Lagos: Heirs Insurance Group (HIG) has announced a significant increase in its revenue, which rose from N20.5 billion in 2023 to N31.4 billion in 2024. The group's audited financial results for the year ending December 31, 2024, indicate a 53 percent increase in revenue. According to News Agency of Nigeria, the group's financial performance was further highlighted by a combined Gross Written Premium (GWP) of N61 billion in 2024, showcasing a 70 percent rise from N35.8 billion in 2023. Additionally, the group's Profit Before Tax (PBT) soared from N4.8 billion in 2023 to N11.2 billion in 2024, marking a 133 percent year-on-year growth. The results also revealed that HIG paid out N10.4 billion in claims during the year, a substantial increase of 149 percent compared to N4.18 billion in 2023. The group's total assets grew by 66 percent, reaching N92.9 billion by the end of 2024, up from N55.8 billion the previous year. In a related development, Heirs Life Assurance reported a gross written premium of N44 .22 billion in 2024, up from N23.87 billion in 2023, reflecting an 85 percent increase. The company's insurance revenue grew by 109 percent, reaching N15.1 billion compared to N7.3 billion in the prior year. The company's PBT experienced a remarkable 193 percent increase, rising to N5.5 billion from N1.88 billion. Total claims paid by Heirs Life Assurance also increased significantly to N5.67 billion, a 120 percent rise from N2.5 billion in 2023. Investment income saw a 65 percent increase, growing from N2.8 billion to N4.6 billion. The total assets of Heirs Life Assurance grew by 75 percent, reaching N66.2 billion compared to N37.8 billion in the previous year. The gross written premium rose by 42 percent, from N11.9 billion in 2023 to N16.9 billion in 2024. Insurance revenue increased by 19 percent, reaching N14.3 billion from N12 billion in 2023. Heirs Life Assurance's PBT grew by 104 percent, rising from N2.4 billion in 2023 to N4.9 billion in 2024, while a total of N4.7 billion was paid as claim s to policyholders, showing a 25 percent increase from N3.7 billion the previous year. Heirs Insurance Brokers also reported a revenue growth of 54 percent, increasing from N1.28 billion in 2023 to N1.97 billion in 2024. Its PBT appreciated by 53 percent, rising from N528.59 million in the prior year to N805.91 million in 2024.
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