Heirs Insurance Group (HIG) recorded a sharp expansion in its insurance business in 2025, with combined gross written premiums rising 88.5 percent to N115 billion, as the group significantly increased claims payments despite a challenging macroeconomic environment.
The group’s combined gross written premium (GWP) rose from N61 billion in 2024 to N115 billion in 2025, while earned insurance revenue increased 70 percent to N53.4 billion, according to its audited financial results for the year ended December 31, 2025.
The performance underscores the rapid expansion of the group’s insurance operations, particularly its life business, as it continues to push deeper into Nigeria’s retail and corporate insurance markets.
However, the strong top-line growth did not translate into higher group earnings, as combined profit before tax declined to N9.53 billion from N11.2 billion in 2024.
The decline was largely attributed to macroeconomic pressures, particularly foreign exchange volatility, which significantly affected investment income and profitability at Heirs General Insurance.
Despite the pressure on earnings, the group’s balance sheet strengthened substantially. Combined total assets rose 83 percent from N89 billion in 2024 to N169.7 billion, reflecting the expansion of its underwriting operations and investment base.
More significantly for policyholders, HIG paid N19.4 billion in claims during the year, an 87 percent increase from N10.4 billion paid in 2024.
The sharp rise in claims payments came alongside the group’s aggressive premium growth, suggesting that its expansion was accompanied by a larger financial commitment to settling policyholder obligations.
Heirs Life Assurance was the biggest driver of the group’s growth, with gross written premiums doubling from N44.22 billion in 2024 to N88.59 billion in 2025.
Its insurance revenue increased 80 percent to N27.2 billion, while profit before tax rose 38 percent to N7.6 billion from N5.5 billion.
The company also recorded a significant improvement in investment income, which surged 430 percent from N4.6 billion to N24.8 billion.
That investment performance helped support earnings at a time when the wider economy was characterised by elevated interest rates, currency volatility and significant changes in asset valuations.
Heirs Life’s claims payments, however, also increased substantially, rising 121 percent to N14.4 billion from N6.5 billion.
Total assets more than doubled to N136.2 billion from N66.2 billion, reinforcing the rapid scale-up of the company’s operations.
The figures point to a business model increasingly built around scale, with premium mobilisation, investment income and a growing customer base supporting the expansion of the life insurer.
Heirs General Insurance also recorded strong growth in its core underwriting business, although foreign exchange pressures weighed heavily on its bottom line.
The general insurer’s GWP increased 57 percent to N26.6 billion from N16.9 billion, while insurance revenue rose 67 percent to N23.9 billion.
Claims paid increased 22 percent to N5 billion, while total assets grew 25 percent to N33.5 billion.
Heirs Insurance Brokers recorded a more measured but consistent performance, with revenue rising 19 percent from N1.97 billion to N2.34 billion.
Profit before tax increased from N1.21 billion to N1.35 billion, reflecting improved operational efficiency and cost discipline.
The performance of the broking business also strengthens the group’s integrated insurance model, providing it with capabilities across life insurance, general insurance and broking.
The financial performance comes as Heirs Life Assurance and Heirs General Insurance gain international recognition for their rapid expansion.
Both companies were named among the Financial Times’ Africa’s Fastest-Growing Companies 2026.
Heirs Life ranked seventh among the 130 companies recognised across sectors, while Heirs General Insurance ranked 41st.
The recognition places the two Nigerian insurers among the continent’s fastest-growing businesses and provides an international marker of the pace at which the group has expanded since entering the market.
Beyond financial performance, HIG is positioning technology as a major driver of insurance penetration.
The group recently introduced Prince AI, a WhatsApp-powered generative artificial intelligence chatbot that allows customers to transact insurance through their mobile phones in 11 local and international languages.
The initiative reflects the growing shift within Nigeria’s insurance industry towards digital distribution as insurers seek to reduce barriers to access, simplify transactions and reach customers beyond traditional physical channels.