Press Release

JCR-VIS upgrades IFS rating of Askari General Insurance Company to A
 

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Karachi, December 15, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the Insurer Financial Strength (IFS) rating of Askari General Insurance Company Limited (AGICO) to ‘A’ (Single A) from ‘A-’ (Single A Minus) with a ‘Stable’ Outlook.

The rating incorporates the continued growth in business volumes amid increasingly competitive operating environment. While there was some pressure on underwriting results due to the company’s reliance on relatively risky health and motor business, the bottom line was supported by investment income in the ongoing year. Going forward, a sizable investment portfolio with a shift in stance towards fixed income avenues may prove to be a sustainable source of earnings.

AGICO’s upcoming rights issue to meet the regulatory capital requirement will not only help in improving the solvency position but would also rationalize leverage indicators in future. The management’s focus towards strengthening the control mechanism along with additional reinsurance cover in health is likely to improve the profitability from core operations. Furthermore, the acquisition of enhanced treaty limits in fire and marine segments may materialize into a more balanced business mix, going forward.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or the undersigned (Ext: 510) at 35311861-71 or fax to 35311872-3.



Sabeen Saleem, CFA
Chief Rating Officer

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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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited