Face Of Insurance

all insurance companies in pakistan

all  insurance companies in Pakistan
Adamjee Insurance Company Ltd
Alfalah Insurance Company
Asia Insurance Company Ltd
Askari General Insurance Company Ltd
Atlas Insurance Ltd
Chubb Insurance Pakistan Ltd (Formerly ACE Insurance Ltd)
CICL – Century Insurance Company Ltd
Continental Insurance Company Ltd
Crescent Star Insurance Limited
East West Insurance Company Ltd
EFU General
Habib Insurance Company Ltd
Jubilee General Insurance Company Ltd
PICIC – Pakistan Industrial Credit Investment Corporation
Premier Insurance Limited
Pak-Qatar General Takaful Limited
Shaheen Insurance
Sindh Insurance
SPI Insurance Company Ltd (formerly Saudi Pak)
TPL Direct Insurance Ltd
UBL Insurers Ltd
UIC – United Insurance Company
Universal Insurance Company Ltd
To the applicant: you are required to contract a full Schengen travel insurance, covering
for a minimum amount of 30 000 euros – including any medical, hospitalization and
repatriation costs, as well as associated care expenses which might occur during any
single trip into the Schengen states.

all  insurance companies in Pakistan

I. Public sector
1 National Insurance Corporation
2 Pakistan Reinsurance Company Ltd.
3 Postal Life Insurance
II. Private sector
a) Incorporated in Pakistan
1 Adamjee Insurance Company Ltd.
2 Agro General Insurance Company Ltd.
3 Allianz EFU Health Insurance Company Ltd.
4 Alpha Insurance Company Ltd.
5 Amercian Life Insurance Company Ltd.
6 Asia Insurance Company Ltd.
7 Asian Mutual Insurance Company Ltd.
8 Askari General Insurance Company Ltd.
9 Beema Insurance Company Ltd.
10 Business & Industrial Insurance Company Ltd.
11 Capital Insurance Company Ltd.
12 Central Insurance Company Ltd.
13 Century Insurance Company Ltd.
14 Commercial Union Life Assurance Company
15 Co-operative Insurance Society of Pakistan Ltd.
16 Credit Insurance Company Ltd.
17 Crescent Star Insurance Company Ltd.
18 Dadabhoy Insurance Company Ltd.
19 Delta Insurance Company Ltd.
20 E.F.U.General Insurance Company Ltd.
21 E.F.U.Life Insurance Company Ltd.
22 East West Insurance Company Ltd.
23 Excel Insurance Company Ltd.
24 Gulf Insurance Company Ltd.
25 Habib Insurance Company Ltd.
26 Indus International Insurance Company Ltd.
27 International General Insurance Co. of
Pakistan Ltd.
28 Ittefaq General Insurance Company Ltd.
29 Jupiter Insurance Company Ltd.
30 Metropoliton Life Assurance Company Ltd.
31 Muslim Insurance Company Ltd.
32 National General Insurance Company Ltd.
33 New Jubilee Insurance Comapny Ltd.
34 North Star Insurance Company Ltd.
35 Orient Insurance Company Ltd.
36 Pakistan General Insurance Company Ltd.
37 Pakistan Guarantee Insurance Company Ltd.
38 Pakistan Mutual Insurance Company Ltd.
39 Platinum Insurance Company Ltd.
40 Premier Insurance Company Ltd.
41 Prime Insurance Company Ltd.
42 Raja Insurance Company Ltd.
43 Reliance Insurance Company Ltd.
44 Seafield Insurance Company Ltd.
45 Security General Insurance Company Ltd.
46 Shaheen Insurance Company Ltd.
47 Sliver Star Insurance Company Ltd.
48 Union Insurance Company of Pakistan Ltd.
49 United Insurance Company of Pakistan Ltd.
50 Universal Insurance Company Ltd.

all  insurance companies in Pakistan
b) Incorporated abroad
1 ACE Insurance Aid Pacific Ltd.
2 CGU Assurance Company Ltd.
3 New Hampshire Insurance Company Ltd.
4 New Zealand Insurance Company Ltd.
5 Royal & Sun Alliance Assurance plc.

