TPL Insurance achieves AA- IFS Rating
The Credit Rating of TPL Insurance has been upgraded to AA- with a stable outlook, following a statement issued by Pakistan Credit Rating Agency (PACRA).
The rating reflects TPL Insurance’s strong financial position, steady growth of premiums and robust operational capabilities. Throughout the Covid-19 pandemic, the Company has capitalized on its digitally advanced infrastructure, and shown consistent growth through effective risk management practices in a challenging economic environment. 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 with a 19.9% stake.
TPL Insurance has a record of disrupting the paradigm of the industry as Pakistan’s leading Insurtech. With its digitally evolved systems, diversified portfolio, 24×7 customer service and Pakistan’s Only Customer Insurance App, the Company continues to deliver value for its customers since 2005.
Commenting on the occasion, Muhammad Aminuddin, CEO, TPL Insurance, said, “This upgrade by PACRA to AA-, resonates TPL Insurance’s mission to create sustainable value for our customers, stakeholders and employees. We would like to thank them for their enduring support as we look forward to set new benchmarks in the industry.”
The Company is anticipated to make further investments in developing commercial and personal line portfolios by exploring new channels, expanding existing relationships and maintaining higher risk retentions, as it joins the pool of AA insurers. Products including property, marine and engineering insurance are expected to grow substantially in the months to come.