GCR reaffirms Zimnat’s strong financial rating
Global Credit Ratings (GCR) has reaffirmed Zimnat Lion Insurance Company Limited
(Zimnat)’s national scale financial strength rating of AA+(ZW), after it accorded the
company “Stable Outlook” assessment status.
GCR is a leading emerging market focused ratings agency, rating the full spectrum of
security classes based on the best international standards.
It proffers both International scale and national scale ratings. Together with its
international affiliates, it rates almost 3 000 organisations and debt issues spanning four
continents.
Explaining the rating GCR commended Zimnat’s sound business profile and disciplined
approach to underwriting and capital management. This comes after Zimnat has been
employing value preservation strategies to counter the uncertainties presented by the
challenging operating environment.
“The insurer has maintained strong brand recognition and evidenced healthy growth
momentum over the review period, with a significant increase in market share in the
2021 financial year, underpinned by comparatively high-risk uptake in key lines of
business,” GCR said.
Zimnat Life Assurance received an A-rating, which demonstrates its solid financial
performance and ability to meet its financial obligations, but with a slightly lower
capacity than Zimnat General Insurance.
Group chief executive, Tinashe Muyambo said, “We are proud to have our financial
stability and commitment to excellence recognized by the Global Credit Rating. This reaffirmation of our credit ratings is a testament to the hard work and dedication of our
employees, who are committed to making life better for all our stakeholders.”
“This re-affirmation is a positive sign for the company and our customers. It
demonstrates our financial stability and ability to meet its financial obligations in a
timely and efficient manner,” added Mr Muyambo.
More operational flexibility comes with such a good rating, positioning Zimnat General
Insurance as a strong short-term insurer of choice supported by the quest to provide the
market with realistic insurance cover products that help clients achieve their set
objectives and make their lives better.-The Herald
