Augusto & Co Upgrades Stanbic IBTC Rating to A1

Ebere Nwoji

 Credit rating agency, Augusto &Co, has decorated Stanbic IBTC Insurance with A1 rating, a significant upgrade from its former A rating status for 2025 and 2026 financial year.

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, said it was pleased to receive the rating from the company having been assigned a Long-Term Rating of A and a Short-Term Rating of A1, both with a Stable Outlook. 

The upgrade, the company said, reflects stronger confidence in its Insurance’s financial resilience, governance standards, and long-term sustainability.

Commenting on the rating upgrade, Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, stated, “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. This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity”, he stated.

In terms of claims settlement, he said Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient pay out to policyholders and annuitants. 

According to him since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash. 

Orimolade said additionally, the company has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.

He said Stanbic IBTC Insurance remained committed to maintaining its strong financial position, driving customer-centric innovation, and consistently delivering on its promise of security and peace of mind for Nigerians.