Press Release

JCR-VIS re-affirms IFS rating of Security General Insurance Company Limited

Karachi, September 23, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reviewed and reaffirmed the Insurer Financial Strength (IFS) rating of Security General Insurance Company Limited (SGI) at ‘AA-’ (Double A Minus). Outlook on the rating is ‘Stable’. The previous rating action was announced on April 22, 2015.

The IFS rating of SGI reflects company’s very high capacity to meet policyholder and contract obligations. The company now intends to continue with its market based business, which was earlier planned to be discontinued and focus was to be shifted on group business only. SGI operates through a network of eleven branches in Punjab and Sindh region. Moreover, the company awaits regulatory approval to initiate window takaful operations.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) at 021-35311861-71 or Mr. Maimoon Rasheed at 042-35723411-3 or fax to 021-35311872-3.



Mohammed Khalid Ali
Advisor


Applicable Rating Criteria: Methodology: General Insurance (Nov 2003)
http://www.jcrvis.com.pk/images/methodology.pdf

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 September 23, 2015 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.