Rating Release

Agusto & Co. assigns a “Bbb-” (long term) and “A3” (short term) ratings to emPLE General Insurance Limited, with a stable outlook. 

The rating expires on 30 June 2026. 

Agusto & Co. assigns a “Bbb-” (long term) and “A3” (short term) ratings to emPLE General Insurance Limited (“emPLE General” or “the Insurer” or “the Company”) on the back of the strong shareholders’ support and the good reinsurance strategy, which has moderated the impact of rising claims. The bancassurance agreement with Ecobank Nigeria Limited, with over 250 branches, was also considered a positive rating factor. However, the ratings are constrained by the weak underwriting performance and subpar profitability metrics. The dominance of volatile foreign exchange gains in investment income also further constrained the assigned ratings.