all  insurance companies in Pakistan

JCR-VIS Credit Rating Company Limited Rating Report
Technical Partner – IIRA, Bahrain | JV Partner – CRISL, Bangladesh
The Pakistan General Insurance Company Limited
January 17, 2017
Waqas Munir, FRM
[email protected]
Maryam Tanveer
[email protected]

all  insurance companies in Pakistan
Incorporated in 1947 External auditors: Rehman Sarfraz Rahim Iqbal Rafiq,
Chartered Accountants, (member firm of Russell Bedford)
Public Company Chairman of the Board: Nasir Ali
Key Shareholders (with stake 5% or more): Chief Executive Officer: Ch. Zahoor Ahmed
Sponsoring Family – 36.96%
General Insurance (Sept, 2016)
Rating Category
Latest Rating Previous Rating
Long-term Long-term
Entity A- ARating Date Dec 30, ‘16 Jan 15, ’16
Rating Outlook Stable Positive
Outlook Date Dec 30, ‘16 Jan 15, ’16
JCR-VIS Credit Rating Company Limited Rating Report
Technical Partner – IIRA, Bahrain | JV Partner – CRISL, Bangladesh
The Pakistan General Insurance Company Limited
The Pakistan General
Insurance Company
Limited was established
in 1947 as a public
limited company and is
listed on Pakistan Stock
Exchange. The company
provides general
insurance services in fire
and property damage,
marine, aviation and
transport, motor and
miscellaneous segments.
Profile of Chairman
After completion of his
qualification, Mr. Nasir
Ali worked in the UK
with various banks and
later returned to Pakistan
to join PGI in 2007.
Profile of CEO
Mr. Zahoor Ahmed is a
seasoned veteran in
insurance sector with
over 40 years of
Financial Snapshot
Net Equity: 9M16-Rs.
634.4m, FY15-Rs. 638.8m
Net Profit: 9M16-Rs.
25.4m, FY15-Rs. 66.6m
Ratings assigned to The Pakistan General Insurance Company Limited (PGI) take into account adequate
capitalization levels of the company while quantum of liquid reserves carried on the balance sheet in
relation to outstanding liabilities provide support to the financial risk assessment. The leverage indicators
of the company are lower than peer group companies indicating ample room for growth in business
Business Mix:
PGI operates as a small sized insurance company with a market share of less than 1% in domestic
insurance industry. Fire, property damages and marine segment continues to lead the business mix. The
company underwrites relatively smaller sized risks. Business volumes during the ongoing year are lower as
compared to the preceding year. In addition to this, there is sizeable accumulation of insurance debt on the
balance sheet; insurance debt represented 112.6% of gross premium at end-9M16 (FY15: 77%; FY14:
43.3%). Management has made progress in recovering a material portion of the insurance debt during the
last quarter for FY16.
Reinsurance Arrangement:
PGI has a reinsurer panel with ‘A-’ and above rated companies. Trust international Bahrain became the
lead insurer in FY16, vis-à-vis Pakistan Reinsurance Company Limited (PRCL) in the preceding year.
Previously, 50% of PGI’s treaties were reinsured by PRCL under proportional treaties while the remaining
was covered under XoL treaties. During FY16, reinsurance arrangements were shifted completely to nonproportional treaties barring crops and livestock where quota share treaties have been arranged with
PRCL; the same arrangement is expected to continue during FY17. Non-proportion treaties have
increased retention of claims on company’s net account with occurrence of large claims requiring
reinstatement of higher layers of treaties. In view of this, ability of the management to maintain adequate
underwriting quality would be critical.
Total investment portfolio amounted to Rs. 333.1m at end-9MFY16 (FY15: 339.7m; FY14: Rs. 490m).
Overall risk profile of the investment portfolio is considered low as more than 70% of funds have been
placed with commercial banks. Market risk pertaining to listed equities is considered manageable given the
size of exposure. Going forward, proportion of investment in property is expected to increase. Maintaining
