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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. PR
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.