Heirs Insurance Group has secured a major boost to its credibility after leading ratings agency Agusto&Co awarded strong credit ratings to its subsidiaries, underscoring the group’s financial strength, disciplined operations, and growing influence in Nigeria’s insurance sector. The recognition highlights the company’s rising reputation as one of the fastest-growing players in the market.
In its latest review, Agusto&Co upgraded Heirs Life Assurance (HLA) from a long-term rating of “A-” to “A,” while also assigning it a short-term rating of “A1.” Similarly, Heirs General Insurance (HGI) received a long-term “A” rating and a short-term “A1,” with both subsidiaries maintaining a stable outlook. The strong performance reflects the group’s expanding retail presence and its customer-focused strategy.
Agusto&Co noted that the ratings were driven by Heirs Insurance Group’s solid capital base, robust governance framework, and prudent risk management practices. The firm’s emphasis on innovation and financial inclusion has also positioned it as a rising force in the highly competitive Nigerian insurance market.
Speaking on the development, Niyi Onifade, Managing Director/CEO of Heirs Life Assurance, described the upgrade as “a clear endorsement of our financial strength and operational discipline.” Wole Fayemi, Managing Director of Heirs General Insurance, added that the rating validates the company’s strong balance sheet and responsible underwriting approach.
Heirs Insurance Group, a subsidiary of Heirs Holdings, operates through Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers. With its expanding digital platforms and retail-driven model, the group is pushing to democratize insurance access across Nigeria. Management reaffirmed its commitment to strengthening financial inclusion and ensuring that insurance becomes a lifestyle product for millions of Nigerians.
Source: The Guardian