December 31, 2018 (MLN): JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the Insurer Financial Strength (IFS) rating of Askari General Insurance Company Limited (AGICO) from ‘AA-’ (Double A – Minus) to ‘AA’ (Double A).
The IFS rating of ‘AA’ denotes very high capacity of meeting policy holder and contractual obligations, says a press release issued by JCR-VIS. Outlook on the assigned ratings is ‘Stable’.
The notification further adds that the ratings assigned to AGICO derive strength from association with its primary shareholder Army Welfare Trust (AWT) having presence in various sectors of the economy.
Ratings also take into account growth in business volumes, consistent improvement in underwriting performance, sound liquidity profile and largely maintained loss absorption capacity.
“AGICO is considered sound from solvency point of view as the company has adequate cushion in terms of total admissible assets over its liabilities,” says JCR-VIS.
