GCR reaffirms Zimnat’s strong financial rating GCR commended Zimnat’s sound business profile and disciplined approach to underwriting and capital management.

Tapiwanashe Mangwiro-Senior Business Reporter

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 re-affirmation 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.

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