Press Release

JCR-VIS reaffirms rating of EFU General Insurance Limited at AA with Stable outlook

Karachi, July 17, 2007: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of EFU General Insurance Limited (EFU) at ‘AA’ (Double A) with ‘Stable’ outlook.

EFU enjoys strong market presence, with rapid expansion in business volumes continuing into 2006. The company has experienced growth in all business segments. The proportion of motor business touched its peak during FY06, though it is planned to be gradually reduced over the following years. Internal controls with respect to these remain strong. The company has also maintained a strong panel of reinsurers over the years.

Despite the decline in underwriting profits over the last two years, profitability indicators have trended upwards on account of higher earnings from the investment management function. Income streams within this segment are derived from both fixed and equity instruments as well as the real estate portfolio, enabling the company to maintain strong earnings profile.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem (Ext: 608) at 5311861-70 (10 lines) or fax to 5311872-73.



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