Press Release

IFS Rating of The United Insurance Company of Pakistan Limited Placed on ‘Rating Watch-Developing’ Status

Karachi, May 27, 2025: VIS Credit Rating Company Limited (VIS) has placed the Insurer Financial Strength (IFS) rating of The United Insurance Company of Pakistan Limited (‘UICPL’ or ‘the Company’) on ‘Rating Watch – Developing’ status. The IFS rating of ‘AA+’ denotes very strong capacity to meet policyholders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small. Previous rating action was announced on August 05, 2024.

Rating Watch is on account of the directive issued on May 20, 2025 under section 60 of the Insurance Ordinance, 2000 by Securities and Exchange Commission of Pakistan (SECP) against UICPL. VIS will continue to follow for further developments on the same and assess the rating accordingly.

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 May 27, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.