Lahore, December 16, 2015 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) rating of Askari General Insurance Company Limited (AGICO) at “A+” (single A plus). The rating denotes strong capacity of the company to meet policyholder and contractual obligations.
The rating reflects the gains achieved by the management in core insurance business. The company’s strategy has led in volumetric growth and improved underwriting performance, in turn, profitability. AGICO aims to fuel future growth through innovative products, tapping non-conventional segments, while using alternative distribution channels.
At the same time, AGICO’s liquidity profile is strong, engendering robust risk absorption capacity. The rating takes into account strong control environment, supported by real time operating software providing tools for holistic oversight and efficient decision making. The company’s rating anticipates synergistic and oversight benefits from its association with army institutions.
The rating is dependent on the company’s ability to fortify its position with enhanced system share in the competitive landscape, while boosting the underwriting profitability. Any material deterioration in the risk absorption capacity would impact the rating.
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