The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (10-January-2007)
   

PACRA Maintains the IFS Rating of International General Insurance Company of Pakistan Limited (IGI)

 

 
Analyst
Sumaira Fazal
(+92-42-586 9504)
sumaira@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 maintained the Insurer Financial Strength (IFS) rating of International General Insurance Company of Pakistan Limited at “AA”. PACRA also maintains the Positive Outlook assigned to the rating. The rating denotes the very strong capacity to meet policyholder and contract obligations. At the same time, risk factors are considered modest, and the impact of adverse business and economic factors is expected to be very limited.

IGI’s rating reflects its robust financial flexibility emanating from a very strong equity base and liquidity. The rating also factors in the company’s healthy profitability driven by sound underwriting policies and the stable investment income stream. Meanwhile, the management’s strategy of volume expansion, without compromising the underwriting quality, along with its initiatives to explore new business avenues are expected to help the company in meeting the challenges of increasing competition within the sector.

About the company: Packages Group- the majority shareholder of IGI- is one of the larger conglomerates of the country with interests in paper and board, milk and dairy, chemicals, investment banking and insurance. The company, listed on Karachi and Lahore stock exchanges, has history of more than fifty years of successful commercial operations.

IGI is the Global Network Partner of R&SA Global Network Limited for their global businesses in Pakistan. The current chief executive officer has over 13 years of experience in key management positions in the financial sector. Under the supervision of the new CEO, the organizational structure of the company was revamped during 2005. The company’s operations are divided into various departments headed by general managers.
 
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.

 

    
de la soul