UIC maintains ‘AA-‘ rating

The Pakistan Credit Rating Agency (PACRA) has expressed its satisfaction over the performance of United Insurance Company of Pakistan Limited (UIC). The UIC has successfully maintained “AA-” (Double A Minus) rating and it has introduced Claim Tracking System to provide better services to its policyholders. The rating denotes very strong capacity to meet policyholder and contract obligations, the PACRA statement said, according to a press release issued here on Thursday.

Risk factors for UIC are modest and the impact of any adverse business and the economic factor is expected to be very small, it said. The rating reflects UIC’s strong risk absorption capacity emanating from a robust liquidity profile that amply supports contingencies towards the policyholders, the rating agency said.

It may be mentioned that UIC, a listed entity, was established in 1959. It is operating through an extensive network. The Company is part of United International Group (UIG) which has interests in microfinance banking, another insurance company, farming, vehicle tracking, the insurance brokerage etc. Majority ownership in the company is held by Mian M A Shahid (Group Chairman UIG) through group companies and associates.-PR