Heirs Insurance Group achieves 70% revenue spike in FY2024; hits N61 billion GWP

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across all business lines and metrics.

Combined Gross Written Premium of ₦61 billion, representing 70% YoY growth, from ₦35.8 billion in the previous year.

Combined earned Insurance Revenue rose from ₦20.5 billion in the previous year to ₦31.4 billion in 2024, indicating a 53% increase.

Combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to ₦11.2 billion, more than double the previous year’s figure, and representing a 133% year-on-year growth.

The Group also sustained customer trust by paying a staggering combined ₦10.4 billion in claims during the year, compared to ₦4.18 billion in 2023, marking a 149% growth.

In addition, the Group’s combined total assets grew by 66%, rising from ₦55.8 billion in 2023 to ₦92.9 billion in 2024.

Breaking down the results, Heirs Life Assurance (HLA), its specialist life insurance company, achieved staggering results:

The company reported an 85% increase in Gross Written Premium from ₦23.87 billion in 2023 to ₦44.22 billion in 2024.

Insurance Revenue stood at ₦15.1 billion, a staggering 109% growth from ₦7.3 billion in 2023.

Profit Before Tax grew to ₦5.5 billion, up from ₦1.88 billion, indicating a remarkable 193% increase.

Claims paid by Heirs Life also rose significantly to ₦5.67 billion, a 120% increase from ₦2.5 billion paid to customers in 2023.