PACRA Harmonizes IFS Rating of State Life Insurance Corporation of Pakistan
|IFS Rating||AAA (ifs)||AAA|
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 “State Life Insurance Corporation of Pakistan”.
State Life Insurance Corporation of Pakistan was incorporated in March 1972 when the Life Insurance business in Pakistan was nationalized. Currently, the Corporation operates through a widespread sales network throughout Pakistan and also has presence in the Middle East. State Life Insurance Corporation is the largest Life Insurer in Pakistan with 51% market share. Mr. Shoaib Javed Hussain has 20 years’ experience of successful careers in senior management of global insurance groups and consultancies in the United Kingdom (UK) and Asia. He brings with him breadth of strategic executive perspective and technical acumen gained through global engagements across Europe, North America and Asia. Mr. Hussain holds an MSc in Actuarial Management from CASS Business School, City University, London and is a Fellow of the Institute of Actuaries (UK).
The Corporation has a seven member board including the Chairman. Other board members are a good mix of individuals belonging to public sector, private financial and corporate sectors. All board members have been active in strategic oversight of the Corporation. The management team comprises Executive Directors nominated by Federal Government on deputation, who are assisted by a team of professionals, associated with the Corporation since long.