Emeritus Reinsurance (Private) Limited (Feb 2025)
Grayston Drive Autos (RF) Ltd – Monitoring Dashboard (06-Feb-25)
Emeritus Reinsurance Company Limited (Feb 2025)
Radiant Insurance Company Limited (Jan 2025)
Nico General Insurance Company Limited (Jan 2025)
Western National Insurance Company Limited (Jan 2025)
LAPO Microfinance Bank Limited (Feb 2025)
LAPO’s activities are largely funded by core customer deposits, which accounted for 77.8% of the total funding base as of June 2024 (December 2023: 74.5%; December 2022: 69.6%). This also translates to relatively low funding costs as deposits are largely current and savings deposits comprising 86.5% in 2023 (December 2022: 92.8%), comparing favourably with peers. Additionally, depositor concentration is relatively low and well diversified.
Activa International Insurance Company Limited (Jan 2025)
Earnings remain sound although were impacted by pressures on underwriting performance. In 2023, the insurer registered a review period high combined ratio of 102.2% compared to a three-year cross-cycle combined ratio of 90.7%, largely due to a considerably higher claim ratio of 37.0% (2022: 20.1%). This is attributed to a major claim reported in the property business during the year.
Sovereign Trust Insurance Plc (Jan 2025)
STI’s strong risk-adjusted capitalisation is a major rating strength, supported by a sizable capital base relative to assumed risk exposures. As of 31 December 2023, shareholders' funds grew by 30.5% to NGN13.5 billion (USD 23.1 million), underpinned by earnings accretion and conservative dividend payout over the last five years. Consequently, the GCR capital adequacy ratio strengthened to 3.1% in December 2023 (31 December 2022: 3.0%), although moderated to 2.2x as of 30 September 2024 as the growth in aggregate risk exposures outpaced internal capital generation.