Lahore: The Pakistan Credit Rating Agency (PACRA) has upgraded the IFS rating of Alfalah Insurance Company Limited (AFIC) to “A” (Single A) [previously “A-” (Single A minus) with positive outlook].
The rating denotes strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small.
The rating reflects sustained improvement in AFIC’s underwriting performance supplemented by stable income from a prudently developed investment book. AFIC’s association with Abu Dhabi group provides support to the company mainly in the form of captive business, adding stability to its revenue stream.
The company’s conservative business strategy, in the form of low risk retention, is expected to continue yielding profitability despite continuing volatile socio-economic environment. Nevertheless, the rating recognizes AFIC’s improved financial profile, notably emanating from internal generation of profits.
For more information, contact:
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