Rating Release
Agusto & Co. hereby upgrades Unitrust Insurance Company Limited’s rating to “A-” with a stable outlook
The rating expires on 30 June 2025.
Agusto & Co. hereby upgrades Unitrust Insurance Company Limited’s (‘Unitrust Insurance’ or ‘the Insurer’ or ‘the Company’) rating to ‘A-’ underpinned by the good support of the shareholders as reflected in the strong capital base and good liquidity profile upheld by the strategic asset allocation to money market instruments given the volatile nature of claims emanating from the non-life insurance business. Also supporting the rating upgrade is the good performance spurred by the uptick in investment returns and improvement in risk underwriting results. However, constraining these positive rating factors are rising operating costs, the impact of the prevailing macroeconomic headwinds on businesses and Nigerians’ low uptake of insurance products.
