Karachi, January 17, 2011: JCR-VIS Credit Rating Company Limited has upgraded the Insurers Financial Strength rating of UBL Insurers Limited (UIL) from ‘A-’ (Single A-) to ‘A’ (Single A). Outlook on the assigned rating is ‘Stable’.

The rating upgrade incorporates continued sponsor support as evident by recent injection of fresh capital of Rs. 300m in 2010, which has increased the paid up capital to Rs. 800m. In addition to enhancing the institution’s claims absorption capacity, the increase in capital is expected to improve the liquidity profile and enhance investment income. The company has recorded consistent growth in business volume since inception, with perils under fire, motor and bankers blanket cover comprising the bulk of risks underwritten.

Shariq Abdullah, Chief Executive Officer UBL Insurers commented on the upgrade, “this would allow us to grow our business further and better serve the needs of our existing customers while maintaining their confidence”.

UBL is one of Pakistan’s largest private banks with an asset base of Rs. 650 billion, advances at Rs. 344 billion, over Rs. 500 billion in deposits, CAR of 14.4% and an EPS of 8.7x. It has an extensive network of over 1,100 branches in Pakistan and a strong presence overseas with 17 branches, three representative offices, a subsidiary and two joint ventures in 11 countries.

UBL Insurers limited is an associated company of United Bank Limited and is jointly owned by Bestway Group, the Abu Dhabi Group and United Bank Limited.