Press Release

JCR-VIS upgrades IFS rating of The Cooperative Insurance Society of Pakistan Limited

Karachi, February 25, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the Insurer Financial Strength (IFS) rating of The Cooperative Insurance Society of Pakistan Limited (CISPL) from ‘C’ (Single C) to ‘B-’ (Single B minus) with ‘Stable’ outlook.

The rating incorporates 100% reinsurance cover from Pakistan Reinsurance Company Limited (PRCL), a majority government owned reinsurer. While a larger proportion of risk underwritten is retained on CISPL’s net account, size of risks vis-à-vis the society’s level of capitalization is within acceptable limit. Annual report has been qualified by the external auditor on account of surplus on revaluation having been transferred to share capital account and non-routing of incremental depreciation through the profit and loss account. JCR-VIS has taken into account the impact of these qualifications on ratings by recasting the financial statements accordingly.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 (10 lines) or fax to 5311872-73.



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 February 25, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.