africa FORUM, have been held in Johannesburg, South Africa in 2011 in partnership with Brand South Africa, in Nairobi, Kenya in 2014 in partnership with the Kenya Securities Exchange and in New York in 2013 partnership with African Business on the sidelines of the UN General Assembly.

First Bank, Clickatell Drive Financial Inclusion via WhatsApp

Clickatell promotes financial inclusion in Nigeria by enabling FirstBank...

PPC Names Ayodeji Grillo as New CEO

PPC Limited announces the appointment of Mr. Ayodeji Grillo...

Combating e-Fraud on Telecom Platforms, Building Consumer Confidence in the Digital Economy

By Professor Umar Danbatta EVC/CEO, NCC Being text of the keynote...

New NCC Boss, Aminu Maida, Commits to Tinubu’s Vision on Digital Economy

The new Executive Vice Chairman (EVC) of the Nigerian...
spot_img

Related Articles

Popular Categories

spot_imgspot_img