PACRA Maintains IFS Rating of Adamjee Insurance Company Limited

Lahore, December 07, 2018 (PPI-OT): The rating reflects the sustained fundamentals of the company. AICL has been growing the business profile along with keeping costs under check, hence resulting positive for the core profitability. The stability in the management team and concerted efforts are the positives. AICL continues to enjoy the perk of being only company with operations outside Pakistan.

The company’s sizeable investment portfolio, albeit concentrated in few group companies, continues to supplement its profitability and financial strength. The business strategy, going forward, is focused on increasing its market share through expansion of branch network – home and abroad – along with product innovation; retail and micro insurance. Furthermore, AICL is eyeing geographical diversification in other regions, as well. The rating incorporates the effect of association of AICL with Nishat Group.

The rating depends on the stability and continuous efforts of the management team to execute the business plan. AICL should continue to strengthen its market position along with sustained underwriting profits. With a strengthened claims management system in place, maintaining lower claims turnaround time (TAT) remains vital. The added efficiency in the MIS setup must result into improved proficiency in claims settlement.

For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com