JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has maintained the Insurer Financial Strength (IFS) rating of Pak-Qatar Family Takaful Limited (PQFTL) at ‘A’ (Single A). Outlook on the assigned rating has been revised from ‘Stable’ to ‘Positive’.
The rating assigned to Pak-Qatar Family Takaful Limited (PQFTL) incorporates its sound capacity to meet policyholder obligations reflected by its adequate capitalization and liquidity profile. With recent equity injection, sponsors’ support provides strength to the assessment of overall risk profile of the institution. Gross premium of PQFTL amounted to Rs. 7.5b in 2016 reflecting a market share of more than 9%.
The Chief Financial Officer of PQFTL – Mr. Kamran Saleem stated that “It is a pleasure for all the stakeholders to see that the robust performance of PQFTL, in all aspects of its business, is being recognized by a credit rating agency like JCR-VIS Credit Rating Company. It is a reflection of the consistent hard work of our highly committed team. I congratulate all team members on winning this accolade for strong financial stature and earning more respect as a robust financial institution”.
The outlook revision to ‘Positive’ reflects the company’s ability to increase its market share resultantly contributing towards the growth of the company.