Press Release

JCR-VIS Reaffirms IFS Rating of ACE Insurance Limited, Pakistan at AA-

Karachi, October 21, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Insurer Financial Strength rating of ACE Insurance Limited, Pakistan (ACE Pakistan) at ‘AA-’ (Double A Minus) with ‘Stable’ Outlook.

The assigned rating derives strength from the association of ACE Pakistan with the ACE Group (Group). The Group is one of the world’s largest Multiline Property and Casualty insurer with physical presence in 53 countries. ACE Limited, the parent company, is listed on the New York Stock Exchange. ACE Limited continues to enjoy strong financial strength.

ACE Pakistan benefits from the Group’s support in terms of underwriting expertise and reinsurance strength, which provides ACE Pakistan a competitive advantage. The company has one of the largest reinsurance treaty capacities with low per risk loss retention in Pakistan. Reinsurance treaties also provide coverage for risks located outside Pakistan, thus enabling ACE Pakistan to insure risks in overseas markets; this provides potential for geographical risk diversification.

A decline in foreign direct investment and GDP growth in Pakistan during 2013, adversely affected new business generation in first half of the on-going year. Moreover, some risks were not renewed, due to change in their technical risk profile, which were not in line with ACE’s underwriting criteria. The management expects business volumes to be higher in second half of the year.

For further information on this rating announcement, please contact Mr. Abdul Rahim, ACII (Ext: 508) or Ms. Sobia Maqbool, CFA (Ext: 604) at (021) 35311861-70 (10 lines) or fax to (021) 35311873.

Javed Callea

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2013 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited