Pacra upgrades IFS rating of PQFTL

KARACHI: The Pakistan Credit Rating Agency (Pacra) has upgraded the IFS rating of Pak-Qatar Family Takaful Limited from 'A' to 'A+' with stable outlook, a statement said on Tuesday. The rating is dependent on management’s ability to successfully execute its business strategy of growth, while preserving underwriting profitability, it added.

The profitability of the company remained strong as compared to peers, reflecting a strong business profile.

The growth pattern of the company also remained high in recent years. Moreover, after having established an extensive nationwide branch network, PQFTL is now gradually expanding its wings through alternate distribution channels, it said.

PQFTL Chief Financial Officer Kamran Saleem said, “This elevation is coherent with the well-defined organisational structure of the company, experienced management, highest paid-up capital (above Rs1.3 billion) in the industry, payment of claims on timely basis, distribution of surplus each year, continuous investment in information technology, and well-diversified branch network.”