International General Insurance Company of Pakistan
Limited (IGI) is one of the leading quoted insurance companies operating
in Pakistan. It is one of the oldest Group Company of the well-known
The IGI story began in 1953 when the Company was
registered in November as a joint venture between Alliance plc UK and
the Ali Group ó Alliance plc held 28% share in IGI.
The Company started writing business with effect from
January 1, 1954 with a paid up capital of Rs. 1.0 million. The first
fire policy was issued to Syed Babar Ali.
Mr. P.G. Williams the Principal Officer of Alliance
was also responsible for the running of IGI. This enabled IGI to benefit
from the Systems and Procedure of an experienced British insurer. The
foundation for a solid beginning was laid.
In 1964, Alliance plc as a corporate decision decided
to pull out of the sub-continent as such the share of Alliance plc was
taken over by the Ali Group.
Syed Maratib Ali was first Chairman of IGI and Syed
Babar Ali its first Managing Director.
IGI during its over 50 years of operations, has
established its reputation in the domestic as well as international
insurance market for quality insurance business and adherence to high
The key financial indicators of IGI based on the
audited accounts of 2003 are as follows:
Paid up Capital
Rs. 122.81 million
Rs. 474.71 million
Total Assets (At cost)
Rs. 1086.54 million
Total Assets (Market value)
Rs. 4693.34 million
Recently the Company has been given an "Insurer
Financial Strength" (IFS) rating of "AA" (Double A) which
denotes a very strong capacity to meet policyholders' and contract
obligations by The Pakistan Credit Rating Agency (Pvt) Limited, an
affiliate of Fitch IBCA Inc. New York/London ó third largest
international rating agency after S&P and Moody's.
IGI is the first Insurance Company to be awarded ISO
9002 Certification for its complete operations in July 2001.
The Joint Committee of ICAP/ICMAP has awarded our
Company "The Best Presented Annual Report Awards 2001" and was
placed 3rd position in the entire Service Sector. Our Company was the
only insurance company, who received this award.
IGI has been given Corporate Excellence Awards 2002
in the financial category. This clearly speaks of the financial strength
of our Company in the market.
Our reinsurance treaties are with the most
prestigious reinsurers including Swiss-Re of Switzerland which enjoys
AAA rating by Standard & Poor's latest evaluation.
Underwriting policies and professional approach of
the Company is highly appreciated by world-renowned reinsurers like
"Munich-Re" and "GeneralCologne-Re" of Germany,
"Swiss-Re" of Switzerland and žAssicurazioni GeneraliÓ of
Qualified, experienced and service-oriented staff,
trained in United Kingdom, Switzerland and Germany has placed the
Company in a strong position to underwrite all classes of general
Our Corporate philosophy of emphasis on customer
service and quality business has continued to reward us with a steady
and healthy growth. Amongst local insurance companies IGI ranks in the
Our valued clients are local as well as
multinationals companies like Aventis Pharma and Aventis Cropscience,
Siemens Pakistan Engineering Company Limited, Tetra Pak Limited, Nestle
Milkpak Limited, Lever Brothers Pakistan Limited, Fauji Fertilizer,
Engro Chemicals, J & P Coats Pakistan Limited, Packages Limited,
Treet Corporation Limited, Tripack Films Limited, Coates Lorilleux
Pakistan Limited, Coca Cola Beverages Pakistan Limited, Pakistan
International Container Terminal (Pvt) Limited Mearsk Pakistan and Bayer
IGI has the lowest outstanding claims amongst all the
local insurance companies.
Confidence of the general public in IGI and market
respect for its share is evident from the fact that our share of Rs.
10.00 is presently being quoted at Rs. 250 highest in its category, at
the Karachi Stock Exchange (Guarantee) Limited.