Press Release

JCR-VIS Reaffirms Ratings of Century Insurance Company Limited
 

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Karachi, September 11, 2007: 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.

CICL has exhibited modest growth in business volumes during FY06 on account of the management’s conscious effort to reduce the proportion of the high risk motor segment in the business mix. In addition to the growth in other business lines, the company is also exploring hitherto untapped segments, with a travel insurance product recently launched by the company. CICL has also made efforts to strengthen its infrastructure by investing in human resources and expanding the network of branches. This is also likely to have a positive impact on business volumes, going forward.

CICL has maintained the sound quality of its reinsurance panel, with the addition of two more companies. It has also made efforts to strengthen its recovery procedures, resulting in reduction in outstanding dues by the close of HY07. Moreover, total yield on the investment portfolio has also improved in the current year, after being depressed in FY06.

For further information on this rating announcement, please contact Mr. Ziauddin Ahmed (Ext: 508) or Ms. Sabeen Saleem (sabeen@jcrvis.com.pk / ext: 608) at (92-21) 5311861-72 or fax to (92-21)5311873.



Ziauddin Ahmed
Advisor

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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 2007 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