Rating Release
Agusto & Co. affirms Anchor Insurance Limited’s ‘Bbb’ rating, with a stable outlook.
The rating expires on 30 June 2022.
The rating assigned to Anchor Insurance Limited (“Anchor Insurance” or “the Insurer”) takes into cognisance the Insurer’s good shareholder support as reflected in the successful rights issue exercise, the experienced management team, good liquidity profile and improving profitability. However, offsetting these positive factors are the Insurer’s high-cost profile, subpar risk management practices and the macroeconomic headwinds adversely affecting Nigerian businesses.
