Press Release

JCR-VIS upgrades IFS rating of Alpha Insurance Company Limited

Karachi, June 7, 2007: JCR-VIS has upgraded the Insurer Financial Strength (IFS) rating of Alpha Insurance Company Limited (Alpha) at ‘A-’ (Single A Minus) with a ‘Stable’ outlook.

Ratings derive strength from AICL being a subsidiary of SLIC, the largest life insurance company of the country and owned by the Government of Pakistan. Ratings also take into account the stability and experience of the management team. Strong re-insurers have been maintained on the company’s panel. Leverage and liquidity indicators remain conservative and allow significant room for growth. Underwriting performance of the company has been steady while other income including investment income shows an increasing trend. In contrast to industry trends, the level of insurance debt has remained low.

JCR-VIS believes that information management is an area where further strengthening can improve efficiency levels.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem (Ext: 608) at 5311861 or fax to 5311873.



Syed Ziauddin Ahmed
Advisor

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