Heirs Insurance Group has recorded a major jump in its business performance, with its combined gross written premium (GWP) rising by 88.5 per cent to N115 billion in 2025, from N61 billion recorded in 2024.
The insurer’s audited results, approved by the National Insurance Commission (NAICOM), also showed a 70 per cent increase in combined insurance revenue, which climbed from N29.43 billion to N53.4 billion. Total assets equally expanded by 83 per cent to N169.7 billion, highlighting the group’s rapid growth despite Nigeria’s challenging economic environment.
However, the stronger premium and asset performance did not result in higher profitability. The group’s combined profit before tax declined from N11.2 billion as macroeconomic volatility continued to put pressure on businesses across the insurance industry. Heirs Life Assurance was the biggest contributor to premium growth, with its GWP doubling from N44.22 billion in 2024 to N88.59 billion in 2025.
Claims payments also climbed sharply during the year, reflecting the insurer’s increased payouts to policyholders. Heirs Insurance Group paid N19.4 billion in claims, an 87 per cent increase from N10.4 billion a year earlier. Heirs Life alone paid N14.4 billion in claims, representing a 121 per cent jump, while its investment income surged 430 per cent from N4.6 billion to N24.8 billion.
Heirs General Insurance also recorded solid growth, with GWP increasing 57 per cent to N26.6 billion from N16.9 billion, while insurance revenue rose 67 per cent to N23.9 billion. Speaking on the results, Heirs Life Assurance CEO, Niyi Onifade, said the industry was entering a new phase after the recapitalisation exercise, with insurers expected to use stronger capital bases to expand underwriting capacity, improve profitability and deliver greater value to policyholders.
source: The guardian
