The Pakistan Credit Rating Agency Limited
Press Release


Zeeshan Munir

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PACRA Maintains IFS Rating of TPL Insurance Limited

Rating Type IFS
(27-Aug-19 )
(04-Mar-19 )
Action Maintain Maintain
IFS Rating A+ A+
Outlook Stable Stable
Rating Watch - -

The rating reflects an established position of the Company in its niche market. The Company has been sustainably augmenting its market positioning with significant growth in the topline. The third-largest player in the motor segment, TPL Insurance Limited holds a substantial share in the industry's GPW of the segment. The Company is growing into non-motor avenues with the strengthened management team. Advanced technology infrastructure has continued providing an edge to the Company amidst high competition. The financial risk profile is equipped with sound liquidity.
With structured efforts, TPL Insurance Limited is fortifying its inroads in commercial lines. This has added diversity to product slate of TPL Insurance Limited. Capitalizing on a strong foothold in niche market, TPL Insurance Limited is establishing relationships with intermediaries; bankers and auto manufacturers. Window Takaful volumes are growing. With the rise in business size, the underwriting profitability must improve.

About the Entity
TPL Insurance Limited (TIL), formed in 1992 and listed on Pakistan Stock Exchange, is a majority-owned (~94%) subsidiary of TPL Corp. TPL Corp – close to three and a half billion rupee corporate conglomerate in turnover terms – has expanded its footings in diversified business avenues with a sizable portfolio of strategic investments.
TPL has a 7 member Board of directors. The Chairman of the Board is Mr. Jameel Yousuf. The CEO, Mr. Aminuddin, carries a significant experience in the insurance industry. He is supported by a team of experienced professionals

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.