Credit rating agency Agusto & Co. has assigned ‘A’ ratings to the life and general businesses of Heirs Insurance Group.

The latest rating revealed that Heirs Life Assurance, the group’s specialist life insurance business, was upgraded from “A-” to “A” (long-term), with a short-term rating of “A1”. Heirs General Insurance was rated “A-” (long-term) and “A1” (short-term). Both businesses received a “Stable Outlook”.

Agusto & Co. noted that the new ratings for both companies reflect the robust capitalisation, expanding market share, and operational resilience of the companies.

The stable outlook across both entities affirms the Group’s effective governance framework and consistent execution of its strategy.

Commenting on the upgraded ratings, the Managing Director/Chief Executive Officer of Heirs Life Assurance, Niyi Onifade, said, “This recognition from Agusto & Co. is a clear endorsement of our financial strength and operational discipline. The upgrade from ‘A-’ to ‘A’ for the long-term and the short-term rating of ‘A1’ both highlight the progress we have made in building a trusted, customer-first insurance company. The Stable Outlook assessment also reassures our customers and partners that Heirs Life remains a reliable insurer with the capacity to deliver on its promises.”

MD/CEO of Heirs General Insurance, Wole Fayemi, added, “Our affirmed rating of ‘A-’ with a stable outlook validates our consistent performance and commitment to excellence. It reflects the strength of our balance sheet, prudent underwriting philosophy, and focus on delivering exceptional service to our customers.”

Heirs Insurance Group is the insurance arm of Heirs Holdings, a pan-African investment company, with investments across 24 countries and four continents.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]