Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group and a subsidiary of Heirs Holdings, has released its audited financial results for the year ended December 31, 2024, reporting significant year-on-year growth across all core metrics and subsidiaries.
The results reflect the Group’s continued leadership in digital innovation, customer trust, and operational excellence.
The Group’s combined Gross Written Premium (GWP) for its life and general insurance businesses surged to N61 billion in 2024, marking a 70 per cent rise from N35.8 billion in 2023.
This performance underscores the Group’s aggressive market expansion and deepening penetration of the Nigerian insurance landscape.
Other key highlights include: Insurance Revenue: N31.4 billion, up 53 per cent from N20.5 billion in 2023; Profit Before Tax (PBT): N11.2 billion, up 133 per cent from N4.8 billion; Claims Paid: N10.4 billion, nearly 2.5 times higher than N4.18 billion in 2023; Total Assets: N92.9 billion, a 66 per cent rise from N55.8 billion.
Heirs Life Assurance, the Group’s specialist life insurer, delivered exceptional results: GWP: N44.22 billion, up 85 per cent from N23.87 billion; Insurance Revenue: N15.1 billion, up 109 per cent; PBT: N5.5 billion, up 193 per cent from N1.88 billion; Claims Paid: N5.67 billion, a 120 per cent increase; Investment Income: N4.6 billion, up 65 per cent; Total Assets: N66.2 billion, up 75 per cent.