Rating Release

Agusto & Co. affirms the ‘Aa-’rating assigned to Zenith General Insurance Company Limited, with a stable outlook

The rating expires on 30 June 2025.

 Agusto & Co. hereby affirms the ‘Aa-’ rating assigned to Zenith General Insurance Company Limited (“ZGIC” or “the Underwriter” or “the Insurer”). The rating reflects ZGIC’s strong capital base and strong liquidity profile driven by the Insurer’s strategic focus on money market instruments given the short-term nature of the non-life insurance business. Also supporting the assigned rating is the good profitability upheld by robust underwriting standards and bancassurance partnership with Zenith Bank Plc, one of Nigeria’s largest commercial banks by total assets with over 500 branches nationwide. However, constraining the assigned rating is the rising operating costs, declining consumer purchasing power and the impact of the prevailing macroeconomic headwinds on Nigerian businesses.