adequate liquidity in relation to business volumes would be critical.
Adjusting for one-time gain realized on sale of property during FY15, profitability remained depressed
during the ongoing year owing to decline in investment income coupled with increase in operating and net
commission expense. Net claims ratio improved on a timeline basis with notable improvement reported in
marine and miscellaneous segment. The impact of higher expense ratio was offset by lower claims ratio,
resulting in improved combined ratio. PGI reported profit after tax of Rs. 25.4m (FY15: Rs. 66.6m; FY14:
Rs. 44.8m) during 9MFY16.
Management and Corporate Governance:
Management team has depicted stability and comprises experienced resources. Key management personnel
belong to the sponsoring family. Corporate governance practices of the institution have room for
JCR-VIS Credit Rating Company Limited
Technical Partner – IIRA, Bahrain | JV Partner – CRISL, Bangladesh
The Pakistan General Insurance Company Limited Appendix I
FINANCIAL SUMMARY (amounts in PKR millions)
BALANCE SHEET SEP 30, 2016 DEC 31, 2015 DEC 31, 2014
Cash and Bank Deposits 281.4 297.7 329.3
Investments 10.7 34.9 49.1
Investment Properties 40.1 41.6 105.1
Insurance Debt 312.6 352.2 178.9
Total Assets 960.2 975.4 893.5
Net Worth ex reval. surplus 634.4 638.8 571.9
Total Liabilities 316.4 327.0 311.8
INCOME STATEMENT SEP 30, 2016 DEC 31, 2015 DEC 31, 2014
Net Premium Revenue 190.1 264.6 224
Net Claims 79.3 128.6 122.5
Underwriting Profit 19.3 22.6 19.7
Net Investment Income 11.6 23.7 22.2
Profit Before Tax 33.7 69.3 49.7
Profit After Tax 25.4 66.6 44.8
RATIO ANALYSIS SEP 30, 2016 DEC 31, 2015 DEC 31, 2014
Market Share (Gross Premium) (%) 0.53 0.75 0.75
Cession Ratio (%) 11.0 44.8 43.3
Gross Claims Ratio (%) 25.5 54.6 60.3
Net Claims Ratio (%) 41.7 48.6 54.7
Underwriting Expense Ratio (%) 48.1 42.9 36.5
Combined Ratio (%) 89.9 91.5 91.2
Net Operating Ratio (%)-After removing impact
of other income 83.2 84.8 83.1
Insurance Debt to Gross Premium (%) 112.6 77.0 43.0
Operating Leverage (%) 29.5 40.8 38.5
Financial Leverage (%) 36.3 41.7 46.6
Adjusted Liquid Assets to Technical Reserves (%) 126.4 122.8 144.7
JCR-VIS Credit Rating Company Limited
Technical Partner – IIRA, Bahrain | JV Partner – CRISL, Bangladesh
JCR-VIS Credit Rating Company Limited
Technical Partner – IIRA, Bahrain | JV Partner – CRISL, Bangladesh
Name of Rated Entity The Pakistan General Insurance Company Limited
Sector Insurance

all  insurance companies in Pakistan
Type of Relationship Solicited
Purpose of Rating Insurer Financial Strength (IFS) Rating
Rating History Rating Date Medium to
Long Term Short Term Rating
12/30/2016 A- – Stable Maintained
01/15/2016 A- – Positive Reaffirm
12/12/2014 A- – Positive Maintain
11/22/2013 A- – Stable Upgrade
12/31/2012 BBB+ – Stable Reaffirm
01/02/2012 BBB+ – Stable Upgrade
Instrument Structure N/A
Statement by the Rating Team JCR-VIS, the analysts involved in the rating process and members of its rating
committee do not have any conflict of interest relating to the credit rating(s)
mentioned herein. This rating is an opinion on credit quality only and is not a
recommendation to buy or sell any securities.
Probability of Default JCR-VIS’ ratings opinions express ordinal ranking of risk, from strongest to
weakest, within a universe of credit risk. Ratings are not intended as guarantees of
credit quality or as exact measures of the probability that a particular issuer or
particular debt issue will default.
Disclaimer Information herein was obtained from sources believed to be accurate and
reliable; however, JCR-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. JCR-VIS
is not an NRSRO and its ratings are not NRSRO credit ratings. Copyright 2015
JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be
used by news media with credit to JCR-V


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