Karachi: JCR-VIS Credit Rating Company Limited has maintained the Financial Strength Rating of Pak-Qatar General Takaful Limited (PQGTL) at ‘A-’ (Single A Minus). Outlook on the assigned rating has been revised from ‘Stable’ to ‘Positive’.
The assigned rating incorporates the demonstrated support of financially strong sponsors, which include reputed Qatar-based Islamic financial institutions. Further equity injection is expected to help maintain capitalization indicators commensurate with the assigned rating, as the company continues to pursue growth in business volumes.
Lead by motor and health business, the company posted aggressive growth in business volumes and recorded gross contributions of Rs. 1b in 2013; the company has maintained and closed 2014 with Rs.1b as well.
The company has a conservative investment policy. Credit and market risk arising from the portfolio is manageable.
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