VIS Reaffirms IFS Rating of Allianz EFU Health Insurance Limited - Press Release issued by VIS Credit Rating Company Limited.

Karachi -- May 31, 2021 (PPI-OT)

Following is the text of press release issued by VIS Credit Rating Company Limited

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VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength (IFS) rating of 'A' (Single A) assigned to Allianz EFU Health Insurance Limited (Allianz EFU). The IFS rating signifies high capacity to meet policyholder and contractual obligations. Risk factors may vary over time due to business/economic conditions. Outlook on the assigned rating is 'Stable'. The previous rating action was announced on June 12, 2020.

The rating assigned to Allianz EFU take into account the implicit support of the sponsors including EFU group and Allianz SE, a Germany-based financial services provider and holding company of the Allianz Group (Allianz SE rated AA by Standard and Poor's and A+ by A.M.Best). The group is present in more than 70 countries with major operations in Europe. The rating reflect stagnant business volumes owing to ongoing pandemic, frequent lockdowns, overall contraction in demand and challenging economic environment; the same may pose as challenges for growth in the insurance industry during the rating horizon.

The underwriting performance...