LOMBARD INSURANCE COMPANY LIMITED - LIC - Notification of an Acceptance of a Credit Rating

LIC - Notification of an Acceptance of a Credit Rating

Lombard Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1990/001253/06)
Company code: LIC
("Lombard" or "the Issuer")


Bondholders are advised that the Issuer has formally accepted the credit rating assigned by GCR
Ratings ("GCR") on 10 October 2019. GCR has assigned Lombard a national scale long term issuer
rating of A(ZA); with a Stable outlook.

The rationale for the rating is due to the Issuer's moderately strong financial profile supported by
sound liquidity, well managed capitalisation and earnings, countered by moderate market positioning
and premium diversification. The national scale long term issuer credit rating is one notch lower than
the Issuer's financial strength rating, because GCR views policyholder obligations to be senior to that
of senior unsecured creditors.

The full rating report by GCR has been made available at https://gcrratings.com/announcements/gcr-

11 October 2019

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 11/10/2019 05:15:00
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