When the year 2025 began, few expected Heirs Insurance Group to unleash such a surprising wave of growth across Nigeria’s insurance sector.
Yet by December 31, the company had transformed uncertainty into opportunity, rising from ₦35.8 billion in gross written premiums (GWP) in 2023 to a commanding ₦61 billion in 2024, a staggering 70% surge in revenue
Breaking Through the Claims Barrier
During those same twelve months, Heirs paid out ₦10.4 billion in claims, more than doubling its 2023 payouts of ₦4.18 billion inspenonline.
These aren’t just numbers, they tell a story of trust: customers who believed and stayed when life’s storms hit. For the underwriting team, this milestone became a badge of honour, signalling that the company truly stood behind its promises.
The Life & General Insurance Engines
Within the group, Heirs Life Assurance roared ahead with an 85% spike in GWP, leaping to ₦44.22 billion.
Premium revenue climbed to ₦15.1 billion, and profit before tax soared 193% to ₦5.5 billion. Claims payouts too climbed by 120%, reaching ₦5.67 billion.
Meanwhile, Heirs General Insurance produced solid results: GWP rose 42% to ₦16.9 billion, PBT doubled to ₦4.9 billion, and new claims yielded ₦4.7 billion, 25% higher than the year prior.
Profit and Assets in Overdrive
Behind the scenes, powerful figures underscored these achievements:
- Group earned insurance revenue increased 53% to ₦31.4 billion.
- Profit before tax more than doubled, from ₦4.8 billion to ₦11.2 billion.
- Total group assets expanded 66%, shooting to ₦92.9 billion.
These leaps reflect a well-synchronized growth engine powered by trust, innovation, and disciplined execution.
Digital-First Approach Wins Big
Much of this success rides on digital innovation, Heirs introduced tools like the *USSD code 1100#, the SimpleLife mobile app, and Prince, their AI chatbot, alongside Nigeria’s first digital insurance experience centre.
These platforms made insurance accessible, user-friendly, and engaging, opening doors for more Nigerians to explore coverage with ease.
Beyond Business: Literacy and Advocacy
Growth wasn’t only financial. Heirs championed insurance literacy through an essay competition for students and pushed for inclusive travel policies via a travel festival.
These moves simulate more than revenue, they embody purpose, positioning insurance as a tool for empowerment and financial resilience.
A Vision for Nigeria’s Tomorrow
From this meteoric rise, a picture emerges: a company not just selling policies, but building bridges of trust through financial fortitude and customer care. In doing so, Heirs is helping transform perceptions of insurance, from paperwork to lifeline.
As the rest of the insurance industry watches, Heirs’ story offers a roadmap: combine trust, innovation, and purpose, and you’ll do more than grow, you’ll change lives.
