Elumelu- Heirs Insurance Democratising Access to Insurance in Nigeria

Ebere Nwoji recently had an insightful conversation with Mr. Tony Elumelu, Chairman of Heirs Holdings, the parent company of Heirs Insurance Group, to delve into the remarkable financial performance for 2023. Elumelu stressed that the significant year-on-year growth showcases the group’s unwavering commitment to democratizing access to insurance while delivering lasting value to its stakeholders.

During the review of the financial results, Elumelu shared that Heirs Insurance Group achieved an impressive 203% increase in profit, highlighting resilience and operational efficiency across its various business sectors. The financial reports, released over the weekend, indicated that Heirs General and Life insurance companies saw a collective 59.3% jump in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion for the year ending December 31, 2023.

Elumelu broke down the growth further, pointing out that Heirs General Insurance (HGI), the group’s non-life segment, reported a remarkable 77% increase in GWP, climbing from N8.5 billion in 2022 to N12 billion in 2023. Total assets also rose to N18.1 billion, reflecting a 27.4% increase from the previous year’s N14.2 billion. Furthermore, the Profit Before Tax (PBT) surged from N791 million in FY2022 to N2.4 billion in FY2023, marking a noteworthy 203% increase.

“This performance highlights our effective cost management and strategic growth initiatives,” Elumelu remarked. He added that Heirs General Insurance generated net investment income of N1.4 billion in 2023, a 45% increase from the previous year, which reinforces the company’s ongoing commitment to delivering value and satisfaction to its clients.

In a demonstration of its commitment to customer trust, Heirs General Insurance paid out N1.6 billion in claims to policyholders, a significant rise from N471 million the prior year. Elumelu stated that this increase in claims settlements reflects the company’s dedication to its customers and its emphasis on timely and transparent processing.

Heirs Life Assurance, the group’s life insurance division, also posted impressive figures, with a 71% growth in GWP, increasing from N11.5 billion in 2022 to N19.7 billion in 2023. Elumelu underscored the firm’s financial discipline, indicated by a 143% rise in investment income, which jumped from N1.1 billion in FY2022 to N2.8 billion in FY2023.

Regarding claims payments, Heirs Life Assurance disbursed N2.5 billion in 2023, a 119% increase from N1.1 billion in the previous year, further demonstrating its commitment to providing timely financial assistance to customers in need.

Concluding the discussion, Elumelu reflected on the group’s overall dedication to growth and customer satisfaction, positioning Heirs Insurance Group as one of the fastest-growing insurance entities in Nigeria’s competitive market.