Rating Release
Agusto & Co. assigns an ‘A-’ (long term rating) and an ‘A1’ (short term rating) to Cornerstone Insurance Plc with a stable outlook.
The rating expires on 30 June 2026.
Agusto & Co. assigns an “A-” (long term rating) and a “A1” (short term rating) to Cornerstone Insurance Plc (“Cornerstone Insurance” or “the Insurer” or “the Company”), reflecting the Insurer’s good liquidity profile, good capitalisation and profitability. The bancassurance agreements with FCMB Limited and Union Bank of Nigeria Plc, with a combined 345 branches across the country, for product distribution were also considered positive rating factors. However, the rating is constrained by the dominance of volatile and unsustainable foreign exchange gains in investment income and the low insurance penetration in Nigeria.
