State life: PACRA maintains ‘AAA’ rating

KARACHI: Pakistan Credit Rating Agency (Pacra) has maintained the Insurer Financial Strength (IFS) rating of ‘AAA’ for State Life Insurance Corporation of Pakistan (SLIC). The rating denotes SLIC’s exceptionally strong capacity to meet policyholder and contract obligations. At the same time, risk factors are considered minimal, and the impact of adverse business and economic factors is expected to be extremely small, says a press release issued by SLIC. The rating reflects state-owned SLIC’s leading position in life insurance business in Pakistan, it says, adding this is supplemented by the corporation’s extensive distribution network, good management quality, comprehensive information system and growing business volumes. The rating also factors in SLIC’s robust financial profile emanating from its sound investment portfolio that has sizeable surplus over policyholder liabilities. The rating also draws strong comfort from the government guarantee in respect of liabilities of the corporation.

Published in The Express Tribune, May 4^th, 2013.

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