PACRA Maintains IFS Rating of Asia Insurance Company Limited
Lahore, March 01, 2019 (PPI-OT): Asia Insurance is an emerging t small-sized general insurance company of Pakistan. It is characterized by a) premium size, b) strong liquidity and c) good coverage to liabilities. Underwriting performance has sustained with a gradual uptick in business volumes coupled with operational efficiencies. There is a slight slowdown, though.
The company’s stature has benefited from a recent equity stake taken up by InsuResilience Investment Fund, supported by the German Developed Bank KFW and managed by Switzerland based Impact Investment Manager BlueOrchard Finance. This has boosted the company’s liquidity. The governance structure is also improving with the induction of a board member from BlueOrchard. The business synergies are also expected to materialize.
The company foresee significant expansion in the business with more diversification in the product portfolio. The Positive Outlook captures the company’s improved liquidity and future plans, towards penetration and product enrichment. The translation into performance is considered positive.
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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