The Pakistan Credit Rating Agency Limited
Press Release


Rohail Amjad

Applicable Criteria

Related Research

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 Maintains IFS Rating of TPL Insurance Limited

Rating Type IFS
Action Maintain Maintain
Long Term A+ A+
Short Term - -
Outlook Stable Stable
Rating Watch - -

The rating reflects established position of the company in its niche market. The company has been sustainably augmenting its market positioning with significant growth in the topline. The third largest player in the motor segment, TPL Insurance Limited holds a substantial share in industry's GPW of the segment. They company is growing into non-motor avenues with strengthened management team. Advanced technology infrastructure has continued providing an edge to the company ¬ amidst high competition.The financial risk profile is equipped with sound liquidity.
With structured efforts, TPL Insurance Limited is fortifying its inroads in commercial lines. This has added diversity to product slate of TPL Insurance Limited. Capitalising on a strong foothold in niche market ¬ TPL Insurance Limited is establishing relationships with intermediaries; bankers and auto manufacturers. Window takaful volumes are growing. With the rise in business size, the underwriting profitability must improve.

About the Entity
TPL Insurance Limited (TIL), formed in 1992 and listed on Pakistan Stock Exchange, a majority-owned (~93%) subsidiary of TPL Corp.
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.

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.