Press Release

JCR-VIS Reaffirms IFS rating of Century Insurance Company Limited
 

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Karachi, March 19, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) rating of Century Insurance Company Limited (CICL) at ‘A’ (Single A) with a ‘Stable’ Outlook.

Business volumes have depicted growth in 2011. There has also been higher growth in non-group business in 2011 vis-à-vis 2010, indicative of increased focus on marketing activities by the company. While combined ratio of the company has remained favorable i.e. below 100%; there has been variation in underwriting profits over time. Net claims ratio continues to compare favorably to peers. Given that more than 40% of the business of the company is derived from associated concerns, there is room to reduce the expense ratio. There has been variability in overall profits of the company emanating from return/losses on investment portfolio. With improvement in risk profile of the investment portfolio, greater stability is expected in investment income, going forward.

Liquidity profile of the institution is considered sound. Moreover, capitalization indicators of the company are well within prudent limits and indicate room for further growth. Loss absorption capacity of the institution and ability to underwrite business is supported by a diverse panel of reinsurers.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool, CFA (Ext: 510) at 021-35311861-71 or fax to 021-35311873.




Jamal Abbas Zaidi
Deputy CEO


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Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2012 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited