Agusto & Co. assigns an ‘A-’ rating and stable outlook to Linkage Assurance Plc

Agusto & Co. assigns an ‘A-’ rating and stable outlook to Linkage Assurance Plc

Rating Release

Agusto & Co. assigns an ‘A-’ rating and stable outlook to Linkage Assurance Plc.

The rating expires on 30 June 2022.

Agusto & Co. assigns an ‘A-’ rating to Linkage Assurance Plc (‘Linkage’, ‘the Company’ or ‘the Insurer’). The rating reflects the Insurer’s adequate capitalisation, good liquidity profile and experienced management team. The rating is however constrained by weak underwriting profit margin compared to peers, investment management that requires some improvement and the fragile state of the economy due to the lingering COVID-19 pandemic and the mutations.

Linkage Assurance Plc is a mid-size non-life risk underwriter with three decades of operations. The Company is one of the insurance operators listed on the Nigerian Exchange Group (NGX). As at 31 December 2020, the Insurer’s ten billion shares were held by 22,005 individuals and institutions. Linkage has 14 branches across Nigeria and a registered head office at Plot 20, Block 94 Providence Street, Off Adewunmi Adebimpe Street, Lekki Phase 1, Lekki, Lagos, 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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria
WSTC Financial Services Limited Bbb+ Mar 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria