Global Credit Rating (GCR) South Africa has awarded NSIA Ghana with Claims Paying Ability rating result of BBB+(GH) (triple B plus) with a “Stable” outlook.Positive highlights of the rating report are as follows:
• Capitalisation: NSIA Ghana financials reflect strong capitalization with resultant international solvency margin equated to a high 221% at FY17 while, statutory solvency was maintained at very high levels, equating to 788% above the current 150% NIC regulatory requirement.
• 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 76% of capital at FY17.
• Liquidity: Accordingly, liquidity is assessed within a very strong range, with cash covering net technical obligations by 4.3x at FY17.
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.