Analyst
Waqas Ahmad
waqas.ahmad@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Harmonizes IFS Rating of Asia Insurance Company Limited
Rating Type | IFS | |
Current (31-Mar-22 ) |
Previous (26-Aug-21 ) |
|
Action | Harmonize | Upgrade |
IFS Rating | A++ (ifs) | A+ |
Outlook | Stable | Stable |
Rating Watch | - | - |
Insurer Financial Strength (IFS) rating is an independent opinion on the relative “capacity of an insurance company to meet policyholder and contract obligations”. To facilitate insurance companies and users of IFS ratings, PACRA has modified the IFS rating scale. The primary objective behind this modification was to: a) Create distinction in symbols and definitions of IFS Ratings and Credit Ratings; previously same symbols were being used for both type of ratings. Now IFS symbols are exclusive for IFS ratings b) Eliminate ambiguities in terms of “Rating Category” and “Notch”; this has now been achieved in the modified scale, which will be helpful in understanding the meaning and connotation of each rating category and notch, c) Update certain definitions for more clarity.
This is expected to eliminate any overlap or ambiguity regarding rating categories and notches; thus, facilitating all stakeholders. The modified scale is applicable for all outstanding IFS ratings including “Asia Insurance Company Limited”.
About
the Entity
Asia Insurance Company Limited (ASIC), established in 1979 as a General Insurance Company, is listed on the Pakistan Stock Exchange. The Company is majority owned by Mr. Ihtsham ul Haq Qureshi and family. ASIC, with its Head Office in Lahore, operates a network of 28 branches across the country.
ASIC's Board of Directors comprises seven members. Mr. Ihtsham ul Haq Qureshi is the Chairman of the Board while Mr. Zain ul Haq Qureshi is the new CEO of Asia Insurance and brings with him over thirteen years of combined experience.