بميشيكات

Interim Financial Statements for the Nine Month ended September 30, 2019 (Unaudited)

Premier
Insurance

CONTENT

Company Information	03
Report of the Directors to the members	05

FINANCIAL STATEMENTS

Condensed Interim Statement of Financial Position

Condensed Interim Statement of Comprehensive Income

Condensed Interim Statement of Changes in Equity

Condensed Interim Statement of Cash Flows

Notes to the Condensed Interim Financial Statements

FINANCIAL STATEMENTS (WINDOW TAKAFUL)

Condensed Interim Statement of Financial Position

Condensed Interim Statement of Comprehensive Income
27

Condensed Interim Statement of Changes in Fund

Condensed interim Statement of Cash Flows

Notes to the Condensed Interim Financial Statements

BRANCH NETWORK
40

Board of Directors	Investment Committee
Khalid Bashir (Chairman)	Zahid Bashir (Chairman)
Zahid Bashir	Nadeem Maqbool (Member)
Imran Maqbool	Imran Maqbool (Member)
Nadeem Maqbool	Asadullah Khawaja (Member)
Shehryar Mazhar	Amjed Bahadur Ali (Member/Secretary)
Shams Rafi
Mr. Asadullah Khawaja	Claim Settlement Committee
Attaullah A. Rasheed	Attaullah A. Rasheed (Chairman) Muhammad Imran (Member)
Chief Executive Officer	Hassan Mustafa (Member/Secretary)
Zahid Bashir
	Underwriting Committee
Chief Financial Officer	Imran Maqbool (Chairman)
Amjed Bahadur Ali	M. K. Baig (Member) Afzal Ur Rehman (Member)
Head of Internal Audit	M.A. Hannan Shadani (Secretary)
Oan Ali Mustansir
	Reinsurance & Co-Insurance
Company Secretary& Head	Committee
of Compliance	Shams Rafi (Chairman)
Zeeshan Sattar	Afzal Ur Rehman (Member) Kamran Safi Rizvi (Member/Secretary)
Audit Committee
Nadeem Maqbool (Chairman)	Risk Management & Compliance
Khalid Bashir (Member)	Committee
Imran Maqbool (Member)	Shams Rafi (Chairman)
Asadullah Khawaja (Member)	Zahid Bashir (Member)
Oan Ali (Secretary)	Amjed Bahadur Ali (Member) Zeeshan Sattar (Member/Secretary)
Ethics, Human Resource, Remuneration
& Nomination Committee	Auditors
Nadeem Maqbool (Chairman)	EY Ford Rhodes, Chartered Accountants
Asadullah Khawaja (Member)
Zahid Bashir (Member)	Legal Advisors
Attaullah A. Rasheed (Member)	Arfin & Company Advocates
Niina Khan (Secretary)

Report of the Directors to the Members

The Directors are pleased to present the unaudited condensed interim financial statements of the
Company for the nine months ended September 30, 2019.

Performance Review	Conventional		Takaful
Performance Review	September 30, 2019	September 30, 2018	September 30, 2019	September 30, 2018
	(Rupees in '000)
Premium / contribution written	408,272	433,169	86,534	95,743
Net Premium/ contribution	170,128	268,845	101,022	105,927
Underwriting Result	(120,616)	(116,173)	61	(2,215)
Investment loss	(146,288)	2,628	(1,070)	-
Profit / (Loss) before taxation	(241,769)	(101,894)	(15,899)	467
Profit / (Loss) after taxation	(265,875)	(110,003)	-	-
(Loss) per share	(5.26)	(2.18)

Company reported a decline of 5.75% in gross written premium during the nine months period
ended September 30, 2019. This is mainly due to not accepting loss making businesses which
helped company to reduce its overall claim cost by 59.7% as compared to last year and
underwriting loss increased by Rs. 4.4 million.

Company's Window Takaful Operations reported a decline of 9.62% in gross contribution
during the nine months period ended September 30, 2019 following the same pattern adopted
in conventional business due to which company successfully reduced its overall claim cost by
10.1% as compared to last year and underwriting profit increased by Rs. 2.3 million.

Your company is constantly striving to acquire new business through customization of its
products to suit a wider customer base. As a result your company will regain its momentum in
the years to come. The Company has adopted prudent approach in conducting business as
those businesses were not renewed during the period under review which were incurring
losses regularly.

Acknowledgment

We would like to thank our valued customers for their continued patronage and support and to
the Pakistan Reinsurance Company Limited, Securities and Exchange Commission of
Pakistan and State Bank of Pakistan for their guidance and assistance.

It is a matter of deep gratification for your Directors to place on record their appreciation of the
efforts made by officers, field force and staff who had contributed to the growth of the Company
and the continued success of its operations.

On behalf of the Board
Zahid Bashir
CEO/Director

Karachi, Dated: October 29, 2019

Premier Insurance Limited

مران ــ لة وامر يكثر ان كى ريورث

دائر يكثران غير آ ؤث شده اختصادى عبورى مالياتى كوشوارت برات من مائى محتحه 30 جمبر 2019-يش كرت بوت اخبار مرت كرت مين

جائزة كاركروكى روايتي جائزه			تكافل جائزه
	30 جمبر	30 جمبر	30 جمبر	30 جمبر
	2019	2018	2019	2018
محمريدى بريم	408,272	433,16 9	86,534	95,743
خالص بريميم	170,128	268,845	101,022	105,927
يمددارى ک نتانج	(120,616)	(116,173)	61	(2,215)
مرمايا كارى ت حاصل بون	(146,288)	2,628	(1,070)	-
والى آمد فى	(241,769)	(101,894)	(15,899)	467
منا فع قبل اذْ يكس	(265,875)	(110,003)	-	-
منا فع بعد ليكس	(5.26)	(2.18)

كينى كو 30 سبتمبر 2019 كوفتم بوت واسا أوماه ـ عر ت س دوران مجموع تحريرى به يم بين 5.75 فيصدك كي مونى-

مجموع طور يراس كى بغيادى وجد نقصان كرت واسى كاروبارى ادارول وتجول تذكرناب بس كى وجدت يعنى كوكذ شتسال س مقابل سين اتي مجموع
دعوى كى لاكت بين 59.7 فيصدكى كى مونى ٢- تدعى سال ـ مقاب شاور ياسدارى منافع مين 4.4 ملين، اضافه بواب-

رواي كاروباريس الى طرزع بعد 30 سبتمبر 2019 كوفتم بوت والانوماه ـ عرت بيل ينى ك وعد وتكافل ابريشرين مجموع شراكت
9.62 فيصدك كي موتى جس كى وجدت ينى فى كذ شة سال ، مقابل بين كاميالي ك مسا تهدانى مجموع دعو ك لاكت كو 10.1 فيصدكم
كيما اور باسدادى منافع بين 2.3 لين كاضافه بمواكيا-

آب كى كينى وسيع تركتمر بيست مطابق اتي مصنوعات ك اصلاتت ذرع فى كاروبارك حصول كيلة كوثالبس ]فجر طور؟
آپکی مییآے والےسالوں یں ایحرفاردەپارهحاصل کرےگی ینیے کاروبارئے انعقاد ےسلسلے ہیی مھداری کا اندائهاینایب
كيوتكم جائز كى مدت كودوران ان كاروبارول كى تجد يدين كى كى فى جن كى وجدت با قاعدكى ت نقصان الهانايؤثاتها-

اعتراف:

بم شكرية اذاكرنا مابين سعر ات حزم كابول كان مسلسل حمايت اور سبارتك سلة اور باكستان رى النشورانس كينى اوريكور يراغداً
كميشن آف باكستان كا اوراسحيث بينك آف باكستان كان سك تعاون اورر جنمائى تلت يدبرج الميزان كايات ب كم بمارت واتر يكثران ]
ہے کموهحارے اقران فيلدفورں اوراشافکیکوشٹول اورجدوجھدومراٹ ہیی ھویی کینشوتما اوراسكے آیریشن ےمسلسل کامیالیکاباعث .

