Heirs Insurance Group reports N9.53 billion profit in H1 2026, premium surges 89%

Heirs Insurance Group (HIG) disclosed a profit before tax (PBT) of N9.53 billion for the first half of 2026, marking a 14.9% decrease from the N11.2 billion achieved in 2024. This decline, despite the significant growth in the Group's insurance business, stems from macroeconomic challenges, especially foreign exchange volatility.

The Group's gross written premium (GWP) surged 88.5% to N115 billion from N61 billion in 2024, indicating robust expansion in insurance operations. The increase in GWP reflects the expansion of the Group's insurance activities, while a higher proportion of premium is now generating earned revenue. Heirs Life Assurance (HLA), the Group's life insurance subsidiary, exhibited the most substantial growth, with claims paid rising by 121% to N14.4 billion, compared to N6.5 billion in 2024.

However, HLA's robust growth also led to higher claims payouts. Heirs General Insurance (HGI) also experienced significant top-line growth, although profitability was adversely affected by foreign exchange pressures, with PBT falling to N1.07 billion from N4.9 billion in 2024. Investment income also declined to N2.5 billion from N5.7 billion, further impacting profitability.

The Group's audited financial statements, approved by the National Insurance Commission (NAICOM), highlight its rapid expansion, with Heirs Life Assurance and Heirs General Insurance both recognized as the fastest-growing companies in Africa by the Financial Times. The Group paid N19.4 billion in claims, an 87% increase year-on-year, underscoring its growing customer base and insurance commitments.