Credit rating agency Agusto & Co. has assigned strong ratings to the life and general insurance businesses of Heirs Insurance Group, affirming the Group’s financial strength and growing presence in Nigeria’s insurance market.
Heirs Life Assurance (HLA), the Group’s specialist life business, was upgraded from “A–” to “A” (long-term) and received a short-term rating of “A1.” Meanwhile, Heirs General Insurance (HGI) was affirmed at “A–” (long-term) with a short-term rating of “A1.” Both businesses were assigned a “Stable Outlook.”
According to Agusto & Co., the ratings reflect the Group’s robust capitalisation, expanding market share, sound governance framework, and operational resilience. The agency highlighted efficient claims management, customer-focused innovation, and strong digital capabilities as key drivers behind the ratings.
Commenting on the development, Niyi Onifade, MD/CEO of Heirs Life Assurance, said the upgrade underscores the company’s progress in building a trusted brand.
“This recognition from Agusto & Co. is a clear endorsement of our financial strength and operational discipline. The Stable Outlook also reassures our customers and partners that Heirs Life remains a reliable insurer capable of delivering on its promises,” Onifade said.
Wole Fayemi, MD/CEO of Heirs General Insurance, added that the rating validates the company’s consistent performance.
“Our affirmed rating of ‘A–’ with a Stable Outlook reflects the strength of our balance sheet, prudent underwriting philosophy, and focus on delivering exceptional service to our customers,” he said.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, a pan-African investment company with operations across 24 countries and four continents.