بورؤك جانبت
زابدشير
ى اى او/ ؤاثر يكثر

كرامي مورخه 29اكتوبر 2019

Condensed Interim Statement of Financial Position

AS AT 30 SEPTEMBER 2019

Assets	Note	Unaudited 30 September 2019	Audited 31 December 2018
Assets	Note	Rupees in '000
Property and equipment	7	234,636	232,684
Intangible assets	8	3,138	4,038
Investment properties	9	268,348	266,586
Investment in equity securities and mutual fund units	10	637,372	806,620
Investment in associate		204,828	204,828
Loans and other receivables	11	73,901	50,992
Insurance / reinsurance receivables	12	941,226	1,015,797
Reinsurance recoveries against outstanding claims	20	515,528	540,560
Salvage recoveries accrued		4,232	3,080
Deferred commission expense	21	26,131	27,131
Prepayments	13	153,766	116,928
Cash and bank	14	86,095	72,840
Total Assets of General Takaful Operations - Operator's Fund		3,149,200 108,920	3,342,084 106,312
Total Assets		3,258,120	3,448,396
Equity and Liabilities
Capital and reserves attributable to Company's equity holders
Ordinary share capital		505,650	505,650
Reserves		1,185,409	1,148,897
Accumulated losses		(745,288)	(479,413)
Total Equity		945,771	1,175,134
Liabilities
Underwriting provisions
Outstanding claims including IBNR	20	871,413	923,861
Unearned premium reserves	19	271,245	249,002
Unearned reinsurance commission	21	21,509	18,362
Retirement benefit obligations		6,674	6,561
Liabilities against asset subject to finance lease		13,333	1,614
Insurance / reinsurance payables		703,633	651,593
Other creditors and accruals	16	269,687	300,623
Unclaimed dividends		25,527	26,166
Taxation - provision less payment		56,373	51,517
Total Liabilities		2,239,394	2,229,299
Total Liabilities of General Takaful Operations - Operator's Fund		72,955	43,963
Total Equity and Liabilities		3,258,120	3,448,396
Contingencies and commitments	17

The annexed notes 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director	Director	Chief Financial Officer
7		Premier Insurance Limited

Condensed Interim Profit and Loss Account (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

	Note	Aggregate Quarter ended		Aggregate Nine months period ended
		30 September 2019	30 September 2018	30 September 2019	30 September 2018
		Rupees in '000
Net Insurance premium	19	55,367	97,056	170,128	268,845
Net insurance claims	20	(25,528)	(41,427)	(60,069)	(149,129)
Net commission expense and other acquisition costs	21	(12,951)	(10,962)	(34,249)	(41,878)
Insurance claims and acquisition expenses		(38,479)	(52,389)	(94,318)	(191,007)
Management expenses	22	(74,330)	(74,636)	(196,426)	(194,011)
Underwriting results		(57,442)	(29,969)	(120,616)	(116,173)
Investment income / loss	23	4,368	8,785	(146,288)	2,628
Rental income		860	960	2,420	1,235
Revaluation gain on investment property	9.1	-	-	1,762	-
Other income	24	8,960	1,571	29,949	24,628
Other expenses	25	609	(3,868)	(7,640)	(13,952)
Results of operating activities		(42,645)	(22,520)	(240,413)	(101,634)
Finance costs		(442)	(69)	(1,356)	(260)
Share of profit/ (loss) from associates		-	-	-	-
Loss before tax from General Insurance Operations		(43,086)	(22,589)	(241,769)	(101,894)
Loss before tax from Window Takaful
Operations - Operator's Fund		4,980	11,139	(15,899)	467
Loss before tax for the period		(38,106)	(11,451)	(257,668)	(101,427)
Income tax expense		(4,743)	(4,720)	(8,208)	(8,576)
Loss after tax		(42,850)	(16,171)	(265,875)	(110,003)
Other comprehensive income:
Unrealized gains on available-for-sale investments - net		(17,155)	19,650	34,056	73,375
Other comprehensive income from Window Takaful
Operations - Operator's Fund		-	312	2,456	413
Total other comprehensive Income for the period		(17,155)	19,962	36,512	73,788
Total comprehensive loss for the period		(60,004)	3,791	(229,364)	(36,215)
Loss (after tax) per share - Rupees	26	(0.85)	(0.32)	(5.26)	(2.18)

The annexed notes 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Chief Financial Officer

Condensed Interim Statement of Changes in Equity (unaudited)

FOR THE NINE MONTHS
PERIOD ENDED 30 SEPTEMBER 2019

	Share capital Reserves
	Issued, subscribed and paid-up	Capital reserves		Revenue reserves
	Issued, subscribed and paid-up	Reserve for exceptional losses	Devaluation reserve	General reserve	Revaluation Reserves . Available for sale Investmenta	Revaluation Reserves - Property and Equipment	Accumulated losses	Total reserves	Total equity
	Rupees In '000
Balance as al 01 January 2018	505,650	19,490	165	996,851	151,104		(490,060)	677,570	1.183,220
Loss for the period ended 30 September 2018 Other comprehensive Income for the period					73,788		(110,003)	(110,003) 73,788	(110,003) 73,788
Total comprehensive Income / loss for the period ended 30 September 2018					73,788		(110,003)	(36,215)	(36,215)
Bonus shares issued
Balance as al 30 September 2018	505,650	19,490	165	996,651	224,892		(800,063)	641,355	1,147,005

Balance as at 01 January 2019	505,650	19,490	185	996,851	96,512	35,859	(479,413)	669,484	1,175,134
Loss for the period ended 30 September 2019 Other comprehensive Income for the period					36,512		(265,875)	(265,875) 36,512	(265,875) 36,512
Total comprehensive income / (loss) for the period ended 30 September 2019					36,512		(265,875)	(229,364)	(229,364)
Transfer from general reserve
Balance as at 30 September 2019	505,650	19,490	185	996,851	133,024	35,859	(745,288)	440,120	945,770

The annexed notes 1 to 31 form an Integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Chief Financial Officer

Premier Insurance Limited

Condensed Interim Statement of Cash flows (unaudited)

