From left: Managing Director/CEO, Heirs Insurance Limited, Dr. Adaobi Nwakuche and Managing Director/CEO, Heirs Life Assurance Limited, Niyi
Despite the economic headwinds that charcharacterised business environment in the past year, Underwriting firms, Heirs General Insurance (HGI) and Heirs Life Assurance (HLA) said it has recorded a 226 per cent jump in Gross Written Premium (GWP), from N6.1 billion in 2021 to N19.9 billion for the financial year ended December 31, 2022.
The underwriter also said that there is a need for them to demonstrate Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service, and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.
Heirs Life, the specialist life insurer, recorded a 326 per cent increase in Gross Written Premium (GWP), from N2.7 billion in 2021 to N11.5 billion in 2022 while Heirs Life also announced a 494 per cent growth in life funds, from N1.7 billion in 2021 to N10.1 billion in 2022.
Heirs Life made total claims payouts of N1.5 billion in 2022, a 484 per cent increase from N257 million paid out in 2021, by its promise of providing relief to its customers, quickly and efficiently, in times of loss. In addition, the company’s underwriting profit grew by 109 per cent, from N670 million in 2021 to N1.4 billion in 2022, with a profit before tax (PBT) growth from a loss position of N279 million to a positive position of N350 million in 2022, a 226 per cent jump.
Heirs Insurance Group paid a cumulative N2.6 billion claims to Policyholders who suffered Insured risks in its 2022 financial year.
While Heirs Life paid total claims of N1.5 billion in 2022, a 484 per cent increase from N257 million paid out in 2021, Heirs General Insurance paid N1.1 billion in claims in 2022, an increase from N572 million paid in 2021.
Similarly, it recorded a 226 per cent jump in Gross Written Premium (GWP), from N6.1 billion in 2021 to N19.9 billion for the financial year that ended December 31, 2022.
With the strong performance sustained in its second year of operations, the group has become the fastest-growing insurance group in Nigeria.
The insurer said it paid by its promise of providing relief to its customers, quickly and efficiently, in times of loss.
These figures were disclosed in the NAICOM-approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC).
Heirs Insurance demonstrates Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service, and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.
Heirs Life recorded a 326 per cent increase in Gross Written Premium (GWP) from N2.7 billion in 2021 to N11.5 billion in 2022 while posting a 494 per cent growth in life funds, from N1.7 billion in 2021 to N10.1bn in 2022.
In addition, the company’s underwriting profit grew by 109 per cent, from N670 million in 2021 to N1.4 billion in 2022, with a profit before tax (PBT) growth from a loss position of N279 million to a positive position of N350 million in 2022, a 226 per cent jump.
Similarly, Heirs General Insurance recorded a 143 million increase in Gross Written Premium (GWP), from N3.5 billion in 2021 to N8.5billion in 2022, and a profit before tax (PBT) increase of 157 per cent, from a loss position of N862.1 million in 2021 to a profit of N499.4 million in 2022.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu.
With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.
