Heirs Insurance posts N9.53bn profit in 2025 despite 88.5% premium surge
Heirs Insurance Group reported a combined profit before tax of N9.53 billion for the year ended December 31, 2025, a 14.9% decline from N11.2 billion in 2024. This came despite a sharp 88.5% rise in gross written premium to N115 billion from N61 billion, and a 70% increase in insurance revenue to N53.4 billion. Total assets grew 83% to N169.7 billion, while claims paid jumped 87% to N19.4 billion. Heirs Life Assurance drove growth: its GWP doubled to N88.59 billion, insurance revenue up 80% to N27.2 billion, PBT rose 38% to N7.6 billion, and investment income surged 430% to N24.8 billion. Heirs General Insurance saw GWP increase 57% to N26.6 billion but PBT fell sharply to N1.07 billion from N4.9 billion due to foreign exchange volatility, with investment income dropping to N2.5 billion. Heirs Insurance Brokers recorded steady growth: revenue up 19% to N2.34 billion and PBT up to N1.35 billion. The results were audited by PwC and approved by NAICOM. Heirs Life Assurance ranked 7th and Heirs General Insurance 41st in the Financial Times’ Africa’s Fastest‑Growing Companies 2026 list. The group’s strong top‑line expansion contrasts with profit pressure from Nigeria’s volatile macro‑environment, raising questions about how it will sustain profitability while scaling.
With profits falling despite premium growth, will investors pressure the group to hedge FX exposure or diversify investments to protect returns?