Heirs Insurance Group (HIG) 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.
The performance was disclosed in the Group’s audited 2025 financial statements, which were audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).
Despite the decline in profitability, the Group recorded strong growth across its core insurance operations during the year.
Combined gross written premium (GWP) rose by 88.5% to N115 billion in 2025, compared with N61 billion in the previous year.
Insurance revenue also increased by 70% to N53.4 billion from N29.43 billion, while total assets grew by 83% to N169.7 billion from N89 billion.
The Group attributed the weaker bottom-line performance largely to macroeconomic pressures, particularly foreign exchange volatility, even as its insurance operations expanded significantly.
Claims paid also increased sharply, rising by 87% to N19.4 billion from N10.4 billion in 2024, reflecting the growth in the Group’s customer base and insurance obligations.
Heirs Life Assurance (HLA), the Group’s specialist life insurance business, recorded the strongest growth among its operating companies.
HLA’s GWP doubled to N88.59 billion in 2025 from N44.22 billion in 2024, representing 100% growth.
Insurance revenue 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 also surged by 430%, rising from N4.6 billion to N24.8 billion during the year.
Total assets more than doubled to N136.2 billion from N66.2 billion.
However, the expansion in the life business was accompanied by a significant increase in claims payments. HLA paid N14.4 billion in claims during the year, up 121% from N6.5 billion in 2024.
Heirs General Insurance (HGI) also recorded strong growth in its underwriting operations, although foreign exchange pressures significantly affected its profitability.
GWP increased by 57% to N26.6 billion from N16.9 billion, while insurance revenue rose by 67% to N23.9 billion from N14.32 billion.
Claims paid increased by 22% to N5 billion from N4 billion, while total assets grew by 25% to N33.5 billion from N26.8 billion.
However, HGI’s 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.
The Group’s insurance broking arm, Heirs Insurance Brokers (HIB), recorded more moderate but consistent growth.
Revenue increased by 19% to N2.34 billion from N1.97 billion, driven by increased client acquisition and retention.
PBT also rose to N1.35 billion from N1.21 billion, supported by improved cost discipline and operational efficiency.
The Group’s 2025 performance came alongside international recognition for its rapid expansion.
Heirs Life Assurance ranked seventh, while Heirs General Insurance ranked 41st among 130 companies recognised in the Financial Times’ Africa’s Fastest-Growing Companies 2026 ranking.
Overall, the results highlight the rapid expansion of Heirs Insurance Group’s underlying insurance franchise, with GWP rising 88.5%, insurance revenue increasing 70% and total assets growing 83%.
However, the 14.9% decline in PBT shows that the Group’s strong revenue growth did not fully translate into higher profitability, with foreign exchange volatility weighing particularly heavily on its general insurance business.
The Group’s ability to sustain premium growth while managing claims, investment performance and macroeconomic risks will remain critical to converting its expanding insurance operations into stronger and more consistent earnings.
