Press Release
VIS Reaffirms IFS Rating of IGI General Insurance Limited
Lahore, December 30, 2025: VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) rating of IGI General Insurance Ltd. (‘IGI’ or the ‘Company’) at ‘AA+’ (Double A Plus) IFS. The rating signifies very strong capacity to meet policyholders 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 rating is ‘Stable’. Previous rating action was announced on February 26, 2025.
IGI’s ratings reflect its strong sponsor profile, experienced governance structure, and sound operational foundations. The Company maintains a stable market position supported by a well-established business franchise, diversified product mix, and a prudent underwriting philosophy that emphasizes disciplined risk selection and long-standing corporate relationships.
Although the business continues to expand across both conventional and takaful segments, growth has recently been driven more by volume than by pricing gains, amid a stabilizing macroeconomic environment. The claims experience shows improvement on a gross basis due to enhanced premium flows, while net claims have risen because of higher retention, particularly in riskier health-related business where exposures are largely carried on the Company’s own account.
Underwriting performance remains adequate; however, pressure has emerged from rising claims and operating expenses in selected segments. The investment portfolio continues to offer stability due to its concentration in government securities, though the increased tilt toward equities introduces greater exposure to market volatility.
Liquidity remains satisfactory, supported by healthy coverage of technical reserves and consistent internal capital generation. Capitalization is considered sound, though leverage indicators remain elevated relative to peer benchmarks, reflecting the Company’s business scale and portfolio structure. Reinsurance arrangements are sound and diversified, backed by reputable international reinsurers, providing comfort against potential volatility in large risk exposures. The Company has also demonstrated continued progress in technology enhancement and regulatory compliance, including steady advancement in IFRS-related systems and data governance
For further information on this ratings announcement, please contact at 042-35723411-12 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