Press Release

VIS Reaffirms IFS Rating of Security General Insurance Company Limited

Karachi, December 24, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of Security General Insurance Company Limited (‘SGICL’ or the ‘Company’) at ‘AA+’ (Double A Plus). The rating signifies very strong capacity to meet policy holders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on December 31, 2024.

The rating for SGICL reflects its strong financial position, sound underwriting performance, and association with a prominent conglomerate, Nishat Group. The assigned rating reflects the growth in Gross Written Premium during CY24, which was primarily driven by Fire segment which continues to be the major contributor. Claims performance improved in CY24, supported by conservative underwriting, effective pre-screening of clients, and sound reinsurance arrangements with a panel of reputable reinsurers.

The Company maintains a significant buffer over the regulatory solvency requirement, and leverage indicators remain the lowest among peers, providing ample room for operational expansion. Liquidity indicators, remains adequate, with most part of insurance debt has been received in Dec’25. The diversified reinsurance program mitigates risk exposure, and the Company's underwriting profit improved significantly during the ongoing year, aided by lower claims ratios and higher investment income. Nonetheless, the high concentration of equity investments introduces price risk, making vigilant market risk management imperative for the ratings. Additionally, the ratings remain dependent on the company’s ability to maintain sound underwriting quality and liquidity indicators in line with the established thresholds.


For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Applicable Rating Criteria: General Insurance
https://docs.vis.com.pk/docs/GeneralInsurance-2023.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.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 December 24, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.