Prime Islami Life's CPA upgraded to A+
Thursday, 3 June 2010
Credit Rating Information and Service Limited (CRISL) has upgraded the Claim Paying Ability (CPA) rating of Prime Islami Life Insurance Limited (PILIL) to A+ on basis of the audited financials upto the year 2008 and other relevant qualitative and quantitative information upto the date of rating.
Good profitability, operating efficiency, sound solvency, good liquidity, diversified ownership and service network etc also were considered in assigning the rating, said a press release.
The gross premium of the company increased to Tk 1,011.29 million in 2008 against Tk 816.42 million in 2007 registering 23.8 per cent growth over the previous year.
The life insurance fund of the company stood at 1,388.24 million in FY 2008. The paid-up capital of PILIL has increased to Tk 117 million as on December 31, 2009 from Tk 90 million in FY 2008.
As per last actuarial valuation, net surplus was Tk 277.38 million. Management expenses to net premium of the company improved to 46.34 per cent in 2008 against 47.63 per cent in 2007.
The overall financial performance of PILIL was good with considerable improvement in policyholders' surplus to net premium (24.71 per cent in 2008 against 7.95 per cent in 2006) and incremental life fund (23.98 per cent in 2008 from 13.45 per cent 2006).
Good profitability, operating efficiency, sound solvency, good liquidity, diversified ownership and service network etc also were considered in assigning the rating, said a press release.
The gross premium of the company increased to Tk 1,011.29 million in 2008 against Tk 816.42 million in 2007 registering 23.8 per cent growth over the previous year.
The life insurance fund of the company stood at 1,388.24 million in FY 2008. The paid-up capital of PILIL has increased to Tk 117 million as on December 31, 2009 from Tk 90 million in FY 2008.
As per last actuarial valuation, net surplus was Tk 277.38 million. Management expenses to net premium of the company improved to 46.34 per cent in 2008 against 47.63 per cent in 2007.
The overall financial performance of PILIL was good with considerable improvement in policyholders' surplus to net premium (24.71 per cent in 2008 against 7.95 per cent in 2006) and incremental life fund (23.98 per cent in 2008 from 13.45 per cent 2006).