FOR THE NINE MONTHS PERIOD
ENDED 30 SEPTEMBER 2019

	Nine months period ended
	30 September 2019	30 September 2018
Operating cash flows	Rupees in '000
a) Underwriting activities
Insurance premium received	413,710	439,168
Reinsurance premium paid	(188,354)	(262,197)
Claims paid	(140,162)	(400,729)
Reinsurance and other recoveries received	50,190	271,799
Commission paid	(48,276)	(54,061)
Commission received	32,538	36,781
Other acquisition costs paid	(21,783)	(14,656)
Management expenses paid	(131,966)	(141,262)
Net cash used in underwriting activities	(34,104)	(125,157)
b) Other operating activities
Income tax paid	(3,352)	(2,398)
Other operating payments	2,845	(65,745)
Other operating receipts	17,044	21,405
Loans advanced, deposits made	(20,999)	(35,170)
Other liabilities paid	(17,037)	(34,990)
Total cash (used in) / generated from other operating activities	(21,499)	(116,898)
Total cash used in all operating activities	(55,603)	(242,055)
Investment activities
Profit / return received	14,122	17,765
Rental received	2,420	-
Payment for investments	(3,772)	(100,991)
Proceeds from investments	46,517	238,717
Fixed capital expenditure	(2,635)	(1,204)
Proceeds from sale of property and equipment	17,103	7,130
Total cash flow from Investing activitles	73,756	161,417
Financing activities
Interest paid	(1,356)	-
Dividend paid	(639)	-
Payment of lease liability	(2,903)	(3,173)
Total cash used in financing activities	(4,898)	(3,173)
Net cash used in all activities	13,255	(83,811)
Cash and cash equivalents at beginning of the period	72,840	149,275
Cash and cash equivalents at end of the period	86,095	65,464

Condensed Interim Statement of Cash flows (unaudited)

FOR THE NINE MONTHS PERIOD
ENDED 30 SEPTEMBER 2019

	Nine months period ended
	30 September 2019	30 September 2018
	Rs In 000
Reconciliation to profit or loss account
Operating cash flows	(55,603)	(242,055)
Depreciation and amortization expense	(9,344)	(11,362)
Financial charges expense	(1,356)	-
These condensed interim financial statements for the nine months period ended Septembe	12,904	3,670
(Loss) / profit on disposal of investments	(1,368)	43,740
Impairment loss	(162,321)	(40,323)
Rental income	2,420	1,235
Dividends received	18,245	-
Other income	29,949	20,170
Loss from Window Takaful Operations - Operator's Fund	(15,899)	467
Decrease in assets other than cash	(203,531)	(190,543)
Decrease in liabilities other than borrowings	118,266	304,998
Gain on revaluation of investment property	1,762	-
Loss after taxation	(265,875)	(110,003)

Definition of cash

Cash comprises cash in hand, stamps in hand, current and saving accounts and short-term deposits maturing within 3 months.

Cash for the purpose of the statement of cash flows consists of:

Cash and other equivalents Cash	81	105
Stamps in hand	672	924
Stamps in hand	753	1,029
Current and other accounts
Current accounts	23,246	28,679
Savings accounts	62,096	35,756
	85,342	64,435
Total cash and cash equivalents
	86,095	65,464

The annexed notes 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Chief Financial Officer

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

1. LEGAL STATUS AND NATURE OF BUSINESS

Premier Insurance Limited (the Company) was incorporated as a public limited Company in Pakistan in May 1952 and is engaged in
general insurance business. The shares of the Company are listed on the Pakistan Stock Exchange. The registered office of the
Company is situated at 5th Floor, State Life Building No. 2A, Wallace Road, Karachi. The Company has been allowed to work as
Window Takaful Operator since 02 October 2015 by Securities and Exchange Commission of Pakistan (SECP) under SECP Takaful
Rules, 2012 to carry on General Window Takaful Operations in Pakistan.

2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE

These condensed interim financial statements has been prepared in accordance with the accounting and reporting standards as
applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim
financial reporting comprise of International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International
Accounting Standards Board (IASB) as notified under the Companies Act 2017 and provisions of and directives issued under
Companies Act 2017, Insurance Ordinance 2000, Insurance Rules 2017, Insurance Accounting Regulations, 2017, Takaful Rules
2012. Where the provisions of and directives issued under Companies Act 2017 and provisions of and directives issued under
Companies Act 2017, Insurance Ordinance 2000, Insurance Rules 2017, Insurance Accounting Regulations, 2017, Takaful Rules 2012
differ with the requirements of IAS 34, the provisions and directives issued under Companies Act, 2017 and provisions of and directives
issued under Companies Act 2017, Insurance Ordinance 2000, Insurance Rules 2017, Insurance Accounting Regulations 2017,
Takaful Rules 2012 have been followed.

In terms of the requirements of the Takaful Rules 2012, read with SECP Circular 25 of 2015 dated 09 July 2015, the assets, liabilities,
profit and loss of the Operator's Fund of the General Takaful Operations of the Company have been presented as a single line item in
the statement of financial position and statement of comprehensive income of the Company respectively.

Further, a separate set of condensed interim financial statements of the General Takaful Operations has been annexed to these
financial statements as per the requirements of the Takaful Rules, 2012.

These condensed interim financial statements is prepared and presented in Pakistani Rupees, which is the Company's functional and
presentation currency.

These condensed interim financial statements for the nine months period ended September 30, 2019 have been prepared under the
historical cost convention, except that investments classified as available-for-sale are stated at fair value and obligations under
employee benefits are measured at present value.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements
are the same as those applied in the preparation of the annual audited financial statements for the year ended December 31, 2018
except as follows:

3.1 .1 New / Revised Standards, Interpretations and Amendments

The Company has adopted the following standards and amendment to IFRSs which became effective for the current period:

Standard or Interpretation

IFRS 2 - Share-based Payments - Classification and Measurement of Share-based Payments Transactions (Amendments)

IFRS 16 - Leases

IAS 40
- Investment Property: Transfers of Investment Property (Amendments)

IFRIC 22 - Foreign Currency Transactions and Advance Consideration

The adoption of the above standards and amendments in the accounting standards did not have effect on these condensed interim
financial statements.

3.2 Accounting for leases under IFRS 16

During the current period, the Company have adopted IFRS 16 as issued by the International Accounting Standards Board (IASB) in
January 2016.

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-
Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the
principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under
a single on-balance sheet model.

The Company has lease contracts for its various branches and head office. Before the adoption of IFRS 16, the Company classified
each of its leases (as lessee) at the inception date as an operating lease. In an operating lease, the leased property was not capitalized
and the lease payments were recognized as rent expense in profit or loss on a straight-line basis over the lease term. Any prepaid rent
and accrued rent were recognized under Prepayments and Trade and other payables, respectively.

Upon adoption of IFRS 16, the Company Initially recognized a lease liability for the obligation to make lease payments and a right-of-
use (RoU) asset for the right to use the underlying asset for the lease term against a consideration. The lease liability is measured at
the present value of the consideration (lease payments) to be made over the lease term. The lease payments are discounted using the
interest rate implicit in the lease, unless it is not readily determinable, in which case the lessee may use the incremental rate of
borrowing. The right-of-use asset is initially measured at the present value of lease liability, adjusted for lease prepayments and
borrowing costs.

As permitted by the transitional provisions of IFRS 16, the Company elected not to restate the comparative figures and not to adjust the
opening retained earnings. Accordingly, adjustment to the carrying amount of assets and liabilities were recognized in the current
period.

