The Pakistan Credit Rating Agency Limited
27-May-25
Analyst
Zaeem Ul Rehman
zaeemulrehman@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
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PACRA updates the IFS Rating of The United Insurance Company of Pakistan Limited | Rating Watch
| Rating Type | IFS | |
|
Current (27-May-25 ) |
Previous (18-Apr-25 ) |
|
| Action | Maintain | Maintain |
| IFS Rating | AA+ (ifs) | AA+ (ifs) |
| Outlook | Stable | Stable |
| Rating Watch | Yes | - |
PACRA has placed the Insurer Financial Strength (IFS) rating of The United Insurance Company of Pakistan Limited under Rating Watch. This is in consequence of the directive issued on May 20, 2025 against the company by the Securities and Exchange Commission of Pakistan (SECP) under section 60 of the Insurance Ordinance, 2000. PACRA will continue to monitor the situation and update the rating as developments unfold.
The rating “AA+”, assigned to The United Insurance Company of Pakistan Limited, denotes very strong capacity to meet policyholders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.
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About
the Entity
The United Insurance Company of Pakistan Limited ('United Insurance' or 'the Company') was established in 1959 and is listed on the Pakistan Stock Exchange (PSX). The Company offers non-life insurance products through both conventional and Window Takaful operations, covering key segments such as Fire and Property, Marine, Accident and Health, Motor, Miscellaneous, and Crop insurance.
The majority stake in the Company is held by United International Group (~89.3%), with the remaining shares owned by individuals and institutions (~10.7%). The Board of Directors is chaired by Mr. M. Ashraf Khan, while Mr. M. Akram Shahid serves as the CEO, supported by a team of experienced professionals.