The life and general insurance units of the Nigerian insurance group, Heirs Insurance Group, have received strong ratings from Agusto & Co, a Lagos-headquartered pan-African credit rating agency.
Agusto has assigned ‘A-’ (long term) and ‘A1’ (short term) ratings to Heirs General Insurance (HGI) with a ‘Stable’ outlook, saying that the ratings reflect “a good liquidity profile, good capitalisation levels, good profitability and operational synergies derived from the affiliation with Heirs Holdings, a diversified conglomerate in Nigeria with subsidiaries in commercial banking, investment advisory, asset management, power, real estate, hospitality and healthcare sectors. However, the rating is constrained by the limited operating history, rising intra-group risks and the low insurance uptake by Nigerians.”
Agusto has upgraded Heirs Life Assurance’s (HLA) ratings to ‘A’ (long term) and ‘A1’ (short term), with a ‘Stable’ outlook. The credit rating agency said that the upgraded ratings are “supported by good profitability, strong liquidity profile, good capitalisation and affiliation with Heirs Holdings”
However, HLA’s ratings are constrained by the limited operating history of the Company and the prevailing macroeconomic challenges.
The two insurance companies were established in 2021.
Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group — comprising Heirs General Insurance, Heirs Life Assurance and Heirs Insurance Brokers — serves both corporate and individual customers across Nigeria.