The effect of adoption of IFRS 16 as at 01 January 2019 (increase / (decrease)) is as follows:

Assets	Rs. in '000
Right of use assets	14,066
Total Assets	14,066
Liability
Liabilities against asset subject to finance lease	14,066
Total Liability	14,066

The Company also applied the available practical expedients wherein it:

- Used a single discount rate to a portfolio of leases with reasonably similar characteristics

- Relied on its assessment of whether leases are onerous immediately before the date of initial application

- Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application

Summary of new accounting policies

Set out below are the new accounting policies of the Company upon adoption of IFRS 16, which have been applied from the date of
initial application:

Right-of-use assets

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs
incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is
reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are
depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to
impairment.

Lease liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees.

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a
change in the assessment to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term leases
and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Significant judgment in determining the lease term of contracts with renewal options

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.

The Company has the option, under some of its leases to lease the assets for additional terms subject to rental agreement between the
parties to the contract. The Company applies judgment in evaluating whether it is reasonably certain to exercise the option to renew.
That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date,
the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its
ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

Set out below, are the carrying amounts of the Company's right-of-use assets and lease liabilities and the movements during the
period:

	Right of use assets	Lease liabilities
	Rupees in '000
As at 01 January 2019	14,066	14,066
Additions	-	-
Depreciation expense	(1,756)	-
Interest expense	-	1,262
Payments	-	(2,903)
As at 30 September 2019	12,310	12,425

4. ESTIMATES AND JUDGMENTS

The preparation of these condensed interim financial statements requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses.
Actual results may differ from these estimates.

The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the annual financial statements for the year ended December 31, 2018.

5. FINANCIAL AND INSURANCE RISK MANAGEMENT

The Company's financial and insurance risk management objectives and policies are consistent with those disclosed in the annual
financial statements as at and for the year ended December 31, 2018.

6. PREMIUM DEFICIENCY RESERVE

No provision has been made as the uneamed premium reserve for each class of business as at September 30, 2019 is considered
adequate to meet the expected liability after reinsurance, for claims and other expenses, expected to be incurred after the reporting
date in respect of policies in force at the reporting date.

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

7.	PROPERTY AND EQUIPMENT	Note	Unaudited 30 September 2019	Audited 31 December 2018
7.	PROPERTY AND EQUIPMENT	Note	Rupees in 000
	Operating fixed assets	7.1	189,308	198,461
	Capital work-in-progress		26,109	26,109
	Right of use assets / leased vehicles	7.2	19,218	8,114
			234,636	232,684
7.1	Operating fixed assets
	Opening written down value		198,461	222,218
Add: Additions during the period / year			2,635	837
Less: Book value of disposals during the period / year			(4,199)	(13,370)
Depreciation charged during the period / year			(7,588)	(11,226)
			(11,787)	(24,595)
			189,308	198,461
7.2	Right-of-use assets
	The Company has recognized right-of-use assets in respect of the following leases:
	Vehicles under finance lease		6,909	8,114
Head office and branches			12,310	-
			19,218	8,114
8.	INTANGIBLE ASSETS
	Opening written down value		4,038	5,006
	Add: Additions during the period / year		-	680
			4,038	5,686
	Less: Amortization charged during the period / year		(900)	(1,649)
	Book value of disposals during the period		-	-
			3,138	4,038
9.	INVESTMENT PROPERTIES
	Carrying value at the beginning of the period / year		266,586	162,243
	Transfer from property plant and equipment		-	44,954
	Unrealized gain on revaluation during the period / year	9.1	1,762	59,389
	Carrying value at the end of the period / year		268,348	266,586

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

9.1 The fair value of the investment properties was determined by external, independent property value having appropriate recognized professional qualifications and recent experience
in the location and category of the property being valued. The Independent valuer provides the fair value of the Company's investment properties every year.

10. INVESTMENTS IN EQUITY SECURITIES AND MUTUAL FUND UNITS

	Unaudited 30 September 2019				Audited 31 December 2018
	Cost - Net of Impairment	Impairment for the period	Revaluation Surplus / (Deficit)	Carrying Value	Cost - Net of Impairment	Impairment for the year	Revaluation Surplus / (Deficit)	Carrying Value
	Rupees in 000
Available for sale
Related parties - Associated Companies
Listed shares	204,142	(11,558)	11,201	203,784	214,003	(9,861)	26,316	230,458
Unlisted shares	114,983	-	-	114,983	114,983	-	-	114,983
Other than related parties
Listed shares	498,582	(150,762)	(70,120)	277,700	581,675	(65,720)	(93,083)	422,872
Mutual funds	26,203	-	14,702	40,905	23,676	-	14,631	38,307
	843,910	(162,320)	(44,217)	637,372	934,337	(75,581)	(52,136)	806,620

Investments in Mutual funds having carrying cost of Rs.26.203 million (2018: Rs.23.675 million) are placed as statutory deposit with State Bank of Pakistan in compliance of section
29 of Insurance Ordinance, 2000.

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

		Note	Unaudited 30 September 2019	Audited 31 December 2018
		Note	Rupees in '000
11.	LOANS AND OTHER RECEIVABLES
	Mark-up receivable		2,000	90
	Loans to employees	11.1	4,482	1,638
	Deposits	11.2	37,039	35,095
	Advance to agents		1,530	2,835
	Other receivables		28,850	11,334
			73,901	50,992
11.1	These are short term, unsecured interest free loans and company adjustable against salaries.	advances provided	to permanent	employees of the
11.2	These include Rs. 24 million (2018: Rs. 24 million) deposited possibility of the eventual beneficiary being other than the advisor.	under a court Company is considered	order in respect of a remote by the	claim where the Company's legal
12.	INSURANCE / REINSURANCE RECEIVABLES
	Premium due but unpaid		551,750	565,353
	Less: Provision for doubtful
	receivables from insurance contract holder		(127,301)	(123,218)
			424,449	442,135
	Amounts due from other insurers / reinsurers		596,364	649,167
	Less: Provision for doubtful
	receivables from insurers / reinsurers		(79,587)	(75,505)
			516,777	573,662
			941,226	1,015,797
13.	PREPAYMENTS
	Prepaid reinsurance premium ceded		141,290	116,797
	Other prepaid expense		12,476	131
			153,766	116,928
14.	CASH AND BANK
	Cash and other equivalents
	- Cash in hand		81	46
	- Policy, revenue stamps & bond papers		672	856
	Cash at bank
	- Current accounts	14.1	23,246	26,919
	- Savings accounts	14.2	62,096	45,019
			86,095	72,840

14.1
This includes Rs.20 million (2018: Rs.20 million) placed as statutory deposit with the State Bank of Pakistan in
compliance with section 29 of Insurance Ordinance, 2000.

14.2
The rate of return on saving accounts held with various banks range from 7.0% to 10.25% per annum (2018: 2.7%
to 6.0%).

