PACRA Harmonizes IFS Rating of TPL Life Insurance Company Limited
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 Life Insurance Company Limited”.
TPL Life Insurance Limited was incorporated in 2008 and obtained license to carry on life and related line of business in 2009. TPL Life Insurance shareholding consists of 85.28% held by TPL Corp Ltd whereas the remaining 14.72% is shared by Sindh Bank Ltd and few individuals. Mr. Faisal Abbasi, the CEO of the Company, is an experienced professional with over 23 years in Life Insurance and banking sector. He is assisted by a team of experienced professionals.