PACRA Harmonizes IFS Rating of Habib Insurance Company Limited

Insurer Financial Strength (IFS) rating is an independent opinion on the relative “capacity of an insurance company to meet policyholder and contract obligations”. To facilitate insurance companies and users of IFS ratings, PACRA has modified the IFS rating scale. The primary objective behind this modification was to: a) Create distinction in symbols and definitions of IFS Ratings and Credit Ratings; previously same symbols were being used for both type of ratings. Now IFS symbols are exclusive for IFS ratings b) Eliminate ambiguities in terms of “Rating Category” and “Notch”; this has now been achieved in the modified scale, which will be helpful in understanding the meaning and connotation of each rating category and notch, c) Update certain definitions for more clarity.
This is expected to eliminate any overlap or ambiguity regarding rating categories and notches; thus, facilitating all stakeholders. The modified scale is applicable for all outstanding IFS ratings including “Habib Insurance Company Limited”.

About the Entity
Habib Insurance Company, part of Habib Group, was incorporated as a Public Limited Company in 1942. It is listed on Pakistan Stock Exchange with a trading symbol of “HICL”, and operates through a nationwide network of 17 branches. Habib Insurance Company is majorly owned by Habib Group, which is one of the renowned and well established groups of the country, having exposure in industrial and financial sectors. The overall control of the company vests in the Board of Directors, structured with nine BoD members. It includes five non-executive directors, three independent directors and one executive director. Mr. Shabbir Gulamali, is the CEO of the Company. He possesses over two decades of experience in insurance industry majorly served within Habib Group of Companies.