Karachi: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the IFS rating of Pak Qatar Family Takaful Limited (PQFTL) from ‘A-‘ (Single A Minus) to ‘A’ (Single A). Outlook on the rating is ‘Stable’.
The upgrade reflects PQFTL’s increasing presence in the Family Takaful (Life Insurance) market. PQFTL has witnessed significant growth in contributions through distribution of unit linked Individual Family products. Business generated through the Bancatakaful channel has been another key driver of growth in contributions. Productivity indicators of dedicated agency sales force have improved significantly.
PQFTL’s underwriting performance has improved over time. With growth in volumes, expense ratio has more than halved over the course of the last three years. This along with consistent claims Performance in the Individual and Group Family segment has resulted in surplus in the Participants’ Takaful Fund. Performance of all funds under management has remained competitive.
Demonstrated support of sponsors, comprising some of the largest Qatar based financial institutions, provides strength to the assessment of overall risk profile of the institution.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription