Zimnat’s rating upgraded

Business Reporter
Zimnat Life Assurance Company, one of Zimbabwe’s leading life assurance services giants, has had its National Scale Financial Strength rating upgraded from a previous BBB+ rating to a positive A- rating.

This is the highest rating accorded to a life assurance company so far.

The announcement was made in Johannesburg recently by the Internationally recognised Global Credit Rating Company (GCR) and is a reflection of the company’s solid financial standing.

According to Global Credit Rating Company, the rating comes on the back of a sustained sound operating performance, an improvement in liquidity, and the maintenance of capitalisation at very strong levels.

Zimnat Life Assurance Company’s managing director Mr Munyaradzi Javangwe said the institution was excited by the development and attributed the new rating to the organisations’ partners, clientele and shareholding support.

“We are indeed excited by this positive development, especially whilst we are operating under challenging economic conditions. Of importance to note are the metrics used to arrive at such ratings; capital levels, operating profitability and liquidity levels. These can only be favourable when one has a supporting shareholder and clientele base.

“Our aim is to provide exceptional, quality and customised solutions that offer peace of mind to our customers, and it gives us pleasure to notice that our efforts are not in vain. We are indeed proud of this rating and with more and more exciting developments in the organisation and highly innovative products, we can only get better,” he said.

Zimnat Life Assurance Company Limited is a 100 percent owned subsidiary of TA Holdings and provides life assurance products in Zimbabwe. The company has been in operation for over 55 years and has over the years diversified into asset management, medical aid and micro finance.