Heirs Insurance Group reports N9.53 billion profit in H1 2026, premium surges 89%

Heirs Insurance Group (HIG) has reported a combined profit before tax (PBT) of N9.53 billion for the financial year ended December 31, 2025, representing a 14.9% decline from the N11.2 billion recorded in 2024.

This is according to a release by the Group of underwriting firms.

The decline in profitability came despite a significant expansion in the Group’s insurance business, with combined gross written premium (GWP) rising sharply by 88.5% year-on-year to N115 billion from N61 billion in 2024.

The Group attributed the softer profitability to macroeconomic headwinds, particularly foreign exchange volatility, even as its insurance operations recorded strong growth and claims payments increased significantly during the year.

What the data is saying:

Heirs Insurance Group delivered strong growth across its key operating metrics in 2025.

• Gross Written Premium: N115 billion, up 88.5% from N61 billion in 2024.
• Insurance Revenue: N53.4 billion, up 70% from N29.43 billion.
• Profit Before Tax: N9.53 billion, down 14.9% from N11.2 billion.
• Total Assets: N169.7 billion, up 83% from N89 billion.
• Claims Paid: N19.4 billion, up 87% from N10.4 billion.

The sharp increase in GWP reflects the continued expansion of the Group’s insurance operations, while the growth in insurance revenue indicates that a larger portion of the premium base translated into earned revenue during the period.

Heirs Life Assurance drives Group growth:

Heirs Life Assurance (HLA), the Group’s specialist life insurance business, recorded the strongest growth across the Group’s operating companies.

• GWP doubled to N88.59 billion in 2025 from N44.22 billion in 2024, representing 100% growth.
• Insurance revenue also increased by 80% to N27.2 billion from N15.1 billion, while PBT rose by 38% to N7.6 billion from N5.5 billion.
• Investment income recorded an even stronger performance, surging 430% from N4.6 billion to N24.8 billion during the period.
• Total assets more than doubled to N136.2 billion from N66.2 billion.

However, the rapid expansion in the life business also resulted in significantly higher claims payments. Claims paid increased by 121% to N14.4 billion, compared with N6.5 billion in 2024.

Heirs General Insurance records mixed performance:

Heirs General Insurance (HGI) also maintained strong top-line growth, although profitability was significantly affected by foreign exchange pressures.

• GWP increased by 57% to N26.6 billion from N16.9 billion, while insurance revenue rose 67% to N23.9 billion from N14.32 billion.
• Claims paid increased by 22% to N5 billion, compared with N4 billion in 2024, while total assets grew by 25% to N33.5 billion from N26.8 billion.

However, PBT fell sharply to N1.07 billion from N4.9 billion in 2024, reflecting the impact of foreign exchange rate volatility.

Investment income also declined to N2.5 billion from N5.7 billion during the period.

The performance shows that while HGI expanded its underwriting operations significantly, investment and foreign exchange pressures weighed on its bottom line.

Heirs Insurance Brokers maintains steady growth:

Heirs Insurance Brokers (HIB), the Group’s insurance broking arm, recorded more moderate but consistent growth during the year.

• Revenue increased by 19% to N2.34 billion from N1.97 billion, driven by increased client acquisition and retention.
• PBT also increased to N1.35 billion from N1.21 billion, reflecting improved cost discipline and operational efficiency.

The 2025 full-year financial statements, which were audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM), came alongside international recognition for the Group’s rapid expansion.

What you should know:

Heirs Life Assurance and Heirs General Insurance were both named among the Financial Times’ Africa’s Fastest-Growing Companies 2026. Heirs Life Assurance ranked 7th, while Heirs General Insurance ranked 41st among 130 companies recognised across sectors.

• The Group increased GWP by 88.5%, insurance revenue by 70% and total assets by 83%, showing that its underlying insurance franchise continued to expand rapidly.
• However, the 14.9% decline in PBT to N9.53 billion shows that revenue growth did not fully translate into bottom-line growth, with foreign exchange volatility particularly affecting Heirs General Insurance.

The Group also paid N19.4 billion in claims, 87% more than the previous year, reflecting the expansion of its customer base and insurance obligations.

Overall, the 2025 performance points to a rapidly scaling insurance group, with the key challenge being to convert its strong premium and revenue growth into sustained profitability amid Nigeria’s volatile macroeconomic environment.