VIS Credit Rating Company Limited has reaffirmed Insurer Financial Strength (IFS) rating of Jubilee General Insurance Company Limited at double A plus.

The rating signifies very high capacity to meet policy-holder and contract obligations. Risk is considered modest but may vary slightly over time due to business /economic conditions. Outlook on the assigned rating is stable. The previous rating action was announced on Dec. 31, 2018, said a press release on Tuesday.

The rating assigned to JGI takes into account JGI's market positioning as the third largest private sector insurance company in Pakistan. The rating is strengthened by an element of sponsor support, given presence of Aga Khan Foundation for Economic Development, and related entities, as the majority shareholders.

JGI's rating also takes into account JGI's reinsurance panel, which constitutes counterparties with sound credit quality (as reflected by their IFS ratings) and modest internal retention.

© Pakistan Press International, source Asianet-Pakistan