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

			Unaudited 30 September 2019	Audited 31 December 2018
		Note	Rupees in '000
15.	WINDOW TAKAFUL OPERATIONS - Operator's Fund
	ASSETS
	Property and equipment		-	1,040
Intangible assets			-	847
Investments			-	39,465
Loan and other receivables			19,238	19,100
Deferred commission expense			5,127	7,742
Prepayments			798	539
Cash and bank			737	1,559
			25,900	70,292
	Qard-e-Hasna		83,020	36,020
Total Assets			108,920	106,312
	Total Liabilities		72,955	43,964

	Unaudited
	30 September 2019	30 September 2018
Operator's revenue accounts	Rupees in '000
Wakala fee	38,020	41,235
Net commission expenses and other acquisition costs	(10,115)	(8,966)
Management expenses	(37,064)	(30,293)
Investment income / loss	(4,652)	1,634
Profit on bank deposits	148	-
Other expenses	(2,236)	(3,143)
Loss for the period	(15,899)	467
INSURANCE / REINSURANCE PAYABLE
Amounts due to other insurers / reinsurers	703,923	651,593
	703,923	651,593
BORROWINGS
Finance lease obligation	-	-
Liabilities against asset subject to finance lease	13,507	1,614
	13,507	1,614

16.

			Unaudited 30 September 2019	Audited 31 December 2018
Rupees in '000
16.	OTHER CREDITORS AND ACCRUALS
	Bonus payable		4,541	11,021
Commissions payable			200,178	207,597
Federal excise duty and sales tax			19,469	16,994
Federal insurance fee			139	117
Deposits and margins			6,027	6,690
Payable against investments			-	-
Provision for sales tax			-	7,728
	Provision for rent	16.1	14,000	14,000
Others		16.2	25,333	36,476
			269,687	300,623

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

16.1 This includes provision for rent amounting to Rs. 14 million (2018: Rs.14 million) against which the Company is in litigation with
the landlord. The possibility of the eventual beneficiary being other than the Company is considered remote by the Company's
legal advisor. However, the Company has made a provision of the disputed amount as a matter of prudence.

6.2 This includes sundry liabilities, liability for unpresented cheques, miscellaneous liabilities for day to day expenses and inter
branch payables.

17.	CONTINGENCIES & COMMITMENTS	Unaudited 30 September 2019	Audited 31 December 2018
		Rupees in 000
17.1	Commitment for capital expenditure	15,038	15,038

17.2 Contingencies are same as disclosed in the annual financial statements for the year ended 31 December 2018.

18.
DEFERRED TAXATION

Deferred tax asset of Rs. 268.158 million (2018: 197.22 million) has not been recognized in the these condensed interim financial
statements on account of uncertainty of future profit taxable in accordance with Company's accounting policy.

	Unaudited
These condensed interim financial statements for the nine m	Quarter ended		Nine months period ended
These condensed interim financial statements for the nine m	30 September 2019	30 September 2018	30 September 2019	30 September 2018
	Rupees in '000
19. NET INSURANCE PREMIUM
Written gross premium	222,340	243,061	408,272	433,168
Add: Unearned premium reserve opening	180,398	198,896	249,002	389,884
Less: Unearned premium reserve closing	(271,245)	(281,673)	(271,245)	(281,673)
Premium Earned	131,493	160,284	386,029	541,379
Less: Reinsurance premium ceded	144,237	150,271	240,394	255,002
Add: Prepaid reinsurance premium opening	73,179	96,610	116,797	201,185
Less: Prepaid reinsurance premium closing	(141,290)	(183,653)	(141,290)	(183,653)
Reinsurance expense	76,126	63,228	215,901	272,534
Net insurance premium	55,367	97,056	170,128	268,845
20. NET INSURANCE CLAIMS
Claims paid	35,422	69,683	140,162	395,842
Less: Outstanding claims including IBNR opening	(857,678)	(1,113,888)	(923,861)	(1,267,121)
Add: Outstanding claims including IBNR closing	871,413	1,102,465	871,413	1,102,465
Claims expense	49,157	58,260	87,714	231,186
Less: Reinsurance and other recoveries received	15,274	26,326	52,677	227,942
Less: Reinsurance and other recoveries received	(507,173)	(596,711)	(540,560)	(733,103)
in respect of outstanding claims - opening	(507,173)	(596,711)	(540,560)	(733,103)
Add: Reinsurance and other recoveries received in respect of outstanding claims - closing	515,528	587,218	515,528	587,218
Reinsurance and other recoveries revenue	23,629	16,833	27,645	82,057
Net insurance claims	25,528	41,427	60,069	149,129

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

	Unaudited
	Quarter ended		Nine months period ended
	30 September 2019	30 September 2018	30 September 2019	30 September 2018
	Rupees in '000
21. NET COMMISSION EXPENSE AND OTHER ACQUISITION COSTS
Commission paid or payable	23,053	32,466	40,857	57,800
Add: Deferred commission opening	16,008	24,037	27,131	50,501
Less: Deferred commission closing	(26,131)	(35,712)	(26,131)	(35,712)
Commission expense	12,930	20,791	41,857	72,589
Less: Commission received or recoverable from reinsurers	19,394	23,117	32,538	36,781
Add: Unearned reinsurance commission opening	12,266	14,455	18,362	33,363
Less: Unearned reinsurance commission closing	(21,509)	(24,777)	(21,509)	(24,777)
Commission from reinsurance	10,151	12,795	29,391	45,367
Net Commission expense	2,779	7,996	12,466	27,222
Add: Other acquisition costs
Tracking device expenses	2,673	1,853	13,189	12,300
Service charges	7,230	24	7,467	121
Other costs	269	1,089	1,127	2,235
	10,172	2,966	21,783	14,656
Net Commission expense and other acquisition costs	12,951	10,962	34,249	41,878
22. MANAGEMENT EXPENSES
Employee benefit cost	52,016	49,707	140,652	126,620
Depreciation	3,145	3,365	9,344	10,167
Rent, rates and taxes	719	960	719	3,173
Legal and professional charges	1,960	3,505	4,438	12,747
Electricity, gas and water	1,626	2,096	4,181	3,882
Entertainment	999	924	2,667	2,530
Vehicle running expenses	898	795	2,532	2,390
Office repairs and maintenance	1,294	2,111	3,479	4,537
Postages, telegrams and telephone	1,376	1,861	4,074	4,691
Bad and doubtful debts	4,446	4,861	8,165	8,663
Others	5,851	4,451	16,175	14,611
	74,330	74,636	196,426	194,011

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

	Quarter 30 September 2019	ended 30 September 2018 Rupees	Unaudited in '000 Nine months 30 September 2019	period ended 30 September 2018
23. INVESTMENT INCOME / LOSS
Income from equity securities and mutual fund units - Dividend income	4,504	5,411	18,245	17,589
Net realized gains / (losses) on investments
Available for sale
- Equity securities	(119)	6,198	(1,368)	28,669
Total investment income	4,385	11,609	16,877	46,258
Less: Impairment in value of available for sale securities - Equity Securities	-	(1,500)	(162,320)	(40,323)
Less: Investment related expenses	(16)	(1,324)	(845)	(3,307)
	4,368	8,785	(146,288)	2,628
24. OTHER INCOME
Return on bank balances	742	169	2,052	789
Gain on sale of fixed assets	6,266	1,402	12,904	3,669
Reversal of excess provision of sales tax - health insurance	-	-	7,728	-
Miscellaneous	1,952	-	7,264	20,170
	8,960	1,571	29,949	24,628
25. OTHER EXPENSES
Auditors' remuneration	453	1,264	1,360	1,685
Subscription	(1,526)	1,591	1,799	6,689
Donations	-	-	-	-
Inadmissible input tax expense	390	9	1,716	2,008
Sales promotion expense	269	563	2,292	2,467
Others	(195)	441	473	1,103
	(609)	3,868	7,640	13,952
26. LOSS PER SHARE
Loss after tax for the period	(42,850)	(16,171)	(265,875)	(110,003)
	Number of shares in '000
Weighted average number of ordinary shares	505,650	505,650	505,650	505,650
	Rupees
Loss per share	(0.85)	(0.32)	(5.26)	(2.18)

No figure for diluted earnings per share has been presented as the company has not issued any instrument which would dilute its
basic loss per share when exercised.

