PACRA upgrades IFS rating to Askari General Insurance

MG News | December 03, 2018 at 09:58 AM GMT+05:00

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December 03, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has upgraded IFS ratings of Askari General Insurance Company Limited at AA, with a stable outlook forecast.

According to the rating agency, the rating captures solid risk profile of the company along with improved profitability.

As per PACRA, the management efforts for improving the overall quality of control environment, supported by real time operating software providing tools for holistic oversight and efficient decision making, are bearing fruits.

The rating incorporates ensuing synergistic and oversight benefits from its association with AWT. Comfort is drawn from AWT's explicit support to AGICO in times of need proactively.

Moreover, the rating is dependent upon AGICO's ability to improve its market share and its profitability from core business and investment income as well. At the same time, proportional improvement must be recorded in its liquidity.

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