Press Release

JCR-VIS reaffirms IFS rating of Alpha Insurance Company Limited

Karachi, July 21, 2005: JCR-VIS has reaffirmed the Insurer Financial Strength (IFS) rating of Alpha Insurance Company Limited (Alpha) at ‘BBB+’ (Triple B Plus). Outlook on the assigned rating is ‘Stable’.

Alpha is a subsidiary of State Life Insurance Corporation of Pakistan. The rating takes into consideration the experience and stable management team of the company. Capitalization levels are adequate, indicating room for further growth. With more than half of the funds deployed in liquid investments, liquidity has also remained strong. A panel of strong reinsurers has been maintained by Alpha. JCR-VIS will continue to monitor the growth and mix of Alpha’s insurance portfolio and progress on the management’s initiative to improve controls and information systems infrastructure.

For further information on this rating announcement, please contact Mr. Muhammad Ameen (ameen@jcrvis.com.pk / Ext: 235) or Ms. Sabeen Saleem (sabeen@jcrvis.com.pk / ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.




Faheem Ahmad
President & CEO

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 2005 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .