PACRA Maintains IFS Rating of IGI Life Insurance Company

Lahore, June 27, 2018 (PPI-OT):Packages Group, with the brand of IGI, has been operating in the industry since 1953. IGI Life has been a step towards holistic presence in insurance industry – General as well as life. This is unlocking synergistic benefits. The market share of the company has slightly diluted, owing to change in the business strategy: to reduce dependence on the single premium and shift towards the regular premium. The company’s persistency in the second year is the highest, which is a good omen, though first year persistence will improve as shift from single premium transpire.

The agency network of the company has continued to expand, whereas, bancassurance arrangements with some of the leading banks of the country are yielding benefits. The company has a diverse product slate, targeting all segments of the market. Going forward, IGI-Life aims to further penetrate the market, on the back of expansion in branch network and gradually building up shariah compliant portfolio. The rating takes into account sustained liquidity profile, providing coverage to the company’s obligations. The company’s association with Packages Group engenders sound governance framework, a key rating factor.

The rating is dependent on sustained improvement in business and financial risk profile of the company in line with its relative positioning within the industry. At the same time, liquidity profile should continue to cushion the policyholder’s liabilities. While the launch of the new project’s performance remains vital, expected to launch in October.

For more information, contact:
Analyst
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
Email: hammad.rashid@pacra.com
Web: www.pacra.com

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