Rating Release

Agusto & Co. upgrades Stanbic IBTC Insurance Limited’s ratings to ‘A+’ (long term) and ‘A1’ (short term), with a stable outlook 

The rating expires on 30 June 2027. 

Agusto & Co. upgrades Stanbic IBTC Insurance Limited’s (‘Stanbic IBTC Insurance‘ or ‘the Company’ or ‘the Insurer‘) ratings to ‘A+’ (long term) and ‘A1’ (short term). The ratings reflect the Insurer’s affiliation with Stanbic IBTC Holdings Plc (“Stanbic IBTC” or “the HoldCo”), one of Nigeria’s largest financial holding companies with interest in commercial banking, pension fund management, asset management, life assurance, trusteeship, insurance brokerage, stockbroking and custody services. The HoldCo has demonstrated willingness and capacity to support the Insurer, as evidenced by the recent ₦2.5 billion equity injection in H1 2026. Stanbic IBTC also provides governance support and a platform for distribution of insurance products. The Company’s good cash flow and strong liquidity profile, upheld by the dominance of low-risk treasury securities in the investment portfolio, are also considered rating positives. However, the assigned ratings are constrained by the subpar profitability relative to the life segment’s average returns and low disposition of Nigerians to insurance products.