Universal Insurance Plc’s lengthy operational history, increased profitability, low loss ratio, modest liquidity position, and successful implementation of digital initiatives have all contributed to Agusto & Co.’s “Bbb-” long-term rating. The rating agency observed that Universal Insurance’s excellent ability to fund its underwriting activities is demonstrated by its ability to maintain a solvency margin of 184.9%, which is significantly higher than Agusto & Co.’s minimal criteria of 100%.Agusto claims that efforts to strengthen ties with clients and insurance brokers as well as enhancements to the client experience via digital channels were the main drivers of the robust increase. It stated that as of December 31, 2024, Universal Insurance’s shareholders’ funds were N13.2 billion, a 27% year-over-year growth backed by full profit retention.
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