UIG signs MOU with Hailey College of Banking and Finance.
(February 24-2023) Chairman of the United International Group (UIG) Mian Shahid on Friday said developing strong industry-academia linkages could play an important role in economic development.
The majority of the business community is following a primitive model of doing business that lacks the required knowledge and research, he said.
Mian Shahid said this while signing an MOU with Principal Hailey College of Banking and Finance Dr. Mubbsher Munawar Khan in pursuit of the Higher Education Commission’s initiative for industry-academia linkages.
He said that the idea of national economic development is incomplete without industry-academia linkage.
Mian Shahid said that about 3.2 million SMEs are currently operating in Pakistan. The exports of light engineering and high-tech industries are highly dependent on the contributions and performance of SMEs.
SMEs account for almost 90 percent of private sector enterprises. Their contribution is about 40 percent of the GDP. They are also the biggest source of employment generation in the country, he added.
He noted that there always has been a lack of enthusiasm and collaboration between the business community and academia. The training imparted to workers is often below global standards and fails to meet the future needs of the industry.
The curricula taught in our academic institutions are quite rigid, it is and not modified to suit the needs of different career paths and there is little focus on applied research.
This is the reason behind the lack of innovation and creativity which is keeping us behind as our many products do not meet international standards which undermines the image and credibility of Pakistani enterprises in the international markets.
He said that developing economies like Pakistan need to consider economic reforms and work on sustainable development policies. The reforms should help the economy generate more production with efficient use of resources and in value addition to exports.
PACRA improves IFS Rating of UIC to AA+
ISLAMABAD: Pakistan Credit Rating Agency (PACRA) has improved the IFS Rating of the United Insurance Company of Pakistan (UIC) to AA+, said a press release.
Improved Insurer Financial Strength (IFS) rating is an independent opinion on the capacity of a company to meet policyholder and contract obligations.
Earlier, the company enjoyed a rating of AA with a stable outlook which has now been upgraded.
The UIC, a listed entity, was established in 1959, and is operating through an extensive network of more than 110 branches concentrated in the northern region of Pakistan.
The company is part of United International Group (UIG) led by the strategic vision of its Chairman Mian MA Shahid, an insurance veteran.
It may be mentioned that the company is a success story that is on the path of sustainable growth for decades. The total business volume of the UIC has seen speedy growth to jump to 6.75 billion rupees in a short span.
Highly professional and experienced management, best practices, innovation, customer-friendly approach and dedicated staff has pushed up the profile of UIC to become one of the top four insurance companies in Pakistan.
Group Country Manager of UIG Ghulam Murtaza said that our top management is highly skilled, motivated, and experienced and they keep service above everything which is key to the success of the company.
He said that UIG will continue to play its role in the economic development of Pakistan.
A business entity cannot thrive by ignoring client satisfaction. A positive experience is likely to drive a high level of customer satisfaction. Insurance companies should act in the best interest of clients which is a prerequisite for growth, he said.
Copyright Business Recorder, 2022
VIS Upgrades IFS Rating of The United Insurance Company of Pakistan Limited
VIS Credit Rating Company Limited (VIS) has upgraded the Insurer Financial Strength (IFS) rating of The United Insurance Company of Pakistan Limited (UICPL) from ‘AA-’ (Double A Minus) to ‘AA’ (Double A). The IFS rating of ‘AA’ denotes very high capacity of meeting policyholder and contractual obligations. Moreover, the risk is modest, though may vary slightly with possible changes in economic conditions. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 10, 2020.
The assigned rating takes into account the competitive position of the company in the peer group and the sound business profile of the United Group. The group has business interests in insurance, microfinance,
information technology, dairy, and vehicle tracking. UICPL being the flagship company of the group is a major player among the lead general insurers, also having an established and growing takaful segment
of the business. Rating derives comfort from increase in business volumes and sustained underwriting performance underpinned by improving loss ratio a sustenance of which is expected. The rating further incorporates reinsurance arrangements largely with counterparties having sound credit risk profiles with reinsurers rated in the category ‘A’ or higher.
Liquidity position of the company assessed by adjusted net technical reserves to liquid assets has depicted gradual improvement over the review period. The company has also depicted improvement in net operating cash flows to net premium revenue, which provides basis of the capacity of a company to make timely payment of claims. Meanwhile, the company’s investment in Apna Microfinance Bank Limited has yet to mature, and VIS will continue to monitor return profile of the same. Further improvement in liquidity indicators in line with benchmarks for assessed rating remains an important driver, going forward. Capitalization indicators of the company have steadily improved over the review period mainly on account of internal capital generation. While there is no immediate plan of equity
injection from the sponsors, the capitalization indicators are expected to draw support from profits retention. The rating is dependent on the maintenance and subsequent improvement of key performance
indicators after the proposed merger of SPI Insurance Company Limited, going forward.
National College of Business Administration & Economics (NCBA&E) has signed MOU with United Software & Technologies International (Pvt) Ltd (USTI) and United Tracking system PVT LTD.
We are pleased to share that United Software & Technologies International (Pvt.) Ltd (USTI) has recently signed MOU with National College of Business Administration & Economics (NCBA&E). Dr. Muhammad Saleem khan Rector, NCBA&E and Mr. Munir Ahmad, Executive Director, USTI signed the MOU on February 16th, 2021.
NCBA&E will support staff members of USTI to help improve academic qualifications by offering 20% concession on total fee package and will arrange Guest Speaker session at USTI premises. NCBA&E will also offer Degree verification facility, free of cost.
PACRA Upgrades IFS Rating of The United Insurance Company of Pakistan Limited
The Pakistan Credit Rating Agency (PACRA) has upgraded the IFS rating of the United Insurance Company (UIC) to AA with stable outlook.
The UIC with over 110 branches, is the fourth largest player in the insurance industry which has shown stability and sustainability from the past couple of years, a statement issued by PACRA said.
PACRA said that the UIC has balanced portfolio representing all the segments of the insurance industry, its crop segment is three-quarters of a billion while Takaful business is above Rs1 billion.
The company ranks higher than the peer companies in terms of profitability which has added to its equity base.
The company has a strong reinsurance panel and all the reinsurance entities are in the A category while one of its associates APNA Bank has seen a significant turnaround.
The management has planned another right issue for the APNA Bank which will further augment its position.
Speaking at the occasion, Mian Shahid Chairman United International Group said that service, transparency, and controlled environment are the hallmarks of our institution.
We have bridged gaps in the operating framework and other critical areas which has improved our liquidity and market position.
Insurance industry provides financial support and reduces uncertainties in the business which supports the entrepreneurs, he added.
Mian Shahid said that insurance provides cover against any sudden loss, therefore, it is considered a vital part of the economy.
View PACRA Press Release of dated 27.3.2019
Supreme Court Diamer Bhasha & Mohamand Dam Fund
Apna Microfinance Bank Ltd. is taking active part in funds collection scheme of Pakistan Government for construction of Diamer Basha and Mohmand Dam Fund in the Country.