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Agusto & Co. assigns a “Bbb+” rating to Saham Unitrust Insurance Nigeria Limited

Rating Release

Agusto & Co. assigns a “Bbb+” rating to Saham Unitrust Insurance Nigeria Limited

The rating expires on 30 June 2020.

The rating assigned to Saham Unitrust Insurance Nigeria Limited (“Saham Unitrust” or “the Insurer”) reflects its good liquidity profile, acceptable investment returns and stable management team. This rating also factors in the support of key shareholders. However, the rating is constrained by weak profitability caused by rising underwriting and operating costs. In addition, the fragile macroeconomic environment continues to constrain business growth in Nigeria and dampen consumer purchasing power.

Agusto & Co’s rating does not consider the new capital requirement imposed by the regulator which becomes effective in June 2020. We have assessed the strength of Saham Unitrust’s capital vis a vis its current business risk.

 

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.