Lahore, November 28, 2014 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) rating of Asia Insurance Company Limited (ASIC) at “A-” (Single A minus). The rating denotes strong capacity to meet policyholders and contract obligations.
The rating recognizes the company`s improved operating platform, streamlined organizational structure, along with requisite expansion of HR base. It takes comfort from progress towards defined business goals, and endeavours to institutionalize an effective monitoring mechanism.
The business plan envisages gradual penetration into the market exploring both the conventional and non-conventional avenues. The rating draws strength from robust risk absorption capacity, reflected by sound liquidity profile that also provides stable investment income.
The underwriting performance of the company is improved and would further improve gradually as the growing business provide requisite cushion to absorb company’s expenses. The rating is dependent upon stability in the management team and their ability to cohesively execute the business plan ensuring consistent underwriting profitability through prudent risk management.
At the same time, inflow of stable stream of income, and improvement in governance framework shall impact positively on rating.
For more information, contact:
Hammad Rashid
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