Rating Release
Agusto & Co. upgrades Coronation Life Assurance Limited ratings to ‘A-’ (long term) and ‘A1’ (short term), with a stable outlook.
The rating expires on 30 June 2026.
Agusto & Co. upgrades Coronation Life Assurance Limited (‘Coronation Life Assurance’ or ‘the Insurer’ or ‘the Company’) ratings to “A-” (long term) and “A1” (short term), reflecting good capitalisation, high solvency margin, improved profitability and good liquidity profile. The bancassurance partnership with Access Bank Plc, the largest bank in Nigeria with over 800 branches and affiliations with other businesses within the Tengen Group, has resulted in marked growth in insurance revenue, thereby supporting the ratings upgrade. However, offsetting the positive rating factors are the dominance of (realised and unrealised) exchange gains and high intragroup risk in the investment portfolio.
