Agusto & Co Rates Heirs Insurance Group’s Life, General Businesses ‘A1’

Nigeria’s credit rating agency, Agusto & Co., has assigned strong ratings to Heirs Insurance Group’s life and general businesses.

The Group’s specialist life insurance business, Heirs Life Assurance (HLA), was upgraded from “A—” to “A” (long-term), with a short-term rating of “A1.” The group’s general insurance business, Heirs General Insurance (HGI), 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 their robust capitalisation, expanding market share, and operational resilience.

The stable outlook across both entities affirms the Group’s practical governance framework and consistent execution of its strategy.

Commenting on the upgraded ratings, MD/CEO, Heirs Life Assurance, Niyi Onifade said, this recognition from Agusto & Co. is a clear endorsement of its financial strength and operational discipline, adding that, 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 capable of delivering on its promises.”

MD/CEO, Heirs General Insurance, Wole Fayemi 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, a pan-African investment company with investments in 24 countries and four continents.