Press Release
JCR-VIS reaffirms the IFS rating of National Insurance Company Limited at AA+
Karachi, March 27, 2007: JCR-VIS Credit Rating Co Ltd. (JCR-VIS) has reaffirmed the Insurer Financial Strength rating of National Insurance Company Limited (NICL) at AA+ (Double A Plus) with a ‘Stable’ outlook.
The rating agency has noted the sound level of profitability and capitalization of the company that has strengthened over the years on account of having maintained sizeable level of underwriting profits and investment income. NICL continues to be the most well capitalized insurance company in the sector with net worth exceeding Rs. 12b. Further the company has maintained re-insurance arrangements with reputable international re-insurers.
The strength emanating from NICL being wholly owned by the Government of Pakistan and the sole provider of public sector insurance in the country has also been incorporated in ratings. The rating agency has noted that despite privatization of public sector entities over the years, the company has managed to increase business size and is also developing new insurance business lines to be offered at the national level. The company has continuously been contributing towards the development of human capital for the insurance industry by producing chartered Insurers under highly motivated schemes.
For further information on this rating announcement, please contact Mr. Syed Ziauddin Ahmed (Ext: 223) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.
Faheem Ahmad
President & CEO