PACRA Maintains IFS Rating of Atlas Insurance Limited

December 13, 2018 (MLN): Pakistan Credit Rating Agency has maintained IFS rating of Atlas Insurance Limited at ‘AA’ for long-term, with a ‘stable’ outlook forecast.

According to the press release issued by PACRA, the rating reflects financial soundness of the company alongside providing benefits in terms of sustained low-risk captive business, while ensuring sound governance framework.

The rating takes into account robust liquidity profile, providing strong coverage to the company's obligations. The company has a strong panel of re insurers with favourable treaty terms and prudent risk retention policies. The company's association with Atlas group providing benefits in terms of sustained low-risk captive business, while ensuring sound governance framework, remains a key rating factor.

The rating is dependent on sustained improvement in business and financial metrics of the company in line with its relative positioning with in the industry. At the same time, liquidity profile should continue to cushion the liabilities. Improvement in claims management system should translate into reduced claims turnaround time

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