Rating Release

Agusto & Co. upgrades the ratings assigned to Mutual Benefits Assurance Plc (“Mutual Benefits” or “the Insurer” or “the Company” or “the Underwriter”) to “A-” (long term) and “A1” (short term), with a stable outlook  

The ratings expire on 30 June 2027. 

Agusto & Co. upgrades Mutual Benefits Assurance Plc’s ratings (“Mutual Benefits” or “the Insurer” or “the Company” or “the Underwriter” ) to “A-” (long term) and “A1” (short term), reflecting good capitalisation, good profitability and good liquidity profile. The Company’s strong retail market distribution network and experienced management team also supported the ratings upgrade. However, volatile valuation gains and losses based on the appreciating exchange rate and the low insurance uptake by individuals in Nigeria moderated the ratings