- Rating Release
Agusto & Co. upgrades Coronation Insurance Ghana Limited to a ‘Bbb+(GHA)’ rating and affirms the ‘Bbb(NGR)’ rating assigned to Coronation Insurance Plc, with a stable outlook.
The rating expires on 30 June 2023.
Agusto & Co. upgrades Coronation Insurance Ghana Limited’s rating to ‘Bbb+(GHA)’ based on improved capitalisation, enhanced investment returns and a good product mix of short-tail non-life business with lower loss ratios. We also affirm the ‘Bbb(NGR)’ rating assigned to Coronation Insurance Plc which includes the non-life business in Nigeria and Ghana, and the life business in Nigeria. The assigned rating is hinged on strong shareholders’ support, good capitalisation and an experienced management team. However, the Group rating is constrained by the losses recorded in the life and non-life business in Nigeria. In addition, the prevailing macroeconomic headwinds in Nigeria and Ghana moderate both ratings.