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The Pakistan Credit Rating Agency Limited
Press Release

Date
03-Dec-18

Analyst
Zeeshan Munir
zeeshan.munir@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA suspends IFS Rating of The Pakistan General Insurance Company Limited

Rating Type IFS
Current
(03-Dec-18 )
Previous
(10-Apr-18 )
Action Suspended Downgrade
IFS Rating - B+
Outlook - Stable
Rating Watch - -

The IFS rating of PGI is suspended, due to prolong delay in the restoration of underwriting operations of the company.

The rating would be updated, as and when the company commences underwriting operations and the management is providing all the related information for the rating update.

About the Entity
The Pakistan General Insurance Company Limited (PGI), established in 1947, is listed on Pakistan stock exchange. Majority shareholding is with Mr. Zahoor Ahmad and his family. The effective controlling stake is held by the family and directors. PGI has its Head Office in Lahore.

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 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.