GCR accords Custodian Life Assurance A-
CUSTODIAN Life Assurance Limited CLA has been assigned an A- Rating by Global Credit Rating Co, the world’s leading emerging markets focused ratings Agency. An A- Rating is indicative of Strong financial security.
In assigning the A- rating to the Company, GCR disclosed that “Custodian Life Assurance Limited has evidenced robust capital growth over the review period, underpinned by strong internal capital generation capacity”. This is immediately given credence with CLA’s shareholders’ funds growth of 36 per cent to N4.3 billion at FYE 2014, corresponding to an improved shareholders’ funds / NWP ratio of 156% (FYE13: 139 per cent).
Furthermore, GCR explained that ‘Cognisance is taken of the sound operating performance reflected by the company, with net surpluses recorded throughout the review period. Earnings capacity has benefitted from the favourable commission recovery rates recorded over the past two years, while increasing cost efficiencies are expected to preserve margin strength over the rating horizon’.
According to Global Credit Rating Co, “the rating is supported by Custodian Life’s established position in the emerging domestic life assurance market. Further, the insurer (CLA) is a wholly owned subsidiary of Custodian and Allied Plc. (“the Group”), a well-established brand in the Nigerian insurance industry”.
Reacting to the news on the GCR Rating, Larry Ademeso, the Managing Director of Custodian Life Assurance Limited expressed satisfaction that ‘the vision, contributions and commitment running through the Board to the staff and service delivery at CLA is beginning to receive deserved recognition from reputed agencies’.
He stated further that the uniqueness of CLA’s service delivery is in its ability to provide the market with fast, efficient and highly professional market-driven services, products and operations; adding that ‘the company will continue to aim for higher feats every single day’.
The Company’s primary activity is the provision of life insurance associated with death, disability and health liability. CLA also provides a diversified portfolio of investment solutions to its customers. Custodian Life Assurance Limited operates from its head office in Lagos, with branches and agency outlets spread across the country.