PACRA improves IFS Rating of UIC to AA+

ISLAMABAD: Pakistan Credit Rating Agency (PACRA) has improved the IFS Rating of the United Insurance Company of Pakistan (UIC) to AA+, said a press release.

Improved Insurer Financial Strength (IFS) rating is an independent opinion on the capacity of a company to meet policyholder and contract obligations.

Earlier, the company enjoyed a rating of AA with a stable outlook which has now been upgraded.

The UIC, a listed entity, was established in 1959, and is operating through an extensive network of more than 110 branches concentrated in the northern region of Pakistan.

The company is part of United International Group (UIG) led by the strategic vision of its Chairman Mian MA Shahid, an insurance veteran.

It may be mentioned that the company is a success story that is on the path of sustainable growth for decades. The total business volume of the UIC has seen speedy growth to jump to 6.75 billion rupees in a short span.

Highly professional and experienced management, best practices, innovation, customer-friendly approach and dedicated staff has pushed up the profile of UIC to become one of the top four insurance companies in Pakistan.

Group Country Manager of UIG Ghulam Murtaza said that our top management is highly skilled, motivated, and experienced and they keep service above everything which is key to the success of the company.

He said that UIG will continue to play its role in the economic development of Pakistan.

A business entity cannot thrive by ignoring client satisfaction. A positive experience is likely to drive a high level of customer satisfaction. Insurance companies should act in the best interest of clients which is a prerequisite for growth, he said.

Copyright Business Recorder, 2022