Pakistan Credit Rating Agency Upgrades Takaful Pakistan’s IFS Rating to A; Stable Outlook

The Pakistan Credit Rating Agency (PACRA) has upgraded the Insurer Financial Strength (IFS) rating of Takaful Pakistan to ‘A’ from ‘A-’, while maintaining a Stable Outlook, according to a statement released on the 1st of February 2021.

According to PACRA, Takaful Pakistan has witnessed unprecedented growth since 2018, following the takeover by new shareholders and the Chief Executive Officer. The company, which initially focused on motor Takaful, has since expanded into health and miscellaneous Takaful, with the business seeing large and rapid growth.

Takaful Pakistan closed 2020 with a gross contribution revenue of PKR 1.6 billion, demonstrating around 60% year-on-year (YoY) growth, according to PACRA. The increased business volume has led to...