Mutual Benefits Assurance Receives A- Rating Upgrade in 2026

Agusto & Co. has upgraded the long-term credit rating of Mutual Benefits Assurance Plc from BBB+ to A- as of August 24, 2026, citing enhancements in the insurer’s financial performance, capitalisation, and underwriting operations. The company also received a short-term rating of A1 with a stable outlook, valid until June 30, 2027.

The upgrade indicates Mutual Benefits’ strong capacity to meet its obligations compared to other insurers in Nigeria. Agusto & Co. noted the insurer's sound capitalisation, improved profitability, good liquidity profile, extensive retail distribution network, and experienced management team as supporting factors.

As of December 31, 2025, Mutual Benefits’ shareholders’ funds increased by 41.8 percent year-on-year to ₦33.9 billion, primarily due to reserve accretion from improved profitability. The company's net admissible assets were ₦30.3 billion, exceeding the ₦15 billion regulatory minimum for non-life insurers.

Its solvency margin was 512 percent, significantly above Agusto & Co.’s 100 percent benchmark, indicating a substantial capital buffer.