PACRA Maintains IFS Rating of Adamjee Insurance Company Limited

The IFS rating of Adamjee Insurance Company Limited (‘Adamjee Insurance’ or ‘the Company’) derives significant strength from its association with the prominent business conglomerate, Nishat Group, primarily through its strategic and financial linkage with MCB Bank Limited. The Group’s diversified presence across key economic sectors provides the Company with sustainable strategic direction, financial flexibility, and operational support. Furthermore, effective representation of the Group at the Board level ensures strong oversight, reinforced governance, and supportive decision-making framework, aligned with long-term business objectives. The Company maintains an established position within Pakistan’s General Insurance Industry supported by extensive product portfolio and diversified customer base.
Adamjee Insurance underwrites conventional and window takaful business in Pakistan and the UAE, with conventional business representing 94% of total operations. The UAE now accounts for 51% of total business, up gradually over the years, while Pakistan contributes 49%. During 9MCY25, the Company’s GPW grew 11%, led by Motor (54%), Fire & Property (25%), Accident & Health (12%), Marine (5%), and Miscellaneous (4%), with Motor dominating the UAE portfolio. The Company posted an overall underwriting profit of PKR 775mln in 9MCY25, up 126% from PKR 315mln in 9MCY24.
At the bottom line, the Company’s performance is supported by its investment portfolio in the group companies, the equity market, and government securities, which continue to generate steady dividend and interest income, leading to an improved profitability. Despite substantial standing in Pakistan’s insurance market, management of loss ratio remains crucial for the assigned rating. On the financial risk front, the Company holds adequate liquidity with considerable equity standing. Higher claims stress the commercial efficiency; however, the Company gathers support from a diversified and creditworthy reinsurer panel.
Overall, Adamjee Insurance is strongly positioned and digitally enabled to sustain growth in the dynamic insurance sector. Its market leadership, solid financial profile, strategic investments, and governance framework underscore its resilience and capacity to deliver long-term value. The company is planning to add digital insurance products for its customers. Going forward, enhancing claims management efficiency will be critical to sustaining disciplined underwriting performance.
The rating is supported by the profitability of the core business and investment income. Maintaining a strong market position, alongside growth in underwriting profits, remains fundamental. A balanced segment mix and efficient expense management are critical to financial performance.

About the Entity
Adamjee Insurance Company Limited ('Adamjee Insurance' or 'the Company') was incorporated in 1960 as a public listed concern. The principal activity includes managing non-life insurance through Conventional and Window Takaful in Fire and Property, Marine and Transport, Accident and Health, Motor, and Miscellaneous segments.
The Nishat Group and associates holds ~40.5% stake in the Company. The Board is chaired by Mr. Umer Mansha, while Mr. M. Ali Zeb is the CEO. They are assisted by a team of experienced professionals.