Rating Release

Agusto & Co. assigns a ‘Bbb+’ rating to Stanbic IBTC Insurance Limited, with a stable outlook

The rating expires on 30 June 2024.

Agusto & Co. hereby assigns a ‘Bbb+’ rating to Stanbic IBTC Insurance Limited (‘Stanbic IBTC Insurance‘ or ‘the Company’ or ‘the Insurer‘) reflecting its strong capitalisation, good cash flow and good liquidity profile, improving profitability and an experienced management team. Given the Insurer’s limited operating history, we have considered its strong affiliation and parental support from Stanbic IBTC Holdings Plc (the HoldCo), one of Nigeria’s largest financial services group with subsidiaries in commercial banking, investment banking, asset management, stock brokerage, trusteeship, pension fund administration and insurance brokerage. In addition to the distribution of the Insurer’s various products, affiliation with the HoldCo provides support in corporate governance, technology, human resources, among others. However, the rating is constrained by the impact of the prevailing macroeconomic headwinds and the apathy of the Nigerian populace to insurance.