Press Release

JCR-VIS reaffirms rating of EFU General Insurance Limited

Karachi, July 18, 2006: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of EFU General Insurance Limited at ‘AA’ (Double A) with ‘Stable’ outlook.

Business volumes have exhibited strong growth over the last couple of years, with the largest contribution coming from the motor segment. Underwriting profits have also been driven primarily by profits in this segment. The company has developed strong management and tracking systems to avoid excessive risks and costs of operating the motor business. EFU has relationships with a panel of well-reputed and highly rated re-insurers and its surplus treaty arrangements in the fire segment give it added protection.

A larger amount of underwritten business has also allowed the company to expand its investment portfolio, providing meaningful contribution to bottom line profitability. Financial strength of the company remains strong as reflected in its reserves. The management team has also been strengthened further during the period under review.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (ext: 223) or the undersigned (sabeen@jcrvis.com.pk / ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.




Sabeen Saleem
Group Head – Financial Institutions

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 2006 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .