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Adamjee Insurance wins "Best Insurance Company in Pakistan"
 
According to Euromoney's 2010 Insurance Survey Adamjee Insurance won the following award "Best Insurance Company in Pakistan". The result was announced in the June issue of Euromoney.

Following are the winners in Asian region:

Asia 2010 Entity

1 Pioneer Group 25.82%
2 Chartis Insurance (AIU Holdings) 12.44%
3 Lonpac Insurance BHD 7.47%
4 People’s General Insurance Corp 5.60%
5 Chubb 4.82%
6 Adamjee Insurance Company Ltd 3.11%
7= ACE 2.64%
7= Malayan Insurance 2.64%
9= BPI/MS Insurance Corporation 2.49%
9= Mapfre 2.49%
A.M. Best Co. has assigned a financial strength rating of B++ (Good) and an issuer credit rating of
"bbb+" to Adamjee Insurance Company Limited (AICL) (Pakistan)
 
A.M. Best Co. has assigned a financial strength rating of B++ (Good) and an issuer credit rating of "bbb+" to Adamjee Insurance Company Limited (AICL) (Pakistan). The outlook for both ratings is stable.

The ratings of AICL reflect its strong risk-adjusted capitalisation, robust underwriting performance, established business profile in the Pakistan insurance market and developing risk management framework. An offsetting factor is its concentration of invested assets in equities, particularly in affiliated companies.

In A.M. Best's opinion, AICL's level of risk-adjusted capitalisation is strong, supported by good retained earnings and sufficient to absorb projected growth of up to 15% in each of the next two years. Moreover, AICL's capital position benefits from very good reinsurance support, despite having to cede cessions of up to 35% of treaty business to Pakistan Reinsurance Company Limited, the national reinsurer.

A.M. Best believes AICL has a strong management team, adopting prudent strategies to serve the requirements of the local market and establishing a leading market position in Pakistan, with a 29% share of gross premiums written. AICL has a well diversified non-life portfolio, with gross premiums in excess of PKR 10.3 billion (USD 125 million) in 2009, supported by good retention levels above 65%.

In A.M. Best's view, AICL has experienced robust underwriting results across all lines of business, with technical profits of approximately PKR 679 million (USD 8.1 million) in 2009 and a combined ratio below 90%. Investment performance tends to be volatile, dictated by market movements in equities, and benefitting from significant realised gains in the past three years.

Financial Strength Ratings Issuer Credit Ratings
Rating B++ (Good) Long-Term bbb+
Financial Size Category VIII ($100 Million to $250 Million) Outlook Stable
Outlook Stable Action Assigned
Action First Date July 06, 2010
Effective Date July 06, 2010    
Captain Saad Bin Jabbar wins Adamjee Insurance Golden Jubilee Golf Tournament 2010
 
The Adamjee Insurance Golf Tournament was held at the Karachi Golf Club on the 27th and 28th of November 2010.The tournament which saw active participation and intense competition was played within 5 categories, which included Ladies, Juniors, Seniors, Amateurs and Veterans & Guest Players.

In the amateur category Captain Saad Bin Jabbar was awarded the winner net prize which was sponsored by Adamjee Life with a score of 68 Net while Omar Bangash was awarded the winner gross prize. Shehzad Murad scooped up the winner net prize in senior’s category, while the winner gross prize was given to Murtaza Qasim. The winners for the veterans, ladies and junior categories were S. Sibte A. Jafri, Mrs. Ishrat Lindblad and Master Ali Imran respectively.

A total number of 300 eager golfers took part in the event, which was played in pleasant weather and ended after two days of tough competition.

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Helping the Flood Affectees The employees of AICL contributed their one day's salary towards the flood affectees. The Company also extended a helping hand towards this cause and topped up the money collected for this cause. The money available was donated to the following organizations:

  • Imran Khan Flood Relief Fund "Pukar"
  • TCF Flood Relief Fund

J B Boda our reinsurance partners also contributed towards the cause and we highly appreciate their generous gesture.