Heirs Insurance Group says its Gross Written Premium (GWP) grew from N6.1 billion in 2021 to N19.9 billion for the financial year ended Dec. 31, 2022, representing 26 percent increase.
The group comprises Heirs General Insurance (HGI) and Heirs Life Assurance (HLA).
The company disclosed this in a statement signed by its Communications Manager, Mr Timileyi Adebiyi, on Monday in Lagos.
According to company, the figures provided were in the National Insurance Commission’s (NAICOM) approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC)
Its Heirs Life recorded a 326 per cent increase in Gross Written Premium (GWP) from N2.7 billion in 2021 to N11.5 billion in same period 2022.
Heirs Life also grew its life funds by 494 per cent, from N1.7 billion in 2021 to N10.1 billion in 2022.
He revealed that Heirs Life made total claims payouts of N1.5 billion in 2022, indicating a 484 per cent increase from N257 million paid out in 2021.
The company noted that this was in accordance with the insurer’s promise of providing relief to its customers, quickly and efficiently, in times of loss.
“In addition, the company’s underwriting profit grew by 109per cent, from N670 million in 2021 to N1.4 billion in 2022.
“This is with a Profit Before Tax (PBT) growth from a loss position of N279 miillion, to a positive position of N350 million in 2022, indicating a 226 per cent rise,” the company said.
It added that Heirs General Insurance, the group’s non-life insurer, recorded a 143 per cent increase in Gross Written Premium (GWP), from N3.5 billion in 2021 to N8.5 billion in 2022 and PBT increase of 157 per cent.
According to it, the figure was from a loss position of N862.1 million in 2021 to a profit of N499.4 million in 2022.
It further said that firm’s underwriting profit rose from N365.2 million in 2021 to N1.3 billiion in 2022.
The company’s Heirs General paid N1.1 billion in claims in 2022, which is an increase from N572 million paid in 2021, to live up to its promise.
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 Elumelu.