Heirs Insurance Group Posts N31.4bn Revenue, Doubles Profit in 2024
In a resounding affirmation of its strategic positioning in Nigeria’s insurance and investment ecosystem, Heirs Insurance Group (HIG) has posted robust revenue and profit growth in its audited 2024 financial results, underscoring its accelerating market traction, customer-centric performance, and disciplined execution.
The Group, which comprises Heirs General Insurance, Heirs Life Assurance, and Heirs Insurance Brokers, reported a consolidated revenue of ₦31.4 billion, up from ₦20.5 billion in 2023 — a 53% year-on-year increase.
Even more impressively, Profit Before Tax (PBT) surged by 133%, jumping from ₦4.8 billion to ₦11.2 billion. Gross Written Premium (GWP) also skyrocketed by 70%, reaching ₦61 billion in 2024, compared to ₦35.8 billion the previous year.
Breaking Down the Numbers: Growth Across Business Verticals
Heirs Life Assurance: Leading with Depth in Protection and Wealth Products
Heirs Life, the Group’s life insurance arm, emerged as a major driver of growth:
- GWP: ₦44.22 billion (up 85% from ₦23.87 billion)
- Insurance Revenue: ₦15.1 billion (up 109%)
- PBT: ₦5.5 billion (up 193% from ₦1.88 billion)
- Claims Paid: ₦5.67 billion (up 120%)
- Investment Income: ₦4.6 billion (up 65%)
- Total Assets: ₦66.2 billion (up 75%)
This performance reaffirms Heirs Life’s expanding reach among Nigeria’s rising middle class and its growing foothold in retail life protection and investment-linked policies.
Heirs General Insurance: Balanced Growth with Responsible Underwriting
Heirs General Insurance also showed a solid performance:
- GWP: ₦16.9 billion (up 42% from ₦11.9 billion)
- Insurance Revenue: ₦14.3 billion (up 19%)
- PBT: ₦4.9 billion (up 104%)
- Claims Paid: ₦4.7 billion (up 25%)
- Total Assets: Up from ₦37.8 billion to ₦66.2 billion
Its continued growth in auto, travel, and SME segments reinforces the company’s strong retail and commercial insurance value proposition in a price-sensitive, underinsured market.
Heirs Insurance Brokers: Strong Intermediary Play
Heirs Insurance Brokers also recorded positive movement:
- Revenue: ₦1.97 billion (up 54% from ₦1.28 billion)
- PBT: ₦805.9 million (up 53% from ₦528.6 million)
This performance reflects deepening client trust, increased deal volumes, and effective cross-selling across HIG’s ecosystem.
Claims Transparency and Financial Prudence: A Customer-Centric Strategy
In a sector often criticised for poor claims settlement, HIG’s claims payout increased significantly — a strategic move that reinforces consumer confidence and market credibility:
- Group-wide total claims paid in 2024: ₦10.4 billion, a 149% jump from ₦4.18 billion in 2023.
This is consistent with HIG’s brand promise of “democratizing insurance” by simplifying access and trust in the system, especially among first-time policyholders.
Investor Take: Resilient Fundamentals in a Volatile Economy
The Group’s total assets surged from ₦55.8 billion in 2023 to ₦92.9 billion in 2024 — a 66% expansion. This asset base growth underscores strong investment income, capital efficiency, and reinvestment in underwriting and digital capabilities.
Heirs Insurance Group’s performance also points to the rising attractiveness of Nigeria’s insurance space for long-term investors, especially as regulatory reforms deepen, and retail awareness improves.
BRANDECONOMY INSIGHT: Why It Matters
The latest results are not just about headline numbers; they reflect a maturing strategy, powered by tech, trust, and talent. By combining rapid premium growth with prudent underwriting, aggressive claims settlement, and strong returns, HIG is setting a new benchmark for next-gen insurers in Africa.
Backed by the Heirs Holdings Group and the Tony Elumelu brand, Heirs Insurance has quickly positioned itself as a disruptor — using digital tools to reach Nigeria’s large underserved and uninsured population.
Bottom Line
Heirs Insurance Group’s 2024 performance confirms it as one of the fastest-growing and most profitable insurance and investment groups in Nigeria. With a scalable model, a bold inclusion-driven mission, and strong financial fundamentals, the Group is not only delivering shareholder value but also reshaping the future of insurance in Africa.
