Rating Release

Agusto & Co. upgrades Coronation Life Assurance Limited ratings to ‘A’ (long term) and ‘A1’ (short term), with a stable outlook

The rating expires on 30 June 2027. 

Agusto & Co. upgrades Coronation Life Assurance Limited (‘Coronation Life Assurance’ or ‘the Insurer’ or ‘the Company’) ratings to “A” (long term) and “A1” (short term), reflecting good capitalisation, improved profitability and good liquidity profile.  The bancassurance partnership with Access Bank Plc, the largest commercial bank in Nigeria with 554 branches, and affiliations with other businesses within the Tengen Group were also considered in the ratings upgrade.  However, offsetting the positive rating factors is the low investment returns, largely due to the absence of dividend income from the Company’s investment in an associate and lower currency valuation gains.