Key Points
- HIG says it settled N19.4 billion in claims during the year.
- Group premium income almost doubled to N115 billion.
- Heirs Life recorded higher earnings, while Heirs General faced a profit decline.
- Foreign exchange pressures affected the group’s overall bottom line.
Main Story
Heirs Insurance Group (HIG) says it significantly expanded its business in 2025, with claims payments and premium income recording substantial increases during the year.
The group disclosed this in its audited results for the financial year ended Dec. 31, 2025.
According to the results, HIG paid N19.4 billion to policyholders during the year, compared with N10.4 billion in 2024. The company said most claims were processed quickly, with about 70 per cent settled within a day.
The group’s Gross Written Premium (GWP) also rose sharply, reaching N115 billion from N61 billion in the preceding year.
Insurance revenue followed the same upward trend, increasing from N29.43 billion to N53.4 billion, while the value of the group’s assets grew to N169.7 billion.
However, the stronger business volumes did not translate into higher group-wide profit. HIG’s Profit Before Tax stood at N9.53 billion, down from N11.2 billion in 2024.
The group linked the decline mainly to economic pressures, particularly movements in the foreign exchange market.
At subsidiary level, Heirs Life Assurance emerged as a major contributor to the group’s growth. Its GWP reached N88.59 billion, twice the N44.22 billion recorded in 2024.
The subsidiary also increased its insurance revenue to N27.2 billion and Profit Before Tax to N7.6 billion.
Investment income rose considerably during the year, while claims paid by Heirs Life increased to N14.4 billion.
Heirs General Insurance recorded growth in premium income and insurance revenue but experienced a significant reduction in profit.
Its GWP rose to N26.6 billion from N16.9 billion, while insurance revenue reached N23.9 billion. Profit Before Tax, however, dropped to N1.07 billion from N4.9 billion.
Heirs Insurance Brokers recorded more moderate growth, with revenue reaching N2.34 billion and Profit Before Tax rising to N1.35 billion.
The group said PwC audited the financial results, which were approved by NAICOM.
HIG also highlighted international recognition received by its subsidiaries, with Heirs Life and Heirs General appearing on the Financial Times’ 2026 ranking of Africa’s fastest-growing companies.
The Issues
HIG’s results show a widening insurance business and substantially higher claims payments, but rising operating pressures and currency volatility continued to weigh on profitability.
What’s Being Said
“Do not treat recapitalisation as the destination; treat it as the beginning of the next phase of the industry.” – Benneth Eze, Head of Research and Development, Chartered Institute of Stockbrokers.
What’s Next
HIG said it would continue investing in innovation and financial inclusion, including Prince AI, its WhatsApp-based insurance chatbot that allows customers to access insurance services in 11 local and international languages.
Bottom Line
HIG’s 2025 results point to significant growth in its insurance operations and claims settlement, although foreign exchange pressures weighed on overall profitability.
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