PACRA UPGRADES RATING OF ALFALAH INSURANCE

PACRA has upgraded the rating of Alfalah Insurance Company Limited from “A- with positive outlook” to “A (Single A)” after completing the rating update process of Insurer Financial Strength (IFS).

This rating “denotes a strong capacity to meet policy holder and contract obligations. Risk factors are considered moderate, and the impact of any adverse business and economic factors is expected to be limited”.

This is the highest rating any insurance company has secured from PACRA within five years in existence, indicating strong financial position and professional management of the company.

PACRA has stated that AFIC's upgraded rating “reflects sustained improvement in AFIC’s underwriting performance supplemented by stable income from prudently developed investment book” and “as the board continues demonstrating interest in strategic oversight of the company, AFIC's governance framework would likewise strengthen”.