Rating Release
Agusto & Co. affirms the ‘Aa-’ (long term) and ‘A1+’ (short term) rating assigned to Zenith General Insurance Company Limited, with a stable outlook.
The rating expires on 30 June 2027.
Agusto & Co. affirms the ‘Aa-’ (long term) and ‘A1+’ (short term) ratings assigned to Zenith General Insurance Company Limited (“ZGIC” or “the Company” or “the Insurer”), hinged on good liquidity and strong capitalisation. The ratings also reflect the Company’s strong insurance service margin, supported by an efficient reinsurance strategy and a bancassurance partnership with Zenith Bank Plc, Nigeria’s second-largest commercial bank by total assets, which provides access to an extensive distribution network. However, constraining the ratings are the foreign currency revaluation losses, which moderated the investment income.