Heirs Insurance Announces N61bn Premium , Pays N10.4 bn Claims

Ebere Nwoji

Heirs Insurance Group (HIG), has announced Gross Written Premium of N61 billion  for the year ended December 31, 2024. The group in its financial performance for the year under review  showed strong year-on-year growth across all business lines and metrics.

The  Group reported a total  Gross Written Premium (GWP) of N61 billion in 2024, for its life and general insurance companies, reflecting a 70 increase from the ₦35.8 billion recorded in 2023.

Combined earned Insurance Revenue rose from N20.5 billion in the previous year to N31.4 billion in 2024, indicating a 53 percent increase.

Profit Before Tax for the group   ( PBT) rose from N4.8 billion in 2023 to N11.2 billion, more than double the previous year’s figure, and representing a 133 percent year-on-year growth.

The group also sustained customer trust by paying a staggering  N10.4 billion claims during the year, compared to N4.18 billion in 2023, marking a 149 percent growth in claims payment.

In addition, the group’s combined total assets grew by 66 percent rising from N55.8 billion in 2023 to N92.9 billion in 2024.

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

The company reported an 85 percent increase in Gross Written Premium from ₦23.87 billion in 2023 to N44.22 billion in 2024.