A Credit ratings is an opinion of an independent agency regarding the financial strength of an insurance company. Because this opinion is very critical to drive customer’s choice on where to safely transfer their risks, the caliber of the rating agency therefore is of utmost importance. GCR is Africa’s number 1 rating agency and they awarded us an A+ rate. This rate basically justifies our high claims paying ability. This to me and just like to the insuring customer is a confidence boost. That on a rainy day, they will surely be protected. That’s why customers seek insurance solutions. We have maintained this rating for the last 6 years!

We are a very solvent company. Our assets by far exceed our liabilities and other comparable commitments. For the last four (4 ) years, our solvency margin has been well over 1000% on average. This underpins our core strength as a solid company.

The industry is promising and recent growth statistics are a clear indication that we are on the right path. We have to continue to provide confidence to our customers that we pay claims. Insurance players have a responsibility to sensitize the public to erode any fears about our claims paying ability and having ratings like this is one of the ways to assert the message. Secondly, for the industry to flourish players must be financially strong to deal with customer’s claims in a timely manner. The more high rated players we have, the better for the industry. Our collective financial strength is better for the market.

Because of our prudent risk underwriting, since inception we have returned an underwriting profit. Not so many companies in this market have positive underwriting results and for a sustained period of 23 years. Underwriting profit is what remains from the revenue collected after claims have been paid and administrative expenses have been deducted. Profitability just like growth is very important for a company to be successful and remain in business.

You must have read or heard this common phrase…”revenue is vanity, profit is sanity, cash is reality’! This is as relevant to insurance as it is to any business. Short term business means claims are turnaround in a short time. When a customer suffers a loss, a company should be ready to pay in the shortest time possible. Therefore our strong liquidity position is evidence to our ability to pay our short term and long-term obligations as they fall due. This explains in part why our claims turn around time is beyond market averages.