Pakistan Credit Rating Agency Limited places Insurer Financial Strength rating of AsiaCare Health and Life Insurance Company Limited on Rating Watch
Lahore, April 19, 2016 (PPI-OT):The Pakistan Credit Rating Agency (PACRA) has placed the Insurer Financial Strength (IFS) rating of “A-” (Single A minus) of AsiaCare Health and Life Insurance Company Limited (AsiaCare) on Rating Watch, owing to the company’s acquisition by TPL Trakker Limited (TPL).
Subsequent to AsiaCare’s acquisition by TPL, there would be a change in ownership structure of the acquired entity and, hence, governance framework. The new business strategy, depending on the new board, may impact the business profile of the company as well as its relative positioning in the health insurance industry. Thus, AsiaCare’s IFS Rating has been put on Rating Watch.
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