Rating Release
Agusto & Co. assigns ‘Aa-’ (long term) and ‘A1+’ (short term) ratings to SanlamAllianz Life Insurance Nigeria Limited, with a stable outlook
The rating expires on 30 June 2026.
Agusto & Co. assigns “Aa-” (long term) and “A1+” (short term) ratings to SanlamAllianz Life Insurance Nigeria Limited (‘SanlamAllianz Life’ or ‘the Insurer’ or ‘the Company’), reflecting the Insurer’s status as Nigeria’s largest pure life risk underwriter (based on gross written premium), good profitability, strong liquidity and good capitalisation. The ratings also recognise the affiliation with Sanlam Group, one of Africa’s largest financial services groups, with over a century of operations in more than 30 countries and a niche in insurance, pension, and investment management. The Group is rated “Aa+” by both S&P Global Ratings and Fitch Ratings. Sanlam Group’s experience in the insurance business has been useful in product development, risk management, investment management and other operational activities. Nonetheless, the ratings are constrained by the moderated cashflow and the challenging macroeconomic environment.