Agusto & Co. Assigns “A1” Ratings To Heirs Insurance Group’s Life And General Businesses

Agusto & Co., Nigeria’s leading credit rating agency, has assigned strong ratings to the Life and General businesses of Nigeria’s fastest growing insurance group, Heirs Insurance Group.

Heirs Life Assurance (HLA), the Group’s specialist life insurance business, was upgraded from “A-“ to “A” (long-term), with a short-term rating of “A1”. Heirs General Insurance (HGI), the group’s general insurance business, was rated “A-“ (long-term) and “A1” (short-term).

Both businesses received a “Stable Outlook”, reflecting the Group’s financial strength, efficient claims management, and expanding market footprint, driven by customer-first innovations and digital capabilities. It further positions the Group as a trusted partner, committed to simplifying access to insurance and ensuring long-term value creation.

Agusto & Co. noted that the new ratings for both companies reflect the robust capitalisation, expanding market share, and operational resilience of the companies. The stable outlook across both entities affirms the Group’s effective governance framework and consistent execution of its strategy.

Commenting on the upgraded ratings, Niyi Onifade, MD/CEO, Heirs Life Assurance, said: “This recognition from Agusto & Co. is a clear endorsement of our financial strength and operational discipline. The upgrade from “A-“ to “A” for long term, and 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.”

Wole Fayemi, MD/CEO, Heirs General Insurance, added: “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.”

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.