EFUG assigned ratings of B+, bbb-

LONDON: AM Best has assigned Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” to EFU General Insurance Limited (EFUG) (Pakistan). The outlook assigned to these credit ratings is positive. The ratings reflect EFUG’s balance sheet strength, which AM Best categorises as strong, as well as its strong operating performance, neutral business profile and marginal enterprise risk management (ERM). The positive outlook reflects the strengthening of EFUG’s ERM capabilities. The company has benefited historically from sound ‘silo’ risk management practices, however, EFUG has undertaken steps in recent years to establish an enterprise-wide risk-aware culture and to implement tools to consistently manage its risk exposures. AM Best expects that further anticipated improvements will lead to an ERM framework that is appropriate given the scale and complexity of EFUG’s operations.  

Published in The Express Tribune, October 4^th, 2018.

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