JCR-VIS Credit Rating Company Ltd (JCR-VIS) has reaffirmed the Insurer Financial Strength rating of National Insurance Company Limited (NICL) at 'AA+' (Double A Plus) with a 'Stable' outlook. NICL is incorporated as an un-quoted public limited company with 100 percent shares held by the Government of Pakistan.
On account of a captive client base, premium base has shown consistent growth, though the pace of increase has slowed down in recent years on account of privatisation of public sector entities. The company is also exploring other areas, as evident by the recent introduction of new products.
Furthermore, crop insurance products have also been designed and re-insurance arrangements have also been negotiated for the basic product offering. Strong results from underwriting operations were posted for 2007, though current year's performance was adversely affected by claims arising on account of year-end 2007 events taken on books.-PR
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