After recording quantum leap in all performance indicators in its first three years in operation, Heirs Insurance Group said that it is now time to engage its operations in a speed gear with the intention of providing its clients with more rewarding experience in insurance services.
Heirs Insurance Group is the insurance arm of the ebullient Heirs Holdings which have Tony Elumelu as the Group chairman. The group is one of the leading pan-African investment companies, with investments across 24 countries and four continents. The insurance group comprise of Heirs General Insurance (HGI), Heirs Life Assurance (HLA) and Heirs Insurance Brokers.
Managing Director and Chief Executive Officer of Heirs Life Assurance and Insurance Sector Lead Mr Niyi Onifade said that with the successful erection of the group’s growth strategies, Heirs Insurance Group is on the march for the rendition of more exciting insurance services and products to both the existing and potential clients.
Speaking in an interactive section with the media in Lagos during which the insurance group premiered a documentary on the three years of its operation, Onifade assured on the churning out of more flexible and ingenious insurance products saying that as a process oriented group, all of its attention is usually focused on rendering better services through the introduction of tailor-made products.
According to him, the many successes recorded by the insurance group is now serving as the reason for the group to embark in more ambitious plans part of which is to expand its operations outside the shores of the country with the West African coast as the t5ake off point.
Describing Heirs Insurance Group as the fastest growing insurance group in Nigeria, Onifade said that the group achieved remarkable growth in its financial performance for 2023, cementing its presence as a formidable institution in Nigeria.
“The Group’s Gross Written Premium (GWP) grew by 60% from N19.9billion to N31.7billion, earned insurance revenue increased by 80% from N11.3billion in 2022 to N20.5bn in 2023 just as the Group also paid N4.1billion in 2023 from N1.6billion in 2022 claims, representing 161% growth demonstrating its reliability and commitment to upholding customer’s trust”, he explained.
Financial record of the group indicates that Heirs Life Assurance operates with a paid up capital of N10 billion which is N7 billion higher that the industry’s prescribed base of N3 billion while Heirs General Insurance incubates a capital base of N15 billion indicating a N10 billion level higher than the regulatory authority’s prescribed mark of N5 billion
Earlier this year, Heirs Insurance Group marked its third anniversary by unveiling an impact documentary that captures its remarkable growth since its launch. The group also highlighted the innovative initiatives it has pioneered in the insurance industry, including its unrivalled digital presence across various channels and its customer-focused Rewards and Loyalty programme.
Onifade who confirmed that more than 90% of the group’s revenue come from retails business contended that “the performance reiterates our dedication to democratizing access to insurance in Nigeria and delivering value to all our stakeholders. Over the past 3 years, we have consistently achieved strong year-on-year growth, reflecting our Group’s mission of driving financial inclusion across Nigeria through simple, accessible and affordable insurance solutions.”
On the all-important claims payment to policyholders he said “Yes we have been paying claims consistently and we also pay very fast too. Last year 2023 the two companies paid N4.1 billion, about 170% difference over what we paid in 2022.”
According to him prompt claims payment is one of the things that is contributing to the group’s growth adding that “People are having that trust in Heirs insurance because they know we will pay at when due”.
It would be recalled that Heirs Insurance Group has on issues of Corporate Social Responsibility committed well over N100 million in the last three years. These include its annual Essay Competition, donation of 30 KVA solar power to Nigerian Immigration Service, donation to Tony Eluemlu story telling fund, among other forms of its CSR projects.
Heirs Insurance Group had recently released its financial performance highlighted the Group’s resilience and operational efficiency.
The Group’s General and Life companies, combined, recorded a 59.30% increase in Gross Written Premium (GWP), rising from N19.9billion in 2022 to N31.7billion, for the year ending December 31, 2023, as they both enter their fourth year.
In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.
Breaking the results down further, Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77% increase in GWP, rising from N8.5billion in 2022 to N12billion in 2023. Total assets for 2023 stood at N18.1billion, a 27.4% increase from N14.2bn recorded in 2022. Profit Before Tax (PBT) surged from N791million (restated) in FY2022 to N2.4 billion in FY2023, a staggering 203% growth, signaling the company’s effective cost management and strategic growth initiatives. Heirs General also reported a net investment income of N1.4bn for 2023, a 45% increase from the preceding year. This impressive top and bottom-line growth underscores the company’s ongoing development and its unwavering focus on delivering value to clients.
Demonstrating its commitment to customer satisfaction and upholding customer trust, Heirs General also disbursed N1.6billion to policyholders in claims settlement, up from N471million in the prior year. This sharp rise in claims settlement emphasizes the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.
Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, equally delivered phenomenal results with 71% growth in Gross Written Premium (GWP), rising from N11.5billion in 2022 to N19.7billion in 2023. Total assets grew by an extraordinary 98% increase, rising from N19billion in FY2022 to N37.7billion in FY2023. The company also demonstrated financial discipline, posting a 143% rise in investment income, from N1.1billion in FY2022 to N2.8billion in FY2023. Profit Before Tax (PBT) increased by 395% from N379million (restated) in 2022 to N1.8billion in 2023. Furthermore, Heirs Life disbursed N2.5billion in claims in 2023, representing a 119% increase over the previous year’s N1.1billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need
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