Heirs Insurance Group (HIG) has reported an 88.5 per cent increase in combined gross written premium (GWP) to N115 billion for the 2025 financial year, up from N61 billion in 2024.

The group substantially increased claims payments and expanded its balance sheet amid a challenging macroeconomic environment.

The audited results, approved by the National Insurance Commission (NAICOM), showed that the group’s combined insurance revenue rose by 70 per cent from N29.43 billion to N53.4 billion, while total assets increased by 83 per cent to N169.7 billion.

However, the strong growth in premium and assets did not translate into higher group profitability, as combined profit before tax (PBT) fell from N11.2 billion amid volatility and other macroeconomic pressures.

Speaking on the development, the Chief Executive Officer of Heirs Life Assurance, Niyi Onifade, said the performance comes as the insurance industry enters a new phase following the completion of the recapitalisation exercise, with operators under pressure to deploy stronger capital bases to explain underwriting capacity, improve profitability and deliver greater value to policyholders.

According to him, a major feature of HIG’s 2025 performance was the increase in claims settlement. The group paid N19.4 billion in claims, representing an 87 per cent rise from the N10.4 billion paid in 2024.

The significant increase in claims payments underscores the growing importance of claims settlement as insurers seek to translate premium growth into tangible value for policyholders and strengthen public confidence in the sector.

The group’s life insurance subsidiary, Heirs Life Assurance, accounted for a substantial portion of the growth, recording a 100 per cent increase in GWP from N44.22 billion in 2024 to N88.59 billion.

Investment income also recorded a significant increase, rising by 430 per cent from N4.6 billion to N24.8 billion.
The company paid N14.4 billion in claims during the year, representing a 121 per cent increase over the N6.5 billion paid in 2024.

Its total assets more than doubled from N66.2 billion to N136.2 billion.

Heirs General Insurance also recorded strong growth in its core business, with GWP increasing by 57 per cent from N16.9 billion to N26.6 billion.

Insurance revenue rose by 67 per cent to N23.9 billion, compared with N14.32 billion in 2024, while claims payments increased by 22 per cent to N5 billion.