February 28, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of Alfalah Insurance Company at ‘AA-‘ with a ‘stable’ outlook forecast.
According to a document containing details of the rating actions, issued by PACRA, the rating recognizes Alfalah Insurance's maintained financial profile, emanating from well managed insurance assets/liabilities structure, and investment book that contributes a sizeable income stream & provide cushion to the bottom line.
“Rating also draws comfort from sponsorship of the company. Growth in business volumes of the company is important. Impetus is being added by the company's association with Mobilink,” says the document.
Positive momentum in volumes is expected to continue on the back of new products, opined PACRA.
Adding on, the agency said that the rating is dependent on the company's ability to augment its market position in the competitive landscape, while upholding the underwriting performance. Strengthening of liquid profile is vital along with prudent management of claims and receivables.
