PQFTL maintains IFS rating at 'A'

Pak-Qatar Family Takaful Limited (PQFTL) has successfully maintained its Insurer Financial Strength (IFS) rating at 'A', assigned to it by JCR-VIS Credit Rating Company Limited (JCR-VIS). The PQFTL's marketing head, Syed Adnan Hasan, told Business Recorder on Monday that rating is based on many factors which include quality of work, outlook of a company, etc.
According to JCR-VIS, the outlook on the assigned rating has been revised from 'stable to 'positive.' He said that among two family operators, PQFTL was expanding its operations and generating business volumes. However, growth in business volumes of PQFTL has been led by unit-linked individual family products, with the company having been able to capture a larger market share in the recent years.
A large part of this business is generated through the Bank assurance partners whereas the company's own sales force is also being strengthened to achieve meaningful business targets. Presently, the company is sponsored by some of the largest Qatar-based financial institutions, he said, adding that the sponsors of PQFTL also have their presence in the General Takaful segment in Pakistan.