PACRA places Crescent Star Insurance Ltd's IFS rating on rating watch

MG News | January 22, 2019 at 03:30 PM GMT+05:00

0:00

January 22, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the Insurer Financial Strength (IFS) rating of Crescent Star Insurance Limited (CSIL) at ‘A-‘ with a ‘stable’ outlook forecast. Moreover, this rating has been place in rating watch.

According to PACRA, the rating reflects CSIL’s strategy to focus on direct line personal insurance in motor and health segments, targeting small ticket clients.

The rating watch captures the company's consolidation process in DSL and backward merger of CS Foods into PICIC Insurance, while fulfilling regulatory and legal requirements.

Profitability and curtailed expansion in insurance business along with unfilled casual vacancies on Board is also a consideration.

CSIL holds major stake in DSL, herein, smooth running of operations and consequent turnover build-up is critical. Generation of cash return from subsidiaries is important. Meanwhile, risk absorption capacity needs to be kept intact.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	185,543.01 576.35M	-0.52% -975.70
ALLSHR	110,883.95 1,421.07M	-0.21% -234.71
KSE30	56,998.00 313.06M	-0.83% -479.10
KMI30	261,472.18 320.16M	-0.88% -2323.37
KMIALLSHR	71,138.29 707.65M	-0.30% -213.12
BKTi	54,074.14 81.81M	-1.08% -590.97
OGTi	36,259.39 25.98M	-0.18% -64.48

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	90,710.00	91,840.00 89,410.00	-525.00 -0.58%
BRENT CRUDE	61.15	61.28 59.96	1.19 1.98%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	0.05 0.06%
ROTTERDAM COAL MONTHLY	97.90	98.15 97.75	-0.80 -0.81%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	57.01	57.23 55.97	1.02 1.82%
SUGAR #11 WORLD	15.03	15.06 14.90	0.05 0.33%