JCR-VIS has assigned an Insurer Financial Strength (IFS) rating of 'BBB+' (Triple B Plus) to Picic Insurance Limited (PIL). Outlook on the assigned rating is 'Stable'. The company is managed by an experienced management team and has a panel of strong re-insurers.
The rating also takes into consideration the franchise value and sound track record of performance of the Picic group that lends support to the company. PIL has a high level of capitalisation that is likely to give the company a head start in the development of its insurance portfolio.
The information infrastructure in place also provides ground for strong controls and efficient operations. JCR-VIS will monitor the stability of the management team, and the management's endeavours to meet premium targets and to develop an effective investment portfolio.
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