Press Release

JCR-VIS Reaffirms Ratings of Century Insurance Company Limited
 

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Karachi, October 13, 2006: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Insurer Financial Strength Rating of Century Insurance Company Limited (CICL) at ‘A’ (Single A) with a ‘Stable’ outlook.

As a policy decision, the management has continued to decrease exposure in the high risk motor segment, though it has impacted the company’s business volumes. Underwriting profits have also reduced during the last year. With the planned expansion in diversified business segments and extension of outreach, JCR-VIS will monitor the company’s progress against growth expectations, going forward.

During FY06, CICL has been able to add two highly rated (AA-) re-insurers onto its panel. Dedicated investment and marketing departments have also been set up to give additional strength to the organization and profitability during the year has also been positively enhanced as a result.

For further information on this rating announcement, please contact Mr. Zaiuddin Ahmed (Ext: 223) or Ms. Sabeen Saleem (sabeen@jcrvis.com.pk / ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Faheem Ahmad
President & 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 2006 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