Latest news with #Adamjee
Business Wire
3 days ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Adamjee Insurance Company Limited
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of 'bb' (Fair) of Adamjee Insurance Company Limited (Adamjee) (Pakistan). The outlook of these Credit Ratings (ratings) is negative. The ratings reflect Adamjee's balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and marginal enterprise risk management (ERM). The negative outlooks reflect pressure on the company's non-life underwriting performance. Whilst Adamjee has a history of robust overall profitability, with profits before tax ranging from PKR 2.3 billion to PKR 8.7 billion between 2020 and 2024, consolidated operating performance has been increasingly supported by the company's life insurance operations and investment activities, with the non-life business generating marginal results. The company's non-life underwriting performance improved in 2024 due to corrective underwriting actions, but was adversely affected by the unprecedented rainfall in the United Arab Emirates, resulting in an overall combined ratio of 99.9%. The company aims to improve the underwriting performance of its non-life book through higher market rates and stringent underwriting practices. Adamjee's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the adequate level, as measured by Best's capital Adequacy Ratio (BCAR). At year-end 2024, risk-adjusted capitalisation declined from the previous year due to higher market values on affiliated investments and significant growth in its non-life portfolio. Investment risk remains the primary driver of required capital, with the investment portfolio highly concentrated in equity securities within Pakistan. Whilst some diversification was achieved through term deposit holdings in the UAE, Adamjee remains exposed to potential capital volatility. In addition, the company has a high dependence on reinsurance and exposure to non-rated reinsurance recoverables through mandatory cessions to the state-owned reinsurer in Pakistan. Traditionally, the company maintains one of the leading positions in the market, writing a diversified life and non-life portfolio and offering conventional and takaful products. In addition, Adamjee generated close to 40% of its non-life premium income through branch operations in the UAE in 2024, which provides the company with geographical diversification to a more stable country risk environment. The ERM assessment is viewed as marginal given the size and complexity of Adamjee's operations. The company's operations in Pakistan present exposure to very high levels of economic, political and financial system risks, some of which are beyond the company's control. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Business Recorder
19-05-2025
- Business
- Business Recorder
Karachi Slush'd: Startup founders on AI, building brands and the importance of saying ‘no'
In a panel discussion titled 'Building startups that last' at Karachi Slush'd this past weekend, Maheen Adamjee, founder and CEO of Dot & Line, said that 'as a founder, we need to recognize what part of your company is working well, and then to double down on that.' 'I really wanted to say today, how important it is to say no,' she said. 'I think very often we get pulled in by great ideas… we want to make our products very fancy. But to say more 'nos' than yesses', focusing on what is working, perfecting that and blocking out all other noise, is what will see you through at the end of the day. Dot & Line is an online learning platform matching learners with vetted and certified tutors and instructors. Adamjee also talked about the importance of knowing your budget and runway inside out and letting that be your north star to guide you and 'help you keep your head in the game'. No discussion these days is complete without talking about AI. On this, Adamjee said AI is not just about digitizing experiences or services at the end user stage but can also be used as a tool to improve efficiencies within a company. Meanwhile Zayaan Bawany, co-founder and managing director at Ticket Wala, agreed that AI can help build efficiencies. However, he said 'AI won't affect us that much' because his company is all about a hands-on approach and having personal relationships with every event organiser whose tickets they sell. This, he believes, is key to his firm's success. The panel was moderated by Faizan Sadi Syed, Founder & CEO of East River in the US. He summarised the panel discussion by stating 'the more data you feed AI, the more efficient it makes your business.' 'But ultimately, what I've understood is you need to have a clear understanding of who your customers are,' was his takeaway from the panelists. 'If you're bridging two sets of people, whether you're connecting teachers to students, or entertainers to audiences… You need to understand who you're serving and what you're serving them very clearly.' In another session, titled 'Building a brand that stands out', Kiran Ahmad said 'it is essential for startups, or for that matter anyone launching a brand or product, to focus on research and conceptualization, and to look at their vision and target audience. All of those aspects need to be very carefully weaved into a strong story.' 'When that happens, the rest of it becomes easier.' said the multidisciplinary graphic designer, researcher and academic. 'Of course, consistency is crucial,' she added, explaining that the story then needs to be carefully carried forward 'into a visual aspect' and reflected in a way that the user is able to experience the story through the brand and its products. Meanwhile, Fatin Nawaz, design strategist, noted that a bit of friction when designing a service 'isn't always bad.' She said that if you are a startup providing financing, for example, and you want to give a user $150,000, it shouldnt be too easy, because then it 'actually feels like a little bit of a scam.' So something that creates friction and a 'moment of pause' will make the user feel that 'this is a serious process.' This was the third iteration of Karachi Slush'D, held on May 17 at the National Aerospace Science and Technology Park under the theme 'Builder's Generation.' According to its website, 'this year's theme celebrates the founders, innovators, and changemakers who aren't just envisioning the future—they are actively building it.' 'With a focus on empowering early-stage entrepreneurs, Karachi Slush'D 2025 is dedicated to creating opportunities that help founders overcome market-specific challenges, scale their ventures, and drive lasting impact,' it said. 'By fostering an environment where collaboration and creativity thrive, this year's conference brings together a dynamic community of founders, investors, and industry leaders to shape the future of innovation and economic growth,' it added.
