The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (28-December-2004)
    PACRA Maintains ‘AA' IFS Rating of New Jubilee Insurance Company Limited (NJI)
 

 
Analyst
Sumaira Fazal
(+92-42-586 9504)
sumaira@pacra.com

 

 

 













Disclaimer
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The Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) Rating of New Jubilee Insurance Company Limited (NJI) at “AA” (Double A). The rating denotes a very strong capacity to meet policyholder and contract obligations. Risk factors are considered modest, and the impact of any adverse business and economic factors is expected to be modest.

The rating reflects NJI's maintained performance from core business operations, sound solvency margins and strong financial base. The company is expected to maintain its strong competitive position in the market based on its strong franchise and long standing relationship with prime clients.

About the company: New Jubilee Insurance Company Limited (NJI) commenced commercial operations as a general insurance company in 1953 and is listed on Karachi and Lahore stock exchanges. Major shareholders of NJI include Agha Khan Hospital and Medical College Foundation, Agha Khan Fund for Economic Development and Hashoo group. NJI writes all types of general insurance business including fire, marine, motor, health and miscellaneous business. Operations are currently carried out from a nationwide network of 19 branches covering all major cities. In terms of gross premium written (GPW), NJI ranked third among the insurance companies operating in the country and has completed 51 years of successful operations.

 
 
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.