Rating Release
Agusto & Co. affirms the ‘Bbb+’ rating assigned to Unitrust Insurance Company Limited with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby affirms the ‘Bbb+’ rating assigned to Unitrust Insurance Company Limited (‘Unitrust Insurance’ or ‘the Insurer’ or ‘the Company’). The rating reflects Unitrust’s experienced management team, strong capitalisation and solvency margin, good liquidity profile, and strong shareholders’ support. However, constraining the assigned rating are the Insurer’s low investment returns, subpar underwriting profit, low insurance uptake in Nigeria and prevailing macroeconomic headwinds.