A.M. Best Assigns Credit Ratings to EFU General Insurance Limited
The ratings reflect EFUG’s balance sheet strength, which
The positive outlooks reflect the strengthening of EFUG’s ERM capabilities. The company has benefited historically from sound ‘silo’ risk management practices; however, EFUG has undertaken steps in recent years to establish an enterprise-wide risk-aware culture and to implement tools to consistently manage its risk exposures.
EFUG’s balance sheet strength is underpinned by very strong risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by good internal capital generation. However, the company’s balance sheet strength is offset by a concentrated investment portfolio, which is restricted by regulation to
EFUG has a track record of solid operating performance, with a five-year average return on equity of 16.0% (2013-2017) supported by positive underwriting and investment activity. The company has generated robust and consistent technical profits, with a five-year (2013-2017) average combined ratio of 83.6%, demonstrative of EFUG’s underwriting discipline and understanding of its operating market.
EFUG maintains a leading position in Pakistan’s insurance market, with a market share (as measured by gross written premiums) of approximately 26%, writing a diversified portfolio across non-life business segments. In 2017, the company’s gross written premiums reached
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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