PACRA Harmonizes IFS Rating of TPL Insurance Limited
|IFS Rating||AA (ifs)||AA-|
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 “TPL Insurance Limited”.
TPL Insurance Limited (TIL), formed in 1992 and listed on Pakistan Stock Exchange, a majority-owned (~66%) subsidiary of TPL Corp. TPL Corp – a five-billion-rupee corporate conglomerate in turnover terms – has expanded its footings in diversified business avenues with a sizable portfolio of strategic investments. Major companies in the group include; TPL Properties, TPL Trakker, TPL Insurance, TPL Life Insurance amongst others.
TPL has an eight-member Board of Directors including the CEO. The Chairman of the board is Mr. Jameel Yousuf. The CEO, Mr. Aminuddin, carries significant experience in the insurance industry. He is supported by a team of experienced professionals.