The Heirs Insurance Group, which consists of Heirs General Insurance and Heirs Life Assurance, reports a 226 percent increase in gross written premium from N6.1 billion in 2021 to N19.9 billion for the fiscal year that concluded on December 31, 2022.
The Punch reported that Heirs Insurance, according to a release, proved Tony Elumelu’s Heirs Holdings’ aim to disrupt the Nigerian insurance sector by bringing value, excellent customer service, and pertinent products to the mass market and carrying out the company’s mission to provide insurance for everyone, not just for some.
Heirs Life, a specialized life insurance, reported a 326 percent rise in gross written premium, from N2.7 billion in FY 2021 to N11.5 billion in FY 2022. Additionally, Heirs Life revealed a 494 per cent growth in life funds, from N1.7bn in 2021 to N10.1bn in 2022.
In keeping with its promise to provide relief to its customers quickly and effectively in times of loss, Heirs Life made total claims payouts of N1.5 billion in 2022, a 484% increase from N257 million paid out in 2021.
According to the corporation, its underwriting profit increased by 109 percent from N670 million in 2021 to N1.4 billion in 2022, and its profit before taxes increased by 226 percent from a loss position of N279 million to a positive position of N350 million.
The Group’s non-life insurer, Heirs General Insurance, saw a 143% growth in gross written premiums, from N3.5 billion in FY 2021 to N8.5 billion in FY 2022, and a 157% increase in profit before tax, from a loss position of N862.1m in 2021, to a profit of N499.4m in 2022.
