Harmonization of IFS rating by PACRA
The IFS Rating of TPL Insurance has been harmonized to AA with a stable outlook, following a statement issued by Pakistan Credit Rating Agency (PACRA) in March 2022. The rating reflects TPL Insurance’s strong financial position, the steady growth of premiums, and robust operational capabilities.
Being Pakistan’s leading Insurtech, TPL Insurance continually utilizes the digital paradigm to disrupt the insurance industry. In April 2021, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, a wholly-owned subsidiary of KfW Group based in Cologne, Germany – made an equity investment of USD 3 Million in the Company acquiring a 19.9% stake. In July 2021, Finnish Fund for Industrial Cooperation Ltd, a Private Limited Company incorporated in Finland, (“Finnfund”), also entered into a Letter of Intent, with TPL Insurance.
Muhammad Aminuddin, CEO, TPL Insurance said, “We are pleased with the rating harmonization by PACRA to AA. It is reflective of the hard work of our employees, guidance from the sponsors and unconditional support from our business partners.”
As an AA rated insurer, TPL Insurance is committed to the development of commercial and personal line portfolios by exploring new channels, expanding existing relationships, and maintaining higher risk retentions. Products including property, marine and engineering insurance are expected to grow substantially in the months to come, as well as focus on segments such as agriculture, health and extended warranty etc.