Stanbic IBTC Insurance earns A, A1 credit rating upgrade from Agusto & Co

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has secured an upgrade in its credit ratings from Agusto & Co, receiving a long-term rating of A and a short-term rating of A1, both with a stable outlook, for the 2025–2026 financial year.

The rating upgrade reflects growing confidence in the company’s financial resilience, governance framework, and long-term sustainability. 

According to Agusto & Co, the improved assessment underscores Stanbic IBTC Insurance’s strong risk management practices, operational discipline, and robust capacity to meet its obligations to policyholders.

Agusto & Co also cited the insurer’s sound liquidity position, prudent business strategy, and the strategic support it enjoys as part of the wider Stanbic IBTC Holdings group as key factors behind the positive review.

As part of its growth agenda, Stanbic IBTC Insurance has continued to expand its retail footprint across Nigeria, improving access to life insurance solutions and strengthening its presence in key markets. 

The expansion aligns with the company’s objective of providing reliable and accessible insurance products to individuals, families, and businesses.

Reacting to the development, Chief Executive Officer of Stanbic IBTC Insurance, Akinjide Orimolade, described the upgrade as a validation of the company’s progress and stakeholder confidence.

“We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders. Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders,” Orimolade said. 

He added that the recognition would further motivate the company to maintain high standards of financial discipline, service excellence, and integrity.

The insurer has also demonstrated strong performance in claims settlement. Since its establishment in 2021, Stanbic IBTC Insurance has settled over 2,000 claims worth more than ₦1.8 billion. In addition, the company has paid over ₦16 billion in annuities to more than 4,900 retirees, reinforcing its commitment to timely and reliable benefits payment.

Stanbic IBTC Insurance said it remains focused on sustaining its strong financial position, driving customer-centric innovation, and consistently delivering security and peace of mind to Nigerians.