JCR-VIS Reaffirms IFS Rating Of UBL Insurers Limited

JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength rating of UBL Insurers Limited (UIL) at double A minus.

KARACHI, (UrduPoint / Pakistan Point News - 20th Aug, 2018 ) :JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength rating of UBL Insurers Limited (UIL) at double A minus. Outlook on the assigned rating is stable.

The previous rating action was announced on May 29, 2017, said press release here on Monday.

The assigned rating takes note of UIL's continued growth in business volumes, improved underwriting results and conservative investment profile. The rating also draws strength from the company's strong sponsor profile and sound reinsurance panel.

Top line of the company grew at 18.

3%, outpacing industry growth of 8.1% driven by motor and fire segments while exposure to health was curtailed. Given lower incidence of claims, the company's underwriting results have continued to improve in 2017 and first half of 2018. A similar improvement has been observed in the combined ratio of the company on a timeline basis on account of decrease in underwriting expense ratio. For ongoing year, UIL envisages focus on increasing penetration in rural market, new product development, and emphasis on social media marketingand digital distribution platforms.