Agusto & Co. affirms the ‘Bbb+’ rating assigned to Unitrust Insurance Company Limited, with a stable outlook.
The rating expires on 30 June 2022.
Agusto & Co. hereby affirms the ‘Bbb+’ rating assigned to Unitrust Insurance Company Limited (‘Unitrust’ or ‘the Insurer’). The rating reflects Unitrust’s strong shareholder support evidenced by a capital raise of ₦1.7 billion during the FY 2020 via a bonus issue and rights issue. The rating also reflects the Insurer’s good liquidity profile and experienced management team. However, constraining the assigned rating is the Insurer’s subpar profitability in the period under review, the lingering COVID-19 pandemic and the slowly recovering macroeconomy.