The Sindh Insurance Limited ‘IFS rating’ has been upgraded by the Pakistan Credit Rating Agency (PACRA) to “A+”.
This is the one of the highest rating any insurance company has secured from PACRA within three years of incorporation, indicating strong financial position and professional management of the company. The company has been rated among top 10 in terms of Gross premium income for the year 2016.
“Our capitalisation and exceptionally strong solvency levels demonstrate our strong capacity to meet policyholders’ liabilities,” said Muhammad Faisal Siddiqui, chief executive officer of the Sindh Insurance Limited.
“Continuing to following a strategy of high growth rate in top line with sustainable profitability, Sindh Insurance Limited remains committed to being the best value insurance enterprise for its customers, employees, business partners and the society” he added.
The company has outpaced gross premium growth of the industry while keeping the underwriting performance intact. The company has been able to attract market attention through introducing innovative product in personal accident and intends to fortify its position in the general insurance industry.
The company is aiming to enter in motor segment and building synergies with group companies – Sindh Bank, Sindh Leasing, Sindh Microfinance and Sindh Modaraba. The rating recognises the company’s efforts to build a sound investment book over the years comforting its financial risk profile.
Supporting its prudent risk retention policies, the company has a sound panel of reinsurers with favourable treaty terms.