Press Release

JCR-VIS upgrades IFS rating of Alpha Insurance Company Limited

Karachi, June 7, 2007: JCR-VIS has upgraded the Insurer Financial Strength (IFS) rating of Alpha Insurance Company Limited (Alpha) at ‘A-’ (Single A Minus) with a ‘Stable’ outlook.

Ratings derive strength from AICL being a subsidiary of SLIC, the largest life insurance company of the country and owned by the Government of Pakistan. Ratings also take into account the stability and experience of the management team. Strong re-insurers have been maintained on the company’s panel. Leverage and liquidity indicators remain conservative and allow significant room for growth. Underwriting performance of the company has been steady while other income including investment income shows an increasing trend. In contrast to industry trends, the level of insurance debt has remained low.

JCR-VIS believes that information management is an area where further strengthening can improve efficiency levels.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem (Ext: 608) at 5311861 or fax to 5311873.



Syed Ziauddin Ahmed
Advisor

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 June 07, 2007 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.