Press Release
VIS Reaffirms IFS Rating of The United Insurance Company
Karachi, September 21, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of The United Insurance Company (‘UIC’ or the ‘Company’) at ‘AA+’ (Double A Plus). The rating signifies a 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 September 26, 2025.
UIC was incorporated on October 20, 1959, in Pakistan as a Public Limited Company under the Defunct Companies Act, 1913, now the Companies Act, 2017.The principal activity of the Company is General Insurance Business and it qualifies as a domestic insurance company under the Insurance Ordinance, 2000 and undertakes Fire & Property Damage, Marine Aviation & Transport, Motor, Crop and Miscellaneous General Insurance. The Company has been allowed to carry on Window Takaful Operation on August 18, 2014 by the Securities and Exchange Commission of Pakistan (SECP) under the Takaful Rules, 2012. The Company has not transacted any insurance business outside Pakistan.
The assigned ratings of UIC reflects position in Pakistan’s general insurance sector, supported by its established market presence, adequate underwriting performance and strong panel of reinsurers. The Company’s financial risk profile remains supported by comfortable capitalization. Underwriting performance has remained favorable, with a low net claims ratio and combined ratio, despite pressure from higher underwriting expenses. The Company also maintains a diversified reinsurance panel, with substantial capacity placed with established reinsurers. The rating remains sensitive to concentration in the Miscellaneous segment, required improvement in insurance receivables and ageing of claims payable. Going forward, the rating profile will remain dependent on strengthening premium growth and liquidity, improving collections, maintaining adequate capitalization, and sustaining prudent underwriting and risk management practices amid evolving regulatory and operating conditions.
For further information on this ratings announcement, please contact on 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