The Pakistan Credit Rating Agency (PACRA) has assigned an Insurer Financial Strength (IFS) rating of “A-” (single A minus) to Reliance Insurance Company Limited (RIC). The rating denotes strong capacity to meet policyholder and contract obligations.

The rating reflects RIC’s strong capacity to meet policyholders obligations as indicated by its sound financial base and solvency ratios. The performance of the investment portfolio is improving both in terms of return and contribution to total revenue. The company has been following a growth-oriented strategy in recent years while maintaining good underwriting performance.

RIC maintains reinsurance treaties with various reputed international reinsurers, mostly rated ‘A’ or above. The management is making concerted efforts to control its operational costs. As regards its investment portfolio, constituting both debt and equity securities, RIC follows a policy of long-term holding with main focus on earnings and liquidity of the portfolio.

About the company: Reliance Insurance Company Limited (RIC) was incorporated in 1981 by two industrial groups, Al-Noor and Amin Bawany. Both groups are primarily engaged in the manufacture of sugar and allied products, with interests in the modaraba sector as well as trading in commodities. RIC is listed on the Karachi and Lahore stock exchanges, and underwrites all classes of general insurance business. It has ten members BOD, majority of whom belong to the aforementioned groups. The current CEO has been heading the company since 1995, and is a Fellow of the Chartered Insurance Institute (FCII), London, with over 30 years of experience in both the technical and operational side of the business. His commitment to the organization is evidenced through his successful HR endeavors with a very low level of staff turnover at senior positions.