VIS Credit Rating Company has reaffirmed the Insurer Financial Strength rating of United Insurance Company of Pakistan at ‘AA+’ with a stable outlook, indicating a very high capacity to meet policyholder claims. The rating reflects low risk factors and minimal expected impact from adverse business or economic conditions.

VIS cited the company’s strong market presence, sound underwriting performance, comfortable capitalisation and robust reinsurance panel. Although higher underwriting expenses created some pressure, both the net claims ratio and combined ratio remain low.

The reaffirmation provides assurance to policyholders and corporate clients that valid claims can be met, supported by substantial reinsurance capacity. United Insurance, established in 1959, also operates a Window Takaful segment approved by the Securities and Exchange Commission of Pakistan since 2014.

Group Chairman Mian M. A. Shahid noted that insurance penetration in Pakistan stands at only 0.7 per cent of GDP, with per capita spending of 12 US dollars, underscoring significant growth potential.