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Two Heirs Holdings insurers incorporated last year have hit the ground running as they maintained efficient underwriting capacity while posting profit even amid an industry beset by inflationary pressures, currency volatility, and poor regulations.
Heirs Insurance Limited posted profit after tax of N210.22 million in the first quarter (Q1) of 2022. Also, it recorded underwriting profit of N247.39 million and investment income of N280.568 million, according to data from its financial statement seen by MoneyCentral.
The other firm Heirs Life Assurance Limited posted profit after tax of N269.31 million in the same Q1, 2022 period under review while it recorded N503.87 million in underwriting profit and investment income of N214.74 million.
Both companies launched into the market last year are a subsidiary of Heirs Holdings, a Pan-African investment group with presence across 3 continents and 20 African countries. It is headquartered in Lagos, Nigeria with investment interests in various sectors.
Heirs Insurance and Heirs Life Assurance have a paid-up share capital of N10bn and N8bn respectively, and are backed by leading reinsurers, providing a second layer of security for clients’ insurance portfolios.
Both are the two most liquid and well capitalized insurers in Africa’s largest economy, and the financial backing of billionaire owner Tony Elumelu means they will be giving peer rivals such as Leadway Assurance, AIICO Insurance, Mutual Benefit Assurance, Coronation Insurance and others a run for their money.
Heirs Insurance Limited (HIL) is a general insurance company, positioned to become the leading Nigerian insurer leveraging digital tools and technology to provide simple, quick, reliable, and accessible insurance to individuals and businesses.
HIL underwrites all classes of general insurance business including vehicles, buildings, oil & gas, power, among others.
Heirs Life Assurance Limited (HLA) a specialist life insurance company has product offerings that comprises insurance-backed savings plans and life insurance security for individuals, families, children’s education, debtors, creditors, entrepreneurs, and employees.
Further analysis of the financial statement of the twins shows Heirs Insurance Limited and Heirs Life Assurance Limited have total assets of N12.64 billion and N12.59 billion respectively.