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

27. RELATED PARTY TRANSACTIONS

Related parties comprise associated companies, entities under common control, entities with common directors,
major shareholders, directors, key management personnel and funded employee retirement benefit schemes.

Details of the balances and transactions with related parties, other than those which have been specifically
disclosed elsewhere in these financial statements, are as follows:

	Unaudited
	Nine months period ended
	30 September 2019	30 September 2018
	Rupees in '000
Transactions during the period with -
Associated Companies
Premium underwritten	127,149	131,486
Claims paid	22,612	45,111
Commission paid	14,733	2,395
Dividend received	-	-
Others
Premium underwritten	69	269
Meeting fees	1,315	1,135
Remuneration and retirement benefits to
key management personnel	107,544	81,743

Period / year end balances with -	Unaudited Audited Nine months period ended
Period / year end balances with -	30 September 2019	31 December 2018
	Rupees in 000
Associated Companies
Premium receivable	183,308	167,174
Claims outstanding	46,407	54,276
Commission outstanding	-	14,265
Others
Premium receivable	132	367
Claims outstanding	65	-
Commission outstanding	-	-

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

	Fire and property damage		Marine, avedon and transport		Motor		Health		Miscellaneous		Total
	2019	2018	2019	2010	2019	2018 Rupees	In '000 2019	2018	2019	2018	2019	2010
Premium receivebis (Inclusive of FED / sales tax,	138,87%	146,228	13,780	18,520	43,471	47,037	22,378	28,494	34,188	39,188	253,881	277,447
federal Insurence fes and administrative surcharge)	138,87%	146,228	13,780	18,520	43,471	47,037	22,378	28,494	34,188	39,188	253,881	277,447
Loss: FED / sales tax	17,410	18,260	1,507	027	5,998	6,391	11		4,549	5,000	29,174	30,638
Less: Federal Insurance fee	1,166	1,202	121	1,624	373	322	222	283	295	336	2,177	3,747
Grosa written premium (Inclusive of administrative surcharge)	121,201	126,768	12,062	15,969	37,500	40,324	22,145	20,231	29,347	33,772	222,340	243,002
Gross direct premium	115,020	120,332	11,775	15,524	36.632	30,435	22,017	25,197	29,179	33.436	215,633	234,925
Facultative Inward premium	4,737	5,789			199	1					4,938	5,790
Administrative surcharge	52₺	645	284	445	668	887	45	34	247	316	1,770	2,327
Insurance premium onmed	52,500	60,134	12,835	19,175	31,743	43,014	11,834	5,471	22,441	25.480	131,483	160,254
Insurance premium ceded to relrunra	(54,820)	(35,250)	(7,000)	(9,523)	[587)	[1,510)	(4,394)	(1,905)	(0,347)	(15,031)	(75,126)	(63,228)
Net Insurance premium	(2,290)	30,884	4,887	9,862	31,166	41,496	7,540	4,586	14,094	10,469	55,387	97,058
Commission Income	6,583	8,459	1,306	1,608	16	13	743	471	1,413	2,188	10,151	12,795
Het underwidng Income	4,293	39.343	6,253	11,318	31,171	41,509	4,253	5,037	15,900	12,645	56,017	100,551
Insurance claims	(0,155)	(27,456)	(707)	2,075	(14,738)	(13,575)	(23,055)	(18,185)	(2,500)	(1,108)	(48,156)	(58,250)
Insurance claims recovered from reineurance	7,580	14,113	811	(1,828)	161	(11)	13,258	9,218	2,049	(4,880)	23,629	18,833
Met Claim	(99%)	(13,353)	(5)	449	(14,587)	(13,585)	(0,797)	(0,969)	(451)	(5,968)	(25,527)	(41,427)
Commission sponso	(5,135)	(8,568)	(1,297)	(2,500)	(3,005)	[5,577)	(1,019)	(781)	(2,301)	(3,356)	(12,931)	(20,791)
Management expanse	(20,874)	(31.032)	(7,083)	(9,40g)	(18,131)	(20,085)	(7,810)	(4,456)	(11,853)	(10,655)	(74,331)	(74,637)
Other acquisition cost	(4,129)	(1,205)	(21)	(397)	(2,525)	(791)	(1,244)	(4)	(1,353)	(568)	(10,172)	(2,805)
Het Insurance claims and expenses	(39,735)	(54,158)	(9,377)	(10,000)	(28,331)	(40,030)	(19,670)	(14,210)	(15,049)	(20,547)	(122.961)	(138,820)
UnderantUng result	(35,442)	(14,815)	(3,114)	452	(7,160)	1,469	(11,357)	(0,173)	(549)	(7,802)	(07,444)	(29,860)
Net Investment losa											4,388	8,785
Rental Incoma											880	900
Fair value gain on Investment property
Other Income											8,980	1,571
Other expenass											610	(3,868)
Finance cost											(443)	(70)
Share of loss from Lesochuta
Share of losa from WTD - Operetor's Fund											4,980	11,139
Loes before tax											(38,188)	(11,451)

