JCR-VIS assigns ‘Positive’ outlook to Pak-Qatar Family Takaful
Karachi: May 26, 2014 – JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the Insurer Financial Strength (IFS) rating of Pak-Qatar Family Takaful Limited (PQFTL) at 'A (single A).
The outlook on the assigned rating has been revised from 'stable to 'positive.’ Given low penetra¬tion of life coverage in the country, market dynamic for companies offering Life insur¬ance/ Family Takaful product remains favorable. PQFTI is one of the two Family Takaful operators in Pakistan.
Growth in business volumes of PQFTL has been led by unit-linked Individual Family prod¬ucts, with the company having been able to capture a larger market share in recent years. A large part of this business is gen¬erated through the Bancassur¬ance partners. The company’s own sales force is also being strengthened to provide mean¬ingful contribution towards achieving business targets.
The assigned rating takes into account improvement in underwriting performance of PQFTL. Surplus in the Participant s Takaful fund has improved during 2013, with all three business units reporting surplus.
The company is sponsored by some of the largest Qatar-based financial institutions. The sponsors of PQFTL also have presence in the General Takaful segment in Pakistan.
About Pak-Qatar Family Takaful Limited:
Pioneer of Family Takaful in Pakistan, Pak-Qatar Family Takaful Ltd. today has presence in all major cities of Pakistan and is expanding its branch network for Individual and Corporate members further to achieve its vision of providing financial protection to everyone through Takaful. In addition to Individual and Group products, the Company has strategic BancaTakaful partnerships with leading national financial institutions to cater to its clientele’s needs. The Company is registered with and supervised by Securities and Exchange Commission of Pakistan (SECP), and has a current rating of “A (Having Stable Outlook)” by JCR-VIS Credit Rating Co. Ltd. Pak-Qatar Family Takaful Ltd.’s paid-up capital stands today in excess of Rs. 700 million, with the Company being sponsored by some of the strongest financial institutions from the State of Qatar. Consequently, all financial indicators point towards record-breaking successes for the Company in the future.
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