image

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 2019.

The rating assigned to Saham Unitrust Insurance Nigeria Limited (‘Saham Unitrust’ or ‘the Insurer’) reflects its affiliation with Saham Finances S.A, through its subsidiary, Colina Holdings Limited which held 40% equity stake in the Saham Unitrust as at FYE2017.  Saham Finances S.A is the insurance arm of the Saham Group, a pan-African conglomerate with turnover of $1.5 billion in 2017 and an outreach that extends to 27 African countries.

 

The rating takes into cognisance, the Insurer’s good capitalisation, good liquidity profile and acceptable investment returns during the period. Saham Unitrust has an experienced management team which oversees daily operations. However, the rating is constrained by rising underwriting and operating costs which have adversely impacted profitability and operating cash flow. In addition, the fragile macroeconomic environment continues to constrain business operations in Nigeria.

 

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.