PACRA maintains IFS Rating of Askari General Insurance Company Limited (28-08-2019)
Lahore, August 28, 2019 (PPI-OT): The rating captures the solid risk profile of the company along with improved profitability. The company strategy led to volumetric growth over the years and improved core underwriting performance. Askari Insurance has been able to keep expenses under check while pursuing growth. AWT is the sponsor behind AGICO. It has demonstrated support to the company, last equity injection is a witness.
The rating also incorporates ensuring synergistic and oversight benefits from its association with AWT. The sustained liquidity profile provides a cushion to the risk absorption capacity.
The management efforts for sustaining the overall quality of control environment, supported by real-time operating software providing tools for holistic oversight and efficient decision making had borne fruits in the past. Going forward, it intends to fortify its position in non-conventional segments, while using alternative distribution channels.
The rating is dependent upon AGICO’s ability to sustain its market share and its profitability from the core business and investment income as well. At the same time, the proportional improvement must be recorded in its liquidity.
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