JCR-VIS Credit Rating Company Ltd, (JCR-VIS) has maintained the Insurer Financial Strength (IFS) rating of New Jubilee Insurance Company Limited (NJ1) at 'AA' (double A). Outlook on the assigned rating has been revised from 'Stable' to 'Positive'.
NJI has maintained its position as the third largest private sector company in the general insurance market with a growing market share, which stood at 12.5 per cent at end-9M10.
The company has been able to outpace the industry in terms of growth in premium on account of significant expansion in non-conventional product lines. Loss norms of overall business written by the company have been maintained and compare favourably to larger players in the sector.
Efforts have been made by the management to reduce losses in various segments by strengthening the risk assessment process. Underwriting results for 2009 remained positive and were almost at par with 2008 with similar trend continuing in 1H10 also. Flood related losses reported in third quarter have had an adverse impact to results from underwriting operations. Overall profitability has however received support from investment income with a profit of Rs 220 million reported for the nine month period ended September 2010.-PR
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