Press Release

VIS Reaffirms IFS Rating of IGI General Insurance Limited

Lahore, February 26, 2025: VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) rating of IGI General Insurance Ltd. (IGI) 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 December 22, 2023.

Rating assigned to IGI derives strength from association with its primary shareholder, IGI Holdings Limited that hold 100% stake in the Company. The rating also reflects the Company’s market positioning as one of the largest private sector insurance Company, with a market share of 7.2%, in Pakistan. The Company’s GWP increased in the review period driven by all segments. Profitability of the Company improved during CY23 and 9MCY24 on the back of higher investment income coupled with an uptick in the underwriting profits also emanating from adequate loss ratio.

Assigned rating also factor in reinsurance arrangements largely with counterparties having sound credit risk profiles with appropriate risk retention on net account to maintain risk appetite of the Company. Assigned rating also accounts for the stability and expertise of the management team in the insurance sector. Conservative investment mix continues to support the rating. On the other hand, the insurance debt in relation to gross premium has largely remained range bound and commensurate with the assigned rating. The aging of receivables is considered satisfactory. Moreover, the rating remains sensitive to higher operating leverage in line with growth in operating scale and limited growth in equity base. Going forward, achieving growth in market share while maintaining loss ratios, underwriting quality and profitability metrics would remain important rating drivers.

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

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 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .