When Heirs Insurance Group entered Nigeria’s insurance landscape in 2021, many wondered if it could do things differently in a sector plagued by inertia, trust issues, and low penetration. Three years later, the numbers are not just speaking, they’re shouting.
In its just-released audited financials for FY2024, the Group recorded a staggering ₦61 billion in Gross Written Premium (GWP), marking a 70% year-on-year growth from ₦35.8 billion in 2023. The news isn’t merely about performance, it’s a moment of reflection, especially for an industry long considered sluggish and risk-averse.
A Moment of Reckoning for the Industry
In a year marred by economic volatility, currency pressures, and shifting consumer priorities, Heirs Insurance didn’t just weather the storm, it expanded its sails. And now, industry watchers are taking note. The growth isn’t accidental. It is the outcome of a deliberate bet on customer trust, digital agility, and bold leadership.
At a time when many companies were downsizing or recalibrating, Heirs Insurance doubled down on its mission to “democratize access to insurance” for the average Nigerian. That mission is now backed by hard data, and a financial footprint that can’t be ignored.
The Numbers That Tell the Story
- ₦61 billion in Gross Written Premium (GWP), up 70% from 2023’s ₦35.8 billion.
- ₦31.4 billion in earned insurance revenue, up 53% from ₦20.5 billion.
- ₦11.2 billion in Profit Before Tax (PBT) — a 133% increase from ₦4.8 billion.
- ₦10.4 billion paid in claims, representing a 149% jump from the previous ₦4.18 billion.
- ₦92.9 billion in total assets, rising 66% from ₦55.8 billion in 2023.
But beyond the data, the most powerful story is the one behind the numbers.
The Reflection: Insurance Can Work, and Win
For too long, insurance in Nigeria has been synonymous with disappointment. Ask an average customer, and you’re likely to hear stories of unpaid claims, red tape, or total silence. Heirs Insurance promised to change that, and ₦10.4 billion in claims paid in one year is proof of its commitment.
“It’s not just about selling policies. It’s about showing up when it matters most,” an insider at the company shared. That principle, simple but rare, has helped Heirs build a reputation of reliability in a skeptical market.
This isn’t just a win for one company, it’s a challenge to the entire ecosystem. If a relatively new player can digitize onboarding, settle claims swiftly, and grow market share aggressively, then the problem has never been about customer interest—it has always been about delivery.
Heirs Life: A Quiet Revolution in Life Insurance
A significant portion of the Group’s success stems from Heirs Life Assurance, its specialist life insurance company. By tailoring solutions to meet the needs of Nigeria’s emerging middle class and informal sector, Heirs Life has redefined what life insurance means for everyday Nigerians.
From automated underwriting to retail-focused products, the company has made insurance less of a boardroom product and more of a household necessity. It’s no surprise that their performance fueled much of the Group’s revenue leap in 2024.
From Flashback to Future
The story of Heirs Insurance Group is still unfolding, but its trajectory offers a powerful lesson in leadership, execution, and purpose. In a sector where trust must be earned every day, HIG has shown that growth is not just about expansion, but about consistency, credibility, and care.
As Nigeria pushes toward economic resilience and financial inclusion, the insurance sector must play a bigger role. The Heirs model is a blueprint, and perhaps a wake-up call. With less than 2% insurance penetration in Africa’s largest economy, the opportunities are enormous, but only for those who are ready to act boldly and deliver consistently.
In a country where businesses often struggle to scale sustainably, Heirs Insurance Group’s 2024 performance feels both refreshing and redefining. It reminds us that while ambition sets the tone, it is execution, trust, and timing that seal the legacy.
The question for the rest of the industry is no longer what’s possible, but what’s stopping you?
@2025 The Ameh News: All Rights Reserved
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