Agusto & Co. upgrades Zenith General Insurance Company Limited’s rating to ‘Aa-’, with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby upgrades the rating of Zenith General Insurance Company Limited (“ZGIC” or “the Underwriter” or “the Insurer”) to “Aa-“ reflecting its strong capital base, strong liquidity profile and good brand franchise. ZGIC’s bancassurance partnership with Zenith Bank Plc, one of Nigeria’s largest banks by total assets with over 500 branches nationwide also supports the rating. However, offsetting these positive factors is the rising operating cost profile and the impact of the prevailing macroeconomic headwinds on Nigerian businesses.