Press Release
VIS Reaffirms IFS Rating of Chubb Insurance Pakistan Limited
Karachi, December 22, 2025: VIS Credit Rating Company Limited (VIS) reaffirms IFS ratings at ‘AA+(IFS)’ (Double A Plus IFS) for Chubb Insurance Pakistan Limited (‘CIPL’ or the ‘Company’). Long-term IFS rating of ‘AA+(IFS)’ reflects 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 ratings is ‘Stable’. Previous rating action was announced on December 26, 2024.
CIPL is a wholly owned subsidiary of Chubb INA International Holdings Limited USA (Holding Company). The Company was incorporated in Pakistan on August 6, 2001 as a public limited company under the Companies Ordinance, 1984 (now the Companies Act, 2017) and is engaged in general insurance business. The ultimate parent company of CIPL is Chubb Limited, the global publicly-traded insurer listed on the New York Stock Exchange. Chubb Limited is rated AA by Standard & Poor’s, A++ from A.M. Best and A+ by Fitch.
The rating reflects CIPL strong ownership profile, benefiting from the financial and operational support of its global parent, along with sound governance practices and effective risk controls. The Company maintains a stable business position, supported by a concentrated but resilient portfolio anchored in property and liability lines, with growth influenced by group-wide underwriting standards and selective risk acceptance. CIPL’s primary competitive advantage is the sizable treaty capacities arranged with associate Group company; which allows CIPL to underwrite complex and specialized risks and often provide reinsurance to other local insurance companies.
Claims performance demonstrates effective risk mitigation, with net losses contained through conservative retentions. Underwriting results have moderated due to lower premium retention, although overall performance remains supported by stable investment income generated from a high-quality, predominantly fixed-income portfolio.
Liquidity is adequate, supported by a largely liquid investment book and a satisfactory receivables profile. Capitalization remains sound, driven by consistent internal capital generation and a solvency position that provides a meaningful buffer against underwriting risks.
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