KARACHI: Takaful Pakistan Limited has been assigned an elevated rating of ‘A’ by Pakistan Credit Rating Agency (PACRA). A dedicated general takaful company, Takaful Pakistan Limited has demonstrated unprecedented growth since 2018 under new Shareholders and CEO.
Initially a motor takaful centric company, it has expanded its footprint into the other product segments such as health and miscellaneous takaful. Despite the prevailing pandemic, the company has closed year 2020 at a significantly higher Gross Contribution Revenue of Rs 1.6 billion which demonstrates a YOY growth of around 60%. During last two years, company has grown with an average YOY growth of over 100% per annum; a demonstration of exceptional growth in comparison to overall insurance industry.
It was observed that the increased business volume has yielded profitability, resulting in improvement in combined ratio. The equity position has been enhanced; the shareholders have injected Rs 300 million recently, through way of issuance of shares other than right shares. This has boosted liquidity and created room for further expansion.
The company has increased focus on its customer service experience through interplay of technology and digital customer interactions which has provided an edge to the company amidst high competition. It has diligently worked on innovative ideas by employing latest technologies and expects that such strategy will create value by improving customer service. In the foreseeable future, momentum is expected to continue because of sustained effort to propel business growth.—PR
Copyright Business Recorder, 2021