The rating denotes strong capacity to meet policyholder and contract obligations. At the same time, risk factors are considered moderate, and the impact of adverse and economic factors is expected to be limited.
The rating reflects HIC's prudent growth strategy, and a strong financial base with improvement in financial strength relative to peers. The company, as part of its medium-term strategy, is emphasising on product development. While the company is developing its marketing function, it does not plan to pursue business growth while compromising risk. This is expected to keep its overall risk profile largely unchanged.
Habib Insurance Company with more than 60 years of operations to its credit is one of the oldest insurance companies in the country. Habib Group - one of the oldest and most well known groups with significant investments in the industrial and service sectors - is the majority shareholder in HIC.
Overall control of the company vests in the Board of Directors, comprising seven members, with the majority of directors belonging to the Habib family. Habib Group companies are becoming an increasingly valuable resource for HIC through provision of a high level of relatively low risk business.
With a nation-wide network of 13 branches, HIC underwrites all types of general insurance business.