Zimnat General Insurance’s financial strength rating has been reviewed upwards to AA+(ZW) Outlook Stable by Global Credit Rating (GCR), which is the current highest credit rating within the short-term insurance space in Zimbabwe. The upgrade is from an A+(ZW) rating in 2019 which was an improvement from A- (ZW) in 2018.
“The upgrade of Zimnat General’s rating reflects a credit enhancement on the insurer’s credit-worthiness profile” explained GCR as they made the announcement in Johannesburg on the 4th of November.
GCR is the leading rating agency that focuses on emerging markets, rating the full spectrum of security classes based on the best international standards. Providing both International Scale and National Scale ratings together with its international affiliates, GCR rates almost 3 000 organisations and debt issues spanning four continents.
Speaking on the side lines of the recognition, the Zimnat General Insurance chief executive officer Stanley Mazorodze said “I am particularly proud and excited by this year’s rating as it is a testament that our business has remained solid despite the challenges we have experienced globally due to the COVID-19 pandemic.”
“Our company has continuously grown from strength to strength from 2018 where we had an A- rating, which went up to A+ in 2019 and now in 2020 we are on AA+. Our purpose is to make life better for all our stakeholders, and we continue to make efforts that deliver relevant and practical solutions to all our stakeholders. With this credit rating our valued customers have the assurance that we are able to satisfy all our obligations to them timeously.” added Stanley
Zimnat General insurance is a part of a group that provides wealth creation, income protection and risk management solutions through its four business units, General Insurance, Life Assurance, Asset Management and Microfinance.
The company offers businesses of all sizes from large corporates to SMEs and individuals a variety of products to give them peace of mind. These include motor insurance, home insurance, life assurance, inflation adjusted funeral cover, health and accident insurance, pension schemes, unit trusts and private wealth management.
Zimnat is associated with Sanlam, one of the largest financial services groups in South Africa and the biggest non-banking financial services group in Africa.