News wire — Heirs Insurance Group (HIG) says its revenue increased from N20.5 billion in 2023 to N31.4 billion in 2024.
The group, in its audited financial results for the year ended Dec. 31, 2024, said the figure represented a 53 per cent increase.
It reported a combined Gross Written Premium (GWP) of N61 billion in 2024, reflecting a 70 per cent increase from the N35.8 billion recorded in 2023.
The group’s Profit Before Tax(PBT) rose from N4.8 billion in 2023 to N11.2 billion, representing a 133 per cent year-on-year growth.
It recorded a total of N10.4 billion was paid in claims during the year, compared to N4.18 billion in 2023, marking a 149 per cent growth.
Its total assets also grew by 66 per cent, rising from N55.8 billion in 2023 to N92.9 billion in 2024.
Meanwhile, Heirs life Assurance reported N44.22 billion in gross written premium in 2024 from N23.87 billion in 2023, representing 85 per cent increase.
Its insurance revenue stood at N15.1 billion from N7.3 billion in 2023, indicating 109 per cent growth.
The company’s PBT grew to N5.5 billion, up from N1.88 billion, indicating a remarkable 193 per cent increase.
Total claims paid rose significantly to N5.67 billion, a 120 per cent increase from N2.5 billion paid to customers in 2023.
Investment income rose from N2.8 billion in 2023 to N4.6 billion, marking a 65 per cent increase.
Also, total assets of N66.2 billion when compared to 37.8 billion in the previous year, showing 75 per cent growth.
It gross written premium rose by 42 per cent from N11.9 billion in 2023 to N16.9 billion in 2024.
Insurance revenue stood at N14.3 billion as against N12 billion recorded in 2023, showing 19 per cent growth.
Also, PBT grew by 104 per cent, rising from N2.4 billion in 2023 to N4.9 billion in 2024 while a total of 4.7 billion was paid as claims to policyholders from N3.7 billion the previous year, showing 25 per cent increase.
Heirs Insurance Brokers’ revenue grew by 54 per cent from N1.28 billion in 2023 financial year to N1.97 billion in 2024.
Its PBT appreciated by 53 per cent from N528.59 million in the prior year to N805.91 million in 2024.
– NAN)
