Agusto & Co. Assigns "Bbb-" Rating to Universal Insurance Plc for Strong Growth Prospects
Agusto & Co. has assigned a "Bbb-" rating with a stable outlook to Universal Insurance Plc in Nigeria. The rating reflects the company's long operational history, improved profitability, low loss ratio, and moderate liquidity position.
Universal Insurance is noted for its ability to maintain a solvency margin of 184.9%, above the minimum threshold set by Agusto & Co. The company's strong growth is driven by initiatives to deepen relationships with customers and insurance brokers, enhance customer experience through digital platforms, and strengthen cash flow.
Despite a rise in estimated claim liabilities, Universal Insurance's underwriting performance is favorable, leading to increased profits. The CEO, Dr. Jeff Duru, acknowledges the recent credit rating as a testament to the company's hard work and investments for long-term growth resilience.
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