Rating Release
Agusto & Co. assigns a ‘Bbb’ rating to SUNU Assurances Nigeria Plc with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby assigns a ‘Bbb’ rating to SUNU Assurances Nigeria Plc (‘SUNU Assurances’ or ‘the Insurer’ or ‘the Company’) reflecting its experienced management team, strong capitalisation and solvency margin, strong shareholders’ support and membership of a Pan African insurance group. However, suppressing the assigned rating is the Insurer’s low investment returns, weak liquidity profile, weak macroeconomic fundamentals and low insurance uptake in Nigeria.
