Global Credit Rating (GCR) South Africa has awarded NSIA Ghana with Claims Paying Ability rating result of A-(GH) (A minus) with a “Stable” outlook. Positive highlights of the rating report are as follows:
• Capitalisation: Risk adjusted capitalisation has been maintained at very strong levels, with the GCR capital adequacy ratio (“CAR”) registering above 3x over the past four years, supported by healthy internal capital generation and low exposure to underwriting and market risks. In addition, we have maintained regulatory solvency (CAR) at high levels above 760% as against regulatory benchmark of 150%.
• Asset quality: Asset quality is viewed to be very strong, underpinned by a sizeable investment portfolio, with the majority of assets invested conservatively. In this respect, liquid assets amounted to 78.3% of capital at FY20.
• Liquidity: Accordingly, liquidity is assessed within a very strong range, with cash covering net technical obligations by 3.2x at FY20.
The rating affirms NSIA Ghana’s financial strength, adequate risk management practices and good corporate governance in line with the Company’s commitment in providing best claims experience to the insuring public and its cherished customers.
NSIA Ghana attains International Rating from GCR.
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