PACRA expresses satisfaction over UIC performance

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PACRA expresses satisfaction over UIC performance

July 11, 2018

Lahore, July 11, 2018 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has expressed its satisfaction with the performance of United Insurance Company of Pakistan Limited (UIC). The UIC has successfully maintained “AA-” (Double A Minus) rating and it has introduced Claim Tracking System to provide better services to its policyholders.

The rating denotes very strong capacity to meet policyholder and contract obligations, the PACRA statement said. Risk factors for UIC are modest and the impact of any adverse business and the economic factor is expected to be very small, it said. The rating reflects UIC’s strong risk absorption capacity emanating from a robust liquidity profile that amply supports contingencies towards the policyholders, the rating agency said.

It may be mentioned that UIC, a listed entity, was established in 1959. It is operating through an extensive network. The Company is part of United International Group (UIG) which has interests in microfinance banking, another insurance company, farming, vehicle tracking, the insurance brokerage etc.

Majority ownership in the Company is held by Mian M.A. Shahid (Group Chairman UIG) through group companies and associates. Speaking at the development, Mian Shahid said that the credit of the success goes to the entire staff of the company. We will continue to play our positive role in the national development, he added.

Mian Shahid said insurance has become an essential element which provides security to people and businesses hence strengthening the economy and the society. He added that the company will continue to provide better services to the customers to their full satisfaction.

For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425

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