Staff Reporter
Islamabad
The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of the United Insurance Company (UIC). A statement issued by PACRA said that UIC is one of the leading players in the insurance sector with a balanced portfolio and good profitability representing all segment of the insurance industry.
The company has good capability to absorb risks while it is striving for higher standards in various facets including efficiency and transparency and governance standards, PACRA said.
However, it said that the current economic meltdown may impact the business volumes of the industry, which are yet to be ascertained. Speaking on the development, Chairman of the United International Group Mian Shahid said that we have planned to generate liquidity through divestment of some stake as the generation of internal capital has become essential in the current scenario.
He said that the insurance industry plays an important part in national development while the pandemic has underlined its importance and now more people are taking interest in insurance for security of their families and business.
The losses linked to COVID-19 has amplified the importance of the role of the insurance sector in development, and in the economic resilience of businesses and individuals, he added.
