The Pakistan Credit Rating Agency (PACRA) has upgraded the IFS rating of the United Insurance Company (UIC) to AA with stable outlook.<\/p>\n
The UIC with over 110 branches, is the fourth largest player in the insurance industry which has shown stability and sustainability from the past couple of years, a statement issued by PACRA said.<\/p>\n
PACRA said that the UIC has balanced portfolio representing all the segments of the insurance industry, its crop segment is three-quarters of a billion while Takaful business is above Rs1 billion.<\/p>\n
The company ranks higher than the peer companies in terms of profitability which has added to its equity base.<\/p>\n
The company has a strong reinsurance panel and all the reinsurance entities are in the A category while one of its associates APNA Bank has seen a significant turnaround.<\/p>\n
The management has planned another right issue for the APNA Bank which will further augment its position.<\/p>\n
Speaking at the occasion, Mian Shahid Chairman United International Group said that service, transparency, and controlled environment are the hallmarks of our institution.<\/p>\n
We have bridged gaps in the operating framework and other critical areas which has improved our liquidity and market position.<\/p>\n
Insurance industry provides financial support and reduces uncertainties in the business which supports the entrepreneurs, he added.<\/p>\n
Mian Shahid said that insurance provides cover against any sudden loss, therefore, it is considered a vital part of the economy.<\/p>\n