Heirs Insurance generates N20bn revenue in 2022

Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), says its Gross Written Premium (GWP) increased from N6.1 billion in 2021 to N19.9 billion for the financial year which ended on December 31, 2022.

Heirs Life recorded a 326 per cent increase in GWP from N2.7 billion in 2021 to N11.5 billion in 2022.

It also announced a 494 per cent growth in life funds, from N1.7 billion in 2021 to N10.1 billion in 2022.

The group made the disclosure in a statement issued on Tuesday, September 5, 2023.

Heirs Life made total claims payouts of N1.5 billion in 2022, a 484 per cent increase from N257 million paid out in 2021, “in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of loss”.

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Also, 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.

Heirs General Insurance, the Group’s non-life insurer, recorded a 143 per cent increase in GWP, from N3.5 billion in 2021 to N8.5 billion 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.

Underwriting profit, according to the company, rose from N365.2 million in 2021 to N1.3 billion in 2022.

“Living up to its promise, Heirs General Insurance paid N1.1bn in claims in 2022, an increase from N572 million paid in 2021,” it added.

The Star