Press Release

JCR-VIS reaffirms the IFS rating of National Insurance Company Limited at AA+

Karachi, March 27, 2007: JCR-VIS Credit Rating Co Ltd. (JCR-VIS) has reaffirmed the Insurer Financial Strength rating of National Insurance Company Limited (NICL) at AA+ (Double A Plus) with a ‘Stable’ outlook.

The rating agency has noted the sound level of profitability and capitalization of the company that has strengthened over the years on account of having maintained sizeable level of underwriting profits and investment income. NICL continues to be the most well capitalized insurance company in the sector with net worth exceeding Rs. 12b. Further the company has maintained re-insurance arrangements with reputable international re-insurers.

The strength emanating from NICL being wholly owned by the Government of Pakistan and the sole provider of public sector insurance in the country has also been incorporated in ratings. The rating agency has noted that despite privatization of public sector entities over the years, the company has managed to increase business size and is also developing new insurance business lines to be offered at the national level. The company has continuously been contributing towards the development of human capital for the insurance industry by producing chartered Insurers under highly motivated schemes.

For further information on this rating announcement, please contact Mr. Syed Ziauddin Ahmed (Ext: 223) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Faheem Ahmad
President & CEO

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 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 .