Agusto & Co Upgrades Heirs Insurance Group Ratings to ‘A1’, Highlighting Strong Growth and Stability

Nigeria’s leading credit rating agency, Agusto & Co., has upgraded the ratings of Heirs Insurance Group’s life and general insurance businesses, underscoring the Group’s financial resilience and growing market presence. The specialist life arm, Heirs Life Assurance (HLA), received an upgrade from “A–” to “A” (long-term) with a short-term rating of “A1,” while the Group’s general insurance unit, Heirs General Insurance (HGI), maintained its “A–” (long-term) rating with a “A1” short-term rating.

Both businesses were also assigned a Stable Outlook, reflecting Agusto & Co.’s confidence in the Group’s strong capitalisation, efficient claims management and expanding footprint in Nigeria’s insurance sector. The agency said the improved ratings reflect Heirs Insurance Group’s robust financial position, customer-first approach, and increasing digital capabilities, which are helping to simplify access to insurance for individuals and businesses alike.

According to Agusto & Co., the upgraded ratings further demonstrate Heirs Insurance Group’s operational resilience and steady market share growth, even in a challenging economic environment. The stable outlook for both HLA and HGI highlights the Group’s consistent execution of its strategy and sound corporate governance framework, which positions it as a reliable partner for policyholders.

Speaking on the ratings, Niyi Onifade, MD/CEO of Heirs Life Assurance, said the recognition validates the company’s financial strength and operational discipline. “The upgrade from ‘A–’ to ‘A’ for long-term and the ‘A1’ short-term rating highlight the progress we have made in building a trusted, customer-first insurance company. The Stable Outlook also reassures our customers and partners that Heirs Life remains a reliable insurer capable of delivering on its promises,” Onifade stated.

Similarly, Wole Fayemi, MD/CEO of Heirs General Insurance, described the affirmed ratings as evidence of the company’s consistent performance and prudent underwriting. “It reflects the strength of our balance sheet and our focus on delivering exceptional service to customers,” Fayemi said. Heirs Insurance Group, the insurance arm of Heirs Holdings, operates across 24 countries on four continents and continues to expand its role as a key player in Africa’s insurance landscape.

source: leadership