The plan to recapitalise the insurance industry in the country may be getting the required boost as insurers record improved rating outlook by global agencies. A global credit rating agency, AM Best, spotted improved performance of Nigerian insurers.
It revised an outlook to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “BBB-” of AXA Mansard Insurance Plc.
The ratings reflect AXA Mansard’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, business profile and appropriate enterprise risk management.
The agency noted that AXA Mansard Insurance remains an outstanding firm with strong financial strength and excellent underwriting capabilities.
In recognition of its innovative products and services, the Company was declared as the Insurance Company of the Year at the recent BusinessDay Awards. The company has also received several other awards including the Marketing Edge Award for Most Outstanding Insurance Company of the Decade.
Commenting on the rating, the Chief Executive Officer, Kunle Ahmed, said: “The underwriter has continued to build a resilient non-bank financial services institution and this is yielding positive results. The affirmation of our A.M. Best rating as stable and the retention of FSR and ICR ratings despite the exposure to high-level economic, political and financial system risks further emphasise leading position and capacity to meet our obligations to stakeholders. We are committed to acting for human progress by protecting what truly matters.”