Century Insurance's IFS rating reaffirmed at 'A'

JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) rating of Century Insurance Company Limited (CICL) at 'A' (single A) with a 'Stable' Outlook. The reaffirmation takes into account sound capitalisation and liquidity indicators maintained by the company. Also, loss norms compare favourably to peers and underwriting results of the company have remained consistently positive.
Business volumes achieved up to 3Q10 have been maintained at 3Q09 levels. The company has significant room to grow in view of its low leverage indicators. Growth targets for FY11 entail higher generation of non-group business through existing network of branches and business centres, thereby reducing the dependence of the company on group business. The company has hired an experienced CEO in 2010; stability at the helm of the organisation will facilitate in achievement of business targets for 2011.-PR