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Lahore, November 30, 2018 (PPI-OT): The rating captures solid risk profile of the company along with improved profitability. The company’s strategy led in volumetric growth over years and improved core underwriting performance. Askari Insurance has been able to keep expenses under check while pursuing growth. The improved liquidity profile provides cushion to the risk absorption capacity. Askari Insurance continues to have a sound panel of reinsurers with favourable treaty terms.
The management’s efforts for improving the overall quality of control environment, supported by real time operating software providing tools for holistic oversight and efficient decision making, are bearing fruits. Going forward, it intends to fortify its position in non-conventional segments, while using alternative distribution channels. The rating incorporates ensuing synergistic and oversight benefits from its association with army institutions. This is also reflected in gradually increasing insurance volumes from these institutions.
The rating is dependent on the company’s ability to improve its system share in the competitive landscape, while boosting the underwriting profitability. The risk absorption capacity should be kept aligned to expanding insurance book.
For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com