BY NKECHI NAECHE- ESEZOBOR–Pan-African credit rating agency, Agusto & Co. has upgraded Unitrust Insurance Company Limited’s credit rating from “Bbb+” to “A-” with a stable outlook.
According to a note on the Agusto & Co. website, “the rating reflects the good support of the shareholders as reflected in the strong capital base and good liquidity profile upheld by the strategic asset allocation to money market instruments given the volatile nature of claims emanating from the non-life insurance business.
It added that “supporting the rating upgrade is the good performance spurred by the uptick in investment returns and improvement in risk underwriting results.
Statement released by the company’s Head of Corporate Communication, Swachet Iliyasu, said that the “A-” rating from Agusto & Co reflects the insurer’s good financial condition and strong capacity to meet its obligations relative to all other insurance companies in Nigeria.
Agusto & Co is a leading independent rating agency in Nigeria, providing credit ratings and credit risk management and research to a wide range of organizations.
The company’s ratings are based on rigorous analysis and evaluation of financial performance, risk management practices, and corporate governance.
Unitrust Insurance is a reputable insurance company in Nigeria, offering a comprehensive range of insurance products and services to individuals and businesses.
With a strong focus on customer satisfaction and innovative solution, the company is committed to providing peace of mind and financial security to its customers.
