INTERNATIONAL GENERAL INSURANCE COMPANY OF PAKISTAN LTD
July 12 - 18, 2004
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 Packages Group.
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 ethical/professional standards.
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 Italy.
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 insurance business.
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 5th position.
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 CropScience etc.
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.