PACRA Maintains Entity Ratings of TPL Insurance Limited
The rating reflects established position of the company in its niche market ¬ non life Insurance. The company has been sustainably augmenting its market positioning. Third largest player in motor segment, TPL Insurance Limited holds substantial share in industry's GPW of the segment. Advanced technology infrastructure has continued providing an edge to the company ¬ amidst high competition. Rolling out new business strategy, the company launched corporate line insurance in Property and Marine segments. With structured efforts,TPL Insurance Limited intends to fortify its inroads in commercial lines. This has added diversity to product slate of TPL Insurance Limited. Capitalising on strong foothold in niche market ¬ TPL Insurance Limited is establishing relationships with intermediaries; bankers and auto manufacturers. Window takaful volumes are growing, though profitability is yet to materialize in this segment. With rise in business size, the underwriting profitability must improve. Currently, the financial risk profile is equipped with sound liquidity, however, needs to be monitored carefully as the company takes the trajectory of growth.
TPL Insurance Limited (TIL), formed in 1992 and listed on Pakistan Stock Exchange, a majority owned (~93%) subsidiary of TPL Corp, following the repurchase of stake held by Greenoaks Global Holdings (GGH).
The CEO, Mr. Saad Nissar, an MBA from the Institute of Business Administration (IBA), has been on the position since Jan-09, and is supported by a team of experienced professionals