Agusto & Co. affirms Consolidated Hallmark Insurance Plc’s ‘Bbb’ rating, with a stable outlook.
The rating expires on 30 June 2023.
Agusto & Co. hereby affirms the ‘Bbb’ rating assigned to Consolidated Hallmark Insurance Plc (“CHI” or “the Insurer”). The rating assigned to CHI reflects the experienced management team, good shareholders support, good solvency ratio and acceptable profitability. However, offsetting these positive rating factors is the low operating cash flow as well as the rising underwriting costs. The impact of the prevailing macroeconomic headwinds on the performance of the insurance industry in Nigeria also moderates the rating and our outlook for the Insurer.