The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (31-October-2005)
   

PACRA Upgrades Rating of Habib Insurance Company Limited (HIC)

 

 
Analyst
Ambreen Irfan
(+92-42-586 9504)
ambreen@pacra.com

 

 

 









 

 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has upgraded the Insurer Financial Strength (IFS) rating of Habib Insurance Company Limited to “A+”. The rating denotes strong capacity to meet policyholder and contract obligations. At the same time, risk factors are considered moderate, and the impact of adverse and economic factors is expected to be limited.

The rating reflects HIC’s prudent growth strategy, and a strong financial base with an improvement in financial strength relative to peers. The company, as part of its medium-term strategy, is emphasizing on product development. While the company is developing its marketing function, it does not plan to pursue business growth while compromising risk. This is expected to keep its overall risk profile largely unchanged.

About the company: Habib Insurance Company with more than sixty years of operations to its credit is one of the oldest insurance companies in the country. Habib Group – one of the oldest and most well known groups with significant investments in the industrial and service sectors – is the majority shareholder in HIC. Overall control of the company vests in the Board of Directors, comprising seven members, with the majority of directors belonging to the Habib family. Habib Group companies are becoming an increasingly valuable resource for HIC through provision of a higher level of relatively low risk business.

With a nationwide network of 13 branches, HIC underwrites all types of general insurance business.
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
hp pavillion dv 6620