Augusto & Co Upgrades Stanbic IBTC Insurance Rating to A1, Reflecting Strong Financial Resilience

Augusto & Co, a credit rating agency, has upgraded Stanbic IBTC Insurance's rating to A1 from its former status for the 2025-2026 financial year. This significant upgrade reflects increased confidence in the insurance company's financial resilience and governance standards.

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, received the A1 long-term and short-term rating with a stable outlook. The company's CEO, Akinjid Orimolade, expressed delight at the upgrade, emphasizing the progress made and the commitment to delivering reliable services to policyholders and stakeholders.

Stanbic IBTC Insurance has demonstrated its commitment to prompt and efficient claim settlements, having settled 2,000 claims totaling N1.8 billion in cash and paid N16 billion in annuities to 4,900 retirees in 2021. The company reaffirms its dedication to delivering reliable benefits on time and maintaining a strong financial position to drive customer-centric innovation in the Nigerian insurance sector.