The Company was founded in 1934 by Dr. Sir Muhammad Iqbal, Hakeem-ul-Ummat, and is one of the oldest insurance companies of Pakistan.
The Company was taken over by the Atlas Group in 1980. The Company has made steady progress since its acquisition by the Atlas Group. The equity of the Company has grown from Rs. 1.6 million in 1979 to over Rs. 3.46 billion in 2018, total assets having grown to over Rs. 6.67 billion and investments from Rs. 4.594 million to over Rs. 3.71 billion. Atlas Insurance Limited has very sound reinsurance arrangements with the leading reinsurers of the world including Swiss Re from Switzerland, Hannover Re from Germany, Tokio Fire & Nichido Marine, Sompo from Japan, Luban Re from Malaysia and Saudi Re from Saudi Arabia among others.
After obtaining license from Securities and Exchange Commission of Pakistan, the Company launched its Window Takaful Operations in March, 2016. Under the supervision of certified and experienced Shariah Advisor, the General Takaful products were designed. Takaful will help not only to cater the requirements of our existing clientele but also to reach out to new market segments.
Acknowledging the financial strength of the Company, the Pakistan Credit Rating Agency Limited (PACRA) has maintained Insurer Financial Strength (IFS) rating of the Company at “AA” which denotes a very strong capacity to meet policyholders and contract obligations.
Atlas Insurance Limited a financially sound and professionally managed Company, has been awarded the Top Five Companies “Best Corporate Report Award” eight times, between 2003 to 2015, by the joint committee of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP). Atlas Insurance Limited has been awarded South Asian Federation of Accountants – SAFA “Best Presented Accounts Award” continuously for six years from 2006 to 2011. The Company is also recipient of “KSE Top 25 Companies Award”. Atlas Insurance Limited was awarded the “Insurance Journal Performance Awards” for the “Highest Underwriting Profit as Percentage of Written Premium” on the basis of results for the years 2012, 2013, 2014 and 2015 by the Insurance Journal. This award reflects the fundamental strength of the Company and its prudent underwriting policies.
The Company’s results have consistently been yielding handsome profit earnings. This was only made possible by excellent operating performance through professional and efficient service to clients, good management practices and cost controls, scaling new heights. Consistency, hard work, dedication, adherence to Company policies and procedures and code of conduct has contributed significantly towards the growth of the Company.
The Company has always sought to offer unique solutions to its clients and has the ability to offer creative alternatives to meet the challenges associated with the ever changing needs of its clients by offering specially designed policies. The Company follows sound underwriting policies and provides highest quality services to its valued clients. Atlas Insurance has the privilege of having many blue chip companies and large groups amongst its valued customers. It serves its customers through a strong branch network throughout the country backed by advanced computerized information and control system. Wide range of products for conventional and takaful is offered by Atlas which includes: