Rating Release
Agusto & Co. hereby assigns a ‘Bbb-’ rating to Coronation Life Assurance Limited with a stable outlook
The rating expires on 30 June 2025.
Agusto & Co. assigns a ‘Bbb-’ rating to Coronation Life Assurance Limited (‘Coronation Life Assurance’ or ‘the Insurer’ or ‘the Company’) reflecting good capitalisation, improving profitability, good liquidity profile and the bancassurance partnership with Access Bank Plc, the largest bank in Nigeria by asset base. The assigned rating also considers the financial condition of the parent company, Coronation Insurance Plc, which is also rated ‘Bbb-’ by Agusto & Co. However, offsetting the positive factors of the rating are the negative insurance service result, the presence of loss-making contracts, the declining consumer purchasing power and the low insurance penetration in Nigeria.