Heirs Insurance Group (HIG) grew its gross written premium by 88.5 percent to ₦115 billion in the 2025 financial year, driven by strong underwriting performance across its life and general insurance businesses despite a decline in profit caused by foreign exchange volatility.
According to details of the group’s audited financial statements published on its website, gross written premium rose from ₦61 billion in 2024 to ₦115 billion in 2025, while insurance revenue increased by 70 percent to ₦53.4 billion from ₦29.43 billion a year earlier.
The group’s total assets also expanded by 83 per cent to ₦169.7 billion, up from ₦89 billion in 2024, reflecting continued growth across its operations.
However, profit before tax fell to ₦9.53 billion from ₦11.2 billion in the previous year as macroeconomic pressures, particularly foreign exchange volatility, weighed on earnings.
Despite the decline in profit, the insurer increased claims payments significantly during the year. Total claims paid rose by 87 per cent to ₦19.4 billion, compared with ₦10.4 billion in 2024, underscoring what the company described as its commitment to meeting policyholders’ obligations.
The group’s life insurance subsidiary, Heirs Life Assurance, delivered its strongest performance during the year.
Gross written premium doubled to ₦88.59 billion from ₦44.22 billion in 2024, while insurance revenue climbed 80 per cent to ₦27.2 billion.
Profit before tax increased by 38 percent to ₦7.6 billion, while investment income surged by 430 percent to ₦24.8 billion from ₦4.6 billion recorded in the previous year.
Claims paid by the life insurer rose by 121 percent to ₦14.4 billion, while total assets more than doubled from ₦66.2 billion to ₦136.2 billion.
Heirs General Insurance also reported growth in core underwriting performance, with gross written premium increasing by 57 per cent to ₦26.6 billion from ₦16.9 billion in 2024.
Insurance revenue rose 67 percent to ₦23.9 billion, while claims payments increased by 22 percent to ₦5 billion.
Total assets grew by 25 percent to ₦33.5 billion.
However, the company’s profit before tax declined to ₦1.07 billion from ₦4.9 billion in 2024, while investment income fell to ₦2.5 billion from ₦5.7 billion, reflecting the impact of foreign exchange fluctuations.
Meanwhile, Heirs Insurance Brokers, the group’s insurance broking subsidiary, sustained its growth trajectory during the year.
Revenue increased by 19 percent to ₦2.34 billion from ₦1.97 billion in 2024, while profit before tax rose to ₦1.35 billion from ₦1.21 billion, supported by improved operational efficiency and client growth.
The group said the financial statements were audited by PricewaterhouseCoopers and approved by the National Insurance Commission.
The results come shortly after Heirs Life Assurance and Heirs General Insurance were named among the Financial Times’ Africa’s Fastest-Growing Companies 2026. Out of 130 companies recognised across different sectors, Heirs Life Assurance ranked seventh, while Heirs General Insurance placed 41st.
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