					Motor						Unaudited
											Nine months period erdad
											38 September 2019	30 September 2018
	Fire and property damage		Marine, aviation and transport				Health		Miscellaneous		Total
	2019	2010	2019	2018	2019	2010	2019	201#	2019	2018	2019	2010
Premium receivable ( Inclusive of FED / Sales Tax,		230,099		55,338	07,710	Rupees 121.608	In '000 F2,594	39,375	44,600	48,555	459,740
Federal Insurance fee and Administrative surcharge)	201,300	230,099	33,140	55,338	07,710	Rupees 121.608	In '000 F2,594	39,375	44,600	48,555	459,740	485,908
Lees: FED / sales tax	26,580	29,158	3,604	6,973	12,342	15,752	11		8,012	8,304	47,449	57,187
Less: Federal Inauranos fee	1,878	1,913	294	1,939	442	900	010	391	387	424	4,019	5,830
Gross written Premium ( Inekalve of Administrative	174,140	109,028	29.342	47,427	84,526	104,893	81,766	38,964	38,490	42,837	408,272	433,150
surcharge)	174,140	109,028	29.342	47,427	84,526	104,893	81,766	38,964	38,490	42,837	408,272	433,150
Grosa direct premium	188,549	190,844	28,976	45,678	02,351	101,909	81,002	38,930	38,223	42,140	387,400	419,301
Facultative Inward promlurr	0,466	7.248			107	567				68	8,772	7,893
Administrativa surcharge	826	1.136	987	1,748	1,068	2,427	79	54	360	608	4,100	5,975
Insurance premium enmed	160,231	228,510	31.065	53,257	19.528	146.518	54,854	53.837	38,444	50,157	386,029	541,378
Insurance premium ceded to Poineurons	(150,06%)	(170,376)	(19,340)	(28,409)	(1,894)	(2,164)	(24,182)		(11,357)	(33,818)	[215,901)	(272,534)
Net Insurance premium	1,142	49,234	11,719	20,848	67,734	144,364	40,478	23,060	19,087	26,339	170,128	208,845
Commission Income	19,920	30,749	3,387	4,817	61	(7)	4,095	4,788	1,928	5,240	29,291	45,387
Het underwriting Income	21,002	79,983	15,100	31,465	67,795	144,357	44,671	27,828	20,980	30,579	199,619	314,212
Insurance claims	(9,739)	(57,898)	3,509	(15,812)	(29,990)	(88,831)	(30,404)	(45,548)	(11,091)	(43,101)	(07,714)	(231,188)
Insurance claims moovered from reinsurance	IKI	35,647	(2,406)	10,008	150	(23)	18,076	24,113	3,827	12,221	27,645	82,057
Het Claim	(2,350)	(22,249)	1.103	(5,713)	(36.839)	(68,854)	(11,720)	(21.433)	(7,264)	(30,890)	(60,069)	(148.12B)
Commission uxpenso	(17,374)	(30,552)	(3,359)	(7,141)	(10,003)	(18,645)	(7,011)	(7.219)	(3,301)	(7,932)	(41,057)	(72,508)
Management expense	(81,532)	(51,925)	(15,509)	(19,065)	(80,504)	(52,507)	(32,900)	(10,293)	(15,491)	[21,200)	(199,426)	{184,011)
Other acquisition cool	(0,041)	(0.189)	(1,753)	(1,442)	(5.527)	(3,906)	(3,540)	{1,457)	(1,719)	(1,801)	(21,703)	(14,650)
Het Insurance claims and expenase	(110,297)	[141,016)	(19,428)	(33,381)	(108,949)	(144,972)	(55,288)	(40,402)	(27,774)	(81,613)	(320,136)	(430,364)
Underwartung result	(89,235)	(81,033)	(4,722)	[1,910)	(0,154)	(615)	(10,717)	[21,574)	(6,788)	(31,034)	[120,817]	(110,172)
Het Investment losa											[148,288)	2,828
Rental Income											2,420	1,235
Fair value galna on Investment properties											1,782
Other Income											29,049	24,828
Other expenses											(7,640)	(13,952)
Finance cost											(1,357)	(261}
Share of loss from associata
Share of loss from WTD - Operator's Fund											(15.899)	457
Loes before box											[257.55 ]	(101.427)
20.2 Segment sasets and liabilities

The following presents segments assets and Bebiinies as et 30 September 2019 and 31 December 2018:

Rados	Fire and property damage		Marina, aviation and transport		Motor		Health		Miscellaneous		Total
Rados	43%	45%	7%	11%	21%	Rupees 24%	In '000 20%	0%	0%	10%	100%	100%
Segment maasta	699.305	782.705	117.928	185,513	329,715	412,508	320.821	153.310	154,731	188,482	1,640,883	1,703,496
Unallocated corporatea sussta											1,617,237	1,744,800
Total warta											3.258.120	3,449 398
Segment Liabilities	798,672	848.719	134,238	201,767	240,897	448,243	374.008	185 848	178.129	182,240	1,887,090	1,842,618
Unallocated corporate Ihblidet											371,594	388,481
Total liabilities											2,239.384	2,229 299

Notes To The Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND NINE
MONTHS PERIOD ENDED 30 SEPTEMBER 2019

29. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

IFRS 13 defines fair value as an exit price. Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2
Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly observable

Level 3
Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

Following are the assets which are either measured at fair value or for which fair value is only disclosed and is different from their
carrying value:

	30 September 2019 Fair Value Measurement
	Level 1	Level 2	Level 3
	Rupees In '000
Available for sale investments (measured at fair value)
Equity securities	481,484	-	114,983
Mutual fund units	-	40,905	-
Investment properties	-	-	268,348
	481,484	40,905	383,331

	31 December 2018 Fair Value Measurement
	Level 1	Level 2	Level 3
	Rupees In '000
Available for sale investments (measured at fair value)
Equity securities	653,330	-	114,983
Mutual fund units	-	38,307
Investment properties	-	-	266,586
	653,330	38,307	381,569

30. DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorized for issue on
by the Board of directors of the
Company.

31. GENERAL

31.1
There is no individual class of business within the category of 'miscellaneous', where the gross premium of the class of business is 10%
or more of the gross premium revenue of the company.

31.2
The comparative information has been reclassified, rearranged or additionally restated in these financial statements, wherever
necessary, to facilitate comparative and to confirm with changes in presentation in the current year. However there were no material
reclassification / restatements to report.

1.2 As a result of adoption of Insurance Rules, 2017 and Insurance Regulations, 2017, corresponding figures have been rearranged and
reclassified wherever necessary, for purposes of comparison. There were no material reclassification to report except as follows:

Rs in '000
Nature	Transfer to	Transfer from	30-Sep-19
Premium due but unpaid	Insurance / reinsurance payable	Insurance / reinsurance receivable	178,013
Reinsurance receivable	Insurance / reinsurance payable	Insurance / reinsurance payable	241,868
Co insurance payable	Insurance / reinsurance receivable	Insurance / reinsurance receivable	419,881

31.3 All amounts have been rounded to the nearest thousand Rupees.

Chief Executive Officer

Chairman

Director

Chief Financial Officer

FINANCIAL STATEMENTS

Inkordmi Financial Statements Opburnieur 201@

Condensed Interim Statement of Financial Position

AS AT 30 SEPTEMBER 2019

	Note	Unaudited 30 September 2019			Audited 31 December 2018
	Note	Operator's Fund	Participants' Takaful Fund	Aggregate Rupees	In '000 Operator's Fund	Participants' Takaful Fund	Aggregate

Assets
Property and equipment	7	-	-	-	1,040	-	1,040
Intangible assets	8	-	-	-	847	-	847
Investments in mutual funds and term deposits	9	-	59,450	59,450	39,465	10,242	49,707
Loans and other receivables	10	19,238	59,740	78,978	19,100	4,407	23,507
Takaful / retakaful receivables	11	-	78,605	78,605	-	90,833	90,833
Retakaful recoveries against outstanding claims	16	-	5,186	5,186	-	5,114	5,114
Qard-e-hasna contributed to PTF		83,020	-	83,020	36,020	-	36,020
Salvage recoveries accrued		-	544	544	-	1,043	1 043
Deferred wakala expense	19	-	21,297	21,297	-	28,989	28,989
Deferred commission expense	20	5,127	-	5,127	7,742	-	7,742
Prepayments	12	798	4,448	5,246	539	3,435	3,974
Cash and bank	13	737	17,002	17,739	1,559	53,593	55,152

