ISLAMABAD: The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating (AA) of the United Insurance Company (UIC).
The UIC has shown stability and sustainability from the past couple of years it has a balanced portfolio representing all the segments of the insurance industry, it can withstand shocks and discharge obligations, the credit rating agency has observed.
The coronavirus has damaged many businesses but the UIC has endured the shocks and continue to perform in line with the expectations of the stakeholders and market, it said.
At the occasion, the CEO of United Insurance Company Mian M. A Shahid said that we are thankful for the rating and we will continue to improve to better serve policyholders.
He said that the pandemic is not only a health emergency but also a financial disaster resulting in heavy losses and bankruptcies not seen before.
Amid pandemic, the significance of insurance has been realized across the world therefore steps are needed to facilitate and strengthen this critical sector to safeguard masses and businesses during emergencies, he added.