Despite the economic headwinds that characterise the business environment in the past year, underwriting firms, Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), said they recorded a 226 per cent jump in gross written premium (GWP), from N6.1 billion in 2021 to N19.9 billion last year.

The underwriters also said that there is a need for them to demonstrate Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service and relevant products to the mass market, while delivering on the mission of providing insurance for all.

Heirs Life, the specialist life insurer, recorded a 326 per cent increase in GWP, from N2.7 billion in 2021 to N11.5 billion in 2022 while Heirs Life announced a 494 per cent growth in life funds, from N1.7 billion in 2021 to N10.1 billion in 2022.

Heirs Life made total claims payouts of N1.5 billion in 2022, a 484 per cent increase from N257 million paid out in 2021, providing relief to its customers, quickly and efficiently, in times of loss.

In addition, the company’s underwriting profit grew by 109 per cent, from N670 million in 2021 to N1.4 billion in 2022, with a profit before tax (PBT) growth, from a loss position of N279 million to a positive position of N350 million in 2022, a 226 per cent jump.

Heirs Insurance Group paid a cumulative N2.6 billion in claims to policyholders who suffered insured risks in its 2022 financial year.

While Heirs Life paid total claims of N1.5 billion in 2022, a 484 per cent increase from N257 million paid out in 2021, Heirs General Insurance paid N1.1 billion in claims in 2022, an increase from N572 million paid in 2021.

The figures were disclosed in the NAICOM-approved 2022 financial statement, audited by PwC.