Lahore, June 30, 2015 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has assigned the IFS rating of “AA+” (Double A plus) to EFU General Insurance Limited (EFU General). The rating denotes very strong capacity of the company to meet policyholder and contract obligations.
EFU Group has leading presence in all dimensions of insurance industry – General, Life and Health insurance. This furnishes strength to the brand and ability to serve diverse client needs. The rating interprets the company’s vision to lead both in terms of size and profitability.
Sponsors (Bhimjee family and JS Group), board, and the management are aligned on this, enabling a better focus in strategy and efforts. Increasing emphasis on customer service including concerted efforts to bring efficacy in claims settlement process with support from technology would help sustain market share. Strong liquidity and sound cash flow generation ability provide strength to the rating.
The rating is dependent on sustained competitiveness of the company with improvement in underwriting quality. Meanwhile, implementation of real time IT infrastructure along with recently updated state of the art system would strengthen the claims handling system leading to overall efficiency.
For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425