COMPANY
PROFILE
Shaheen Insurance Company Ltd. (SICL) is a group company of Shaheen Foundation, PAF which owns major shareholding of the Company. Shaheen Insurance was incorporated as a Public Limited Company in 1995. The company is listed with Pakistan Stock Exchange (PSX) and also registered with the Central Depository Company of Pakistan (CDC).
Shaheen Insurance is one of the most reputable and brightest names in the insurance sector. Its sustained growth over the years has secured it a prominent place among the reputed insurers of Pakistan. SICL is catering the insurance needs of business fraternity through its branch network spread across all major cities of Pakistan.
Shaheen Insurance is also providing Shariah Compliant Islamic covers through its Window Takaful Operations (WTO) under the license and guidelines of Securities and Exchange Commission of Pakistan. In order to give more strength to its WTO, Company has formed Shariah Board comprising of qualied scholars, having vast experience and knowledge about Islamic Banking & Takaful. A wide range of Shariah compliant Takaful Products are offered through WTO, serving customers from all walks of life, on a much larger scale.
The Company’s nancial results are consistently improving; Authorized Capital of the Company is Rs.1 billion, while Paid-up Capital is Rs.600 million. Shareholder’s Equity as at December 31, 2022 rose to Rs.731.93 million.
In view of strong backing of sponsors, capital base, prudent underwriting, efcient claims management and consistently sound nancial position of the Company, PACRA has harmonized IFS Rating of the Company to “A+” with ‘Positive’ Outlook which denotes “Strong capacity to meet policy holders and contractual obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small.”
SICL has excellent reinsurance & retakaful treaty arrangements with nancially sound foreign reinsurers of outstanding repute. Besides treaty arrangements, the Company also has back to back arrangements with foreign and domestic “A” rated insurers, reinsurers and world renowned brokers for placements of large and specialized risks abroad and locally on facultative basis.
SICL underwrites all classes of general insurance & general takaful. Company is fully equipped with technical and managerial skills supported by strong reinsurance treaty arrangements for smooth operations for both traditional and specialized insurance & takaful covers.
SICL is fully geared up to take on challenges with a vision to play its role in the development of insurance industry, country’s economic development and to be recognized as one of the most professional and respected insurance company of Pakistan.
04 SHAHEEN INSURANCE COMPANY LIMITED
