According to GCR,
The agency, also noted that the company, has shown a great deal of consistency in claims paying obligations to its customers spread all over the country.
The agency further stated that the listing of the rights issue in 2019, helped in increasing the shareholders' funds of the company by 33.8 per cent to N7.8b by the end of the financial year in 2019, as against the N5.8 billion recorded in 2018.
Consequently, by the third quarter of 2020, the shareholders' funds had increased to N8.2 billion which also translated to a 31 per cent increase in the same corresponding period of 2019, with a figure of N6.3 billion.
In the rating agency's opinion,
It further noted that the capital adequacy of the underwriting firm was considered strong and, "this is underpinned by the sizeable capital base catering for the quantum of insurance and market risks assumed."
In this regard, the ratio of shareholders' funds to NEP, (Net Earned Premium) improved to 189.2 per cent in the third quarter (Q3) of 2020 as against 130.9 per cent recorded in the corresponding quarter of 2019.
GCR, said in terms of peer-to-peer performance comparison,
Commenting on the development, the
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