Linkage Assurance Plc, a Nigerian insurance company listed on the Nigerian Exchange Group, has been assigned a long-term issuer credit rating of ‘B+’ by AM Best, a globally recognised credit rating agency. The outlook for both the credit rating and the company’s issuer profile has been marked as stable, according to a statement released on Wednesday.
AM Best said the ‘B+’ rating reflects Linkage Assurance’s strong balance sheet, adequate operating performance, favourable business profile, and a sound enterprise risk management framework. The international rating positions the company among a select group of Nigerian insurers that have undergone AM Best’s rigorous evaluation process.
This rating is considered a significant milestone for Linkage Assurance as it strengthens its credibility and competitiveness in Nigeria’s insurance market. The stable outlook means AM Best expects the company’s performance and credit fundamentals to remain steady in the near to medium term.
With this development, Linkage Assurance is now part of a small circle of Nigerian insurance companies recognised by AM Best, an achievement seen as a boost to investor and consumer confidence. Industry observers say such ratings are important for attracting international partnerships, improving access to capital, and enhancing overall market trust.
The company operates 14 branches across Nigeria, with its head office located at Plot 20, Block 94, Providence Street, off Adewunmi Adebimpe Street, Lekki Phase 1, Lagos. It offers various insurance products across life and non-life segments, targeting individuals, businesses, and corporate clients.
As part of its efforts to improve customer offerings, Linkage Assurance recently introduced an enhanced third-party motor insurance package, which offers benefits that go beyond traditional third-party coverage. The product is designed to offer motorists extra protection at a time when road risks and accident-related costs are on the rise.
The improved product aims to make insurance more valuable and accessible to Nigerian road users, as well as encourage wider coverage and compliance with motor insurance regulations. Market analysts say this kind of innovation supports growth in the insurance penetration rate, which remains relatively low in Nigeria compared to global averages.
Linkage Assurance’s management is optimistic that the AM Best rating will strengthen its market position and attract new business. The company has recently focused on improving its technology, customer service, and product innovation to meet the needs of a fast-changing market environment.
In the broader Nigerian financial services space, the recognition of firms like Linkage Assurance by international rating agencies helps promote transparency, corporate governance, and long-term stability. It also aligns with efforts by the National Insurance Commission (NAICOM) to increase professionalism and capital adequacy within the industry.
The rating comes at a time when the insurance sector in Nigeria is striving to rebuild trust, expand coverage, and introduce more customer-friendly policies to serve a largely uninsured population.
