We would continue our journey towards new heights:Chairman UIG Mian Shahid

Islamabad: The Pakistan Credit Rating Agency (PACRA) has maintained the (Insurer Financial Strength) IFS rating of The United Insurance Company (UIC) of Pakistan Limited at “A+” (Single A Plus).

The rating denotes strong capacity to meet policyholder and contract obligations, said a press release issued here today.

The rating reflects UIC’s strong risk absorption capacity emanating from a robust liquidity profile that amply supports contingencies towards the policyholders.

The company is led by the strategic vision of the Chairman of the United International Group Mian M. A. Shahid, an insurance veteran.

The strategy predominantly focuses on wide-spread small sized business volumes through an intensive marketing force. Although this has led to high business acquisition cost at a comparative scale, the benefits are accrued in the form of low loss ratio, engendering superior underwriting performance compared to peers, it said.

The rating incorporates improved control environment supplemented by real time IT platform and a comprehensive policy statement. The rating is dependent upon the company’s ability to sustain its market position while ensuring stable underwriting performance. The smooth implementation of investment policy framework and achievement of targeted cost efficiency are important. Any material dilution in the risk absorption capacity would impact the rating.

Reacting to the development, Chairman UIG Mian Shahid said that we would continue our journey towards new heights, introduce new products at home and abroad and earn more credibility in the years to come.

UIC will continue to serve masses and boost insurance industry as well as its imagem he said, adding that insurance industry is integral part of the economy which needs further support.  We will improve core strengths to play vital rolein the national development, said Mian Shahid.