HIL, HLA post N14.8 billion GWP in Q3

Despite worries about the harsh business environment, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) were able to generate a total of N14.8 billion gross written premiums (GWP) in the third quarter of this year.

The operators attributed the performance to growth across all lines of business in the market, even as stakeholders believe that one of the ways to drive industry penetration is through the increased financial capacity of the players.

The Managing Director of Heirs Life Assurance, Niyi Onifade, at a press briefing organised by the organisation to strategise on how to deepen insurance awareness, said the underwriter recorded a GWP of N5.8 billion in the third quarter from N3.5 billion recorded in 2021, while Heirs Life’s GWP soared to N9 billion in the third quarter from N2.7 billion recorded in 2021.

Onifade explained that the performances of the two organisations were impressive within the period of review as they posted N1.55 million in profits.

“Heirs Insurance recorded a profit before tax (PBT) of N600 million in the third quarter, while Heirs Life generated N950 million at the end of the third quarter of the year,” he said.

According to him, the two firms have settled total claims of N1.611 billion to policyholders from inception (June 1, 2021) to the end of the third quarter.

Onifade noted that Heirs Insurance paid a total of N303 million as claims in 2021 and N550 million as of the period under review.