PACRA ASSIGNS "AA" IFS RATINGS TO

INTERNATIONAL GENERAL INSURANCE CO. OF PAKISTAN LTD. (IGI)

 

Lahore: January 21, 2002

The Pakistan Credit Rating Agency (PACRA) has assigned an Insurer Financial Strength (IFS) Rating of "AA" (double A) to International General Insurance (IGI) Company of Pakistan Limited. The rating denotes a very strong capacity to meet policyholders' and contract obligations.

While assigning the rating, PACRA has recognized the very strong financial base and solvency margin of the company, both being substantially higher than peers. These reflect the inherently strong ability to meet policyholders' and contract obligations despite a difficult operating environment. The stable nature of revenue from the company's core business coupled with a very strong investments portfolio and conservative risk management policies provide added comfort for policyholders.

Effective 1st January 2002, PACRA has changed its Claims Paying Ability (CPA) Rating into Insurer Financial Strength (IFS) Rating. The change is in line with the international practice of PACRA's principal sponsors - FITCH - and to more fully reflect the methodology of insurance ratings, which takes into account the overall financial strength of the insurer rather than its ability to pay insurance claims only.