Press Release

Rating of National Insurance Company Limited

Karachi, September 12, 2011: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has placed the outstanding Insurer Financial Strength (IFS) rating of National Insurance Company Limited (NICL) of ‘AA+’ (Double A Plus) under ‘Rating Watch- Developing’ status. This rating action has been taken in view of the delay in finalization of the audited financial statements for FY10 and receipt of necessary information. Since October 2010, the company has been operating without fulltime Chairman/CEO and Board of Directors.

For further information on this rating announcement, please contact Ms. Sabeen Saleem, CFA (Ext: 510) or Syed Ziauddin Ahmed (Ext: 508) at 021-35311861-70 (10 lines) or fax to 021-35311872-3.





Faheem Ahmad
President & CEO

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 12, 2011 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.