JOYCE AMOBI—-Heirs Insurance Group(HIG), has released its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth-across all business lines and metrics.
The Group reported a combined Gross Written Premium (GWP) of ₦61 billion in 2024, reflecting a 70% increase from the ₦35.8 billion recorded in 2023.
Insurance revenue rose from ₦20.5 billion in the previous year to ₦31.4 billion in 2024,indicating a 53% increase while Profit Before Tax (PBT) rose from N4.8billion in 2023 to ₦11.2 billion, more than double the previous year’s figure, and representing a 133% year-on-year growth.
A total of ₦10.4 billion was paid in claims during the year, compared to ₦4.18 billion in 2023, marking a 149% growth while total assets grew by 66%, rising from ₦55.8 billion in 2023 to ₦92.9billion in 2024.
Breaking down shows that Heirs life reported 44.22 billion in Gross Written Premium in 2024 from ₦23.87 billion in 2023
representing 85% increase while its Insurance Revenue stood at ₦15.1 billion from 7.3 billion in 2023, indicating 109% growth.
Profit Before Tax grew to ₦5.5 billion, up from ₦1.88 billion, indicating a remarkable 193% increase while at total claims paid by rose significantly to ₦5.67 billion, a 120% increase from ₦2.5 billion paid to customers in 2023.
Investment income rose from ₦2.8 billion in 2023 to ₦4.6 billion, marking a 65% increase, total assets of ₦66.2 billion when compared to 37.8 billion in the previous year, showing 75% growth.
Heirs General Insurance Gross Written Premium rose by 42% from ₦11.9billion in 2023 to ₦16.9 billion in 2024 while Insurance Revenue stood at ₦14.3 billion as against ₦12 billion recorded in 2023, showing 19% growth.
Profit Before Tax grew by 104%, rising from ₦2.4 billion in 2023 to ₦4.9 billion in 2024 while a total of 4.7 billion was paid as claims to policyholders from ₦3.7 billion the previous year, showing 25% increase.
Heirs Insurance Brokers Revenue grew by 54% from ₦1.28 billion in FY2023 to N1.97 billion in 2024.
Profit Before Tax (PBT) appreciated by 53% from ₦528.59 million in the prior year to ₦805.91 million in 2024.
Heirs Insurance Group has maintained a consistent year-on-year growth streak, reflecting strong leadership and corporate governance, and a focus on driving digital innovation to make insurance simple and accessible.