Heirs Insurance Group, a subsidiary of Heirs Holdings, reported a profit after tax of N9.53 billion for the first half of 2026, while gross premium written surged by 89% to N63.7 billion, according to the company's unaudited financial results.
Strong Underwriting Performance
The group's gross premium written rose from N33.7 billion in H1 2025 to N63.7 billion in H1 2026, reflecting robust growth across its life and general insurance businesses. The company attributed the performance to increased customer acquisition and expansion of its distribution channels.
Profit after tax climbed to N9.53 billion, compared with N5.1 billion in the same period last year, representing an 87% increase. The results were driven by improved underwriting discipline and higher investment income.
Key Financial Highlights
- Gross premium written: N63.7 billion, up 89% year-on-year.
- Profit after tax: N9.53 billion, up 87%.
- Total assets: N215.4 billion, up from N171.8 billion in December 2025.
- Claims paid: N18.6 billion, reflecting the group's commitment to policyholders.
The company's underwriting profit also improved significantly, supported by a combined ratio of 92%, indicating efficient claims management and expense control.
Strategic Growth and Market Position
Commenting on the results, the Group Chief Executive Officer of Heirs Insurance Group, Ogo Iyioke, said: "Our strong first-half performance reflects the success of our digital-led strategy and our focus on providing accessible insurance solutions to Nigerians. We remain committed to driving financial inclusion and delivering value to our shareholders."
The group's life insurance arm, Heirs Life Assurance, contributed significantly to the premium growth, while Heirs General Insurance also recorded strong uptake in motor and household policies. The company has been leveraging technology and partnerships with fintech platforms to expand its reach.
Heirs Insurance Group is part of Heirs Holdings, the pan-African investment company led by Tony Elumelu. The group's results come amid growing competition in Nigeria's insurance sector, which is still underpenetrated relative to the country's population.
Outlook and Next Steps
Looking ahead, the company plans to continue its expansion strategy, focusing on digital innovation and customer-centric products. It aims to further increase insurance penetration in Nigeria, which remains below 1% of GDP.
The H1 2026 results position Heirs Insurance Group for a strong full-year performance, with management expressing confidence in sustaining the growth momentum through the second half of the year.
