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Heirs Insurance Group has earned upgraded ratings from Agusto & Co., Nigeria’s foremost credit rating agency, underscoring the insurer’s financial resilience and growing market influence.
In a weekend statement signed by the Group’s Communications Executive, Nimiweremi Selekere, Agusto & Co. confirmed that Heirs Life Assurance (HLA), the Group’s specialist life business, was upgraded from A- to A (long-term), with a short-term rating of A1. Similarly, Heirs General Insurance (HGI) retained an A- (long-term) and A1 (short-term) rating. Both entities earned a Stable Outlook.
The rating agency highlighted the Group’s robust capitalisation, expanding market share, effective governance, and customer-focused innovation as key drivers of its performance. The “Stable Outlook” further reflects strong claims management, digital capabilities, and consistent execution of strategy.
Reacting to the development, Niyi Onifade, MD/CEO of Heirs Life Assurance, said the recognition validates the company’s growth trajectory and discipline.
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“This recognition from Agusto & Co. is a clear endorsement of our financial strength and operational discipline. The upgrade to A for the long term, alongside the A1 short-term rating, highlights the progress we have made in building a trusted, customer-first insurance company. The Stable Outlook reassures our customers and partners that Heirs Life remains a reliable insurer with the capacity to deliver on its promises.”
Also speaking, Wole Fayemi, MD/CEO of Heirs General Insurance, described the affirmation as a testament to resilience and commitment.
“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, and our unwavering focus on delivering exceptional service to customers.”
The Group stressed that its mission goes beyond numbers, as it remains committed to championing financial inclusion and democratising access to insurance across Nigeria. By leveraging technology, Heirs Insurance continues to simplify processes, expand reach, and deepen trust among corporate and individual clients.
