Agusto & Co. hereby upgrades the rating assigned to Stanbic IBTC Insurance Limited to “A-” (long term) and “A1” (short term), with a stable outlook 

Rating Release

Agusto & Co. hereby upgrades the rating assigned to Stanbic IBTC Insurance Limited (“Stanbic IBTC Insurance” or “the Company” or “the Insurer”) to “A-” (long term) and “A1” (short term), with a stable outlook 

The rating expires on 30 June 2026. 

Agusto & Co. upgrades the ratings assigned to Stanbic IBTC Insurance Limited (“Stanbic IBTC Insurance” or “the Company” or “the Insurer”) to “A-” (long term) and “A1” (short term) on the back of the improved profitability, which strengthened the capital base, and the good liquidity profile upheld by the dominance of low risk government securities in the investment portfolio. The affiliation with Stanbic IBTC Holdings Plc, one of Nigeria’s leading financial holding companies which provides capital, governance support and a platform for distribution of insurance products also supports the ratings. However, the Company’s assigned ratings are constrained by its subpar investment performance, the predominance of a loss-making annuity portfolio, and its limited operating history.