Credit rating agency Agusto & Co. has upgraded the ratings of Heirs Insurance Group, assigning ‘A’ ratings to its life and general insurance businesses.
The announcement revealed that Heirs Life Assurance, the group’s specialist life insurance subsidiary, moved from “A-” to “A” (long-term), with a short-term rating of “A1”. On the other hand, Heirs General Insurance retained an “A-” (long-term) rating and “A1” (short-term), both with a Stable Outlook.
According to Agusto & Co., the ratings reflect the group’s robust capitalisation, growing market share, and operational resilience. The stable outlook also affirms the group’s effective governance structure and steady execution of its strategy.
The rating agency explained that Heirs Insurance Group has shown strong financial discipline, prudent risk management, and consistency in delivering services, which justifies its positive rating.
Commenting on the development, Niyi Onifade, Managing Director/Chief Executive Officer of Heirs Life Assurance, described the rating as proof of the company’s growth and customer-focused strategy.
“This recognition from Agusto & Co. is a clear endorsement of our financial strength and operational discipline. The upgrade from ‘A-’ to ‘A’ for the long-term and the short-term rating of ‘A1’ both highlight the progress we have made in building a trusted, customer-first insurance company. The Stable Outlook assessment also reassures our customers and partners that Heirs Life remains a reliable insurer with the capacity to deliver on its promises,” Onifade said.
Similarly, Wole Fayemi, MD/CEO of Heirs General Insurance, noted that the affirmed rating is a validation of the company’s resilience and customer service commitment.
“Our affirmed rating of ‘A-’ with a stable outlook validates our consistent performance and commitment to excellence. It reflects the strength of our balance sheet, prudent underwriting philosophy, and focus on delivering exceptional service to our customers,” Fayemi stated.
The Heirs Insurance Group, part of Heirs Holdings, operates as the insurance arm of the pan-African investment company, which has presence in 24 countries across four continents. The group is focused on bridging the insurance gap in Africa by providing affordable, accessible, and reliable insurance products.
Industry observers say Agusto & Co.’s latest assessment strengthens the group’s credibility, especially as Nigeria’s insurance sector is undergoing reforms aimed at deepening penetration and building public trust. The ratings could also position the group for better partnerships with local and international stakeholders, including reinsurers and investment partners.
Nigeria’s insurance industry, which remains under-penetrated compared to other African markets, has been recording gradual growth driven by regulatory reforms, digital transformation, and increased awareness. Analysts believe that firms with strong capitalisation, innovative distribution channels, and customer-driven models are more likely to gain market share.
Agusto & Co., Nigeria’s first indigenous credit rating agency, is widely respected in financial markets for its independent assessments of banks, corporates, and insurance firms. Its ratings provide investors and customers with insights into the financial health and sustainability of companies.
With the latest recognition, Heirs Insurance Group is expected to continue pursuing its long-term strategy of increasing insurance inclusion, promoting financial literacy, and leveraging technology to improve access to insurance products for individuals and businesses.
The upgrade also signals confidence in the group’s future performance despite broader economic challenges such as inflation, foreign exchange volatility, and the need for improved risk management frameworks across the financial services sector.
For customers, the ratings serve as an assurance of the group’s ability to meet obligations and honour claims promptly. For industry stakeholders, it reinforces Heirs Insurance Group’s role as a strong player shaping the future of the Nigerian insurance market.
