Press Release
JCR-VIS Upgrades the IFS Rating of East West Insurance Company Limited to A-
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perilax 5 mgThe upgrade takes into account the low level of insurance debt and sound underwriting quality as indicated by the net claims ratio which compares favorably to other companies. EWI also benefits from the sound quality of reinsurers on its panel. However management expenses vis-à-vis business volumes are considered to be high due to a large branch network, on account of which underwriting profitability has remained low. Business volumes may need to be enhanced to optimize on the branch network and improve results from underwriting operations while maintaining the underwriting quality.
The investment portfolio has grown over the last two years, and returns thereon have provided some support to overall profitability indicators. Development of information systems remains under process, complete implementation of which will enhance the internal control environment and quality of management reporting.
For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 5311861-71 or fax to 5311872-3.
Safdar Kazi
Director Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright February 25, 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.