PACRA Harmonizes IFS Rating of IGI Life Insurance Company Limited

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 “IGI Life Insurance Company Limited”.

About the Entity
IGI Life Insurance Limited (IGI Life), a quoted public company, listed on the Pakistan Stock Exchange, started its operations in May-1995. With its head office in Karachi, the company operates through three business Hubs - South, Central and North - with an operational network of 34 branches. The majority ownership of IGI Life is held by IGI Holdings. The overall control of the company vests in the seven-member board of directors. Mr. Syed Hyder Ali, the CEO of the company since Apr-14, carries more than three decades of experience in different industries. Currently, he is also serving as CEO of Packages Limited. Vital insight and guidance are provided by Mr. Tahir Masaud and Mr. Ali Nadim through their roles as, Head of Business & Operations and COO, respectively. They are assisted by a team of experienced professionals.