Business

GCR Accords Custodian Life Assurance A-

by nadum 13 Nov , 2015  

Custodian Life Assurance Limited has been assigned an A rating by Global Credit Rating Co, the world’s leading emerging markets focused ratings Agency. An A- Rating is indicative of strong financial security.

The insurer is a wholly owned subsidiary of Custodian and Allied Plc, a well-established brand in the Nigerian insurance industry.

In assigning the A- rating to the company, GCR disclosed that Custodian Life Assurance Limited has evidenced robust capital growth over the review period, underpinned by strong internal capital generation capacity.

This was given credence with CLA’s shareholders’ funds growth of 36 percent to N4.3 billion at FYE 2014, corresponding to improved shareholders’ funds / NWP ratio of 156 percent.

The rating agency explained further that: “Cognisance is taken of the sound operating performance reflected by the company, with net surpluses recorded throughout the review period.

Earnings capacity has benefitted from the favourable commission recovery rates recorded over the past two years, while increasing cost efficiencies are expected to preserve margin strength over the rating horizon.”

According to Global Credit Rating Co, the rating is supported by Custodian Life’s established position in the emerging domestic life assurance market.

Reacting to the news on the GCR rating, the Managing Director of Custodian Life Assurance Limited, Mr. Larry Ademeso, expressed satisfaction that the vision, contributions and commitment running through the board to the staff and service delivery at CLA is beginning to receive deserved recognition from reputed agencies.

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