Rating of Pak-Kuwait Takaful Company Limited

Karachi, January 07, 2016 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) had placed Insurer Financial Strength (IFS) rating of ‘BBB’ assigned to Pak-Kuwait Takaful Company Limited (PKTCL) on ‘Rating Watch Developing’ status in view of an ongoing business review exercise. The exercise was initiated by a key shareholder following identification of weaknesses in PKTCL’s control and governance framework.

Recently, The Crescent Star Insurance Company of Pakistan Limited announced signing of a Memorandum of Understanding for acquisition of 62.5% stake in PKTCL. IFS rating of the company, therefore, continues to be placed under ‘Rating Watch Developing’ status. A rating review will be conducted as further developments materialize in these regards. The previous rating action was announced on January 20, 2015.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk