RATINGS SUMMARY

CREDIT RATING – Entity	CURRENT	PREVIOUS	OUTLOOK
Long -Term	AA	A+	Stable
Short -Term	ST-1	ST-2
Valid Till :	21 Aug 2023

RATINGS EXPLANATION

AA (Double A):

This category for an insurance company is considered to offer adequate safety for timely repayment of financial obligations. It differs from the highest-rated insurance company only to a small degree. It is judged to be of very high quality and is subject to very low credit risk.

A+

Investment grade. High credit quality and low expectation of credit risk. When assigned this rating indicates the obligor has strong capacity to meet its financial obligations but may be vulnerable to adverse economic conditions compared to obligors with higher credit ratings.

ST-1 Highest Grade

Highest Certainty of timely payment. Short-term liquidity including internal fund generation is very strong and access to alternative sources of funds is outstanding, safety is almost like risk free Government short-term obligations.

ST-2

High certainty of timely payment. Liquidity factors are strong and supported by good fundamental protection factors. Risk factors are very small.