Total Assets		108,920	246,272	355,192	106,312	197,656	303,968
Equity and Liabilities
Reserves Attributable to:
Operator's fund (OPF)
Statutory fund		50,000	-	50,000	50,000	-	50,000
Revaluation reserves		.	-	-	(2,458)	-	(2,458)
Accumulated deficit		(59,039)	-	(59,039)	(43,138)	-	(43,138)
		(9,039)	-	(9,039)	4,406	-	4,406
Waqf / participants' takaful fund (PTF)
Ceded money			500	500	-	500	500
Qard-e-hasna contributed by OPF			83,020	83,020	-	36,020	36,020
Revaluation reserves			(1,260)	(1,260)	-	(468)	(468)
Accumulated deficit		-	(20,902)	(20,902)	-	(24,545)	(24,545)
		-	61,358	61,358	-	11,507	11,507
Liabilities
Underwriting provisions
Outstanding claims including IBNR	16	-	57,702	57,702	-	49,676	49,676
Uneamed contribution reserve	15	-	60,848	60,848	-	82,824	82,824
Uneamed retakaful rebate	18	-	809	809	-	674	674
Uneamed wakala fees	19	21,297	-	21,297	28,989	-	28,989
Takaful / retakaful payables		-	41,697	41,697	-	34,108	34,108
Other creditors and accruals	14	96,662	23,858	120,520	72,917	18,867	91,784
		117,959	184,914	302,873	101,906	186,149	288,055
Total fund and liabilities		108,920	246,272	355,192	106,312	197,656	303,968

The annexed notes from 1 to 28 form an integral part of these condensed interim financial statements.

Chairman	Chief Executive Officer	Director	Director	Chief Financial Officer
Premier Insurance Limited				26

Condensed Interim Statement of Comprehensive Income (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

		Aggregate Quarter ended		Aggregate Nine months period ended
		30 September 2019	30 September 2018	30 September 2019	30 September 2018
Participants' Takaful Fund	Note		Rupees	in '000
Net takaful contribution	15	33,460	36,255	101,022	105,927
Net takaful claims	16	(18,913)	(23,388)	(58,048)	(64,534)
Direct expenses	17	(2,233)	(1,704)	(6,109)	(4,794)
Re-takaful rebate	18	373	759	1,216	2,421
Wakala expense	19	(12,543)	(13,732)	(38,020)	(41,235)
		(33,316)	(38,065)	(100,961)	(108,142)
Underwriting result		144	(1,810)	61	(2,215)
Investment income	23	2,058	-	3,582	-
(Loss) / surplus for the period		2,202	(1,810)	3,643	(2,215)
Other Comprehensive Income:
Unrealized (loss) / gain on available for sale securities - net		(195)	-	(793)	413
Total other comprehensive (loss) / income		(195)	-	(793)	413
Total comprehensive (loss) / income for the period		2,007	(1,810)	2,850	(1,802)
Accumulated deficit
Balance at the beginning of the period		(19,276)	(21,554)	(24,545)	(23,109)
Loss for the period		2,202	(1,810)	3,643	(2,215)
Balance at the end of the period		(17,074)	(23,364)	(20,902)	(25,324)
Operator's Fund
Wakala fee	19	12,543	13,732	38,020	41,235
Net commission expense	20	(3,442)	(2,853)	(10,115)	(8,966)
Management expenses	21	(4,345)	(661)	(37,064)	(30,293)
		4,756	10,218	(9,159)	1,976
Investment loss	22	-	-	(4,652)	-
Profit on bank accounts		99	607	148	1,634
Other expenses		125	314	(2,236)	(3,143)
Loss for the period		4,980	11,139	(15,899)	467
Other Comprehensive income:
Unrealized gain on available for sale securities - net		-	-	2,456	101
Total other comprehensive income		-	-	2,456	101
Total comprehensive loss for the period		4,980	11,139	(13,443)	568
Accumulated deficit
Balance at the beginning of the period		(48,541)	(30,071)	(43,138)	(26,684)
Loss for the period		4,980	11,139	(15,899)	467
Balance at the end of the period		(43,561)	(18,932)	(59,037)	(26,217)

The annexed notes from 1 to 28 form an integral part of these condensed interim financial statements.

Chairman	Chief Executive Officer	Director	Director	Chief Financial Officer
27			Premier Insurance Limited

Condensed Interim Statement of Changes in Fund (unaudited)

FOR THE NINE MONTHS
PERIOD ENDED 30 SEPTEMBER 2019

	Operator's Fund
	Statutory fund	Revaluation reserve - Available for sale investment	Accumulated deficit	Total
	Rupees in '000
Balance as at 01 January 2018	50,000	(542)	(26,684)	22,774
Profit for the period ended 30 September 2018	-	-	467	467
Other comprehensive income	-	101	-	101
Qard-e-Hasna contributed to PTF	-	-	-	-
Balance as at 30 September 2018	50,000	(441)	(26,217)	23,342
Balance as at 01 January 2019	50,000	(2,456)	(43,138)	4,406
Loss for the period ended 30 September 2019	-	-	(15,899)	(15,899)
Other comprehensive income for the period		2,456	-	2,456
Balance as at 30 September 2019	50,000	-	(59,037)	(9,037)

	Participants' Takaful Fund
	Ceded Money	Qard-e-Hasna	Revaluation reserve - Available for sale investment	Accumulated Deficit	Total
Balance as at 01 January 2018	500	22,610	-	(23,109)	1
Deficit for the period ended 30 September 2018	-	-	-	(2,215)	(2,215)
Other comprehensive income for the period	-	-	413	-	413
Qard-e-Hasna contributed by OPF	-	2,410	-	-	2,410
Balance as at 30 September 2018	500	25,020	413	(25,324)	609
Balance as at 01 January 2019	500	36,020	(468)	(24,545)	11,507
Surplus for the period ended 30 September 2019	-	-	-	3,643	3,643
Other comprehensive loss for the period	-	-	(793)	-	(793)
Qard-e-Hasna contributed by OPF	-	47,000	-	-	47,000
Balance as at 30 September 2019	500	83,020	(1,261)	(20,902)	61,357

The annexed notes from 1 to 28 form an integral part of these condensed interim financial statements.

Chairman Chief Executive Officer	Director	Director	Chief Financial Officer
Premier Insurance Limited			28

Condensed Interim Statement of Cash Flows (unaudited)

FOR THE NINE MONTHS
PERIOD ENDED 30 SEPTEMBER 2019

	Operator's Fund	Participants' Takaful Fund	Nine months period ended
	Operator's Fund	Participants' Takaful Fund	30 September 2019 Aggregate	30 September 2018 Aggregate
	Rupees in '000
Operating Activities
a) Takaful activities
Contribution received		98,762	98,762	98,677
Re-takaful contributions paid		(912)	(912)	(16,613)
Claims paid		(51,146)	(51,146)	(63,249)
Re-takaful and other recoveries		1,052	1,052	3,675
(Commissions paid) / re-takaful rebate received	(10,316)	1,351	(8,965)	(6,491)
Wakala fees received	29,999		29,999	33,488
Wakala fees paid		(29,999)	(29,999)	(33,488)
Net cash generated from underwriting activities	19,683	19,108	38,791	15,999
b) Other operating activities
General and administration expenses paid	(37,413)	(6,109)	(43,522)	(38,140)
Other operating payments	(259)		(259)	(435)
Amounts due from other takaful / retakaful operators		(333)	(333)
Deposits and other receivables	235	(56,568)	(56,333)	(1,021)
Paid to Premier Insurance Limited	(16,565)	4,495	(14,070)	10,091
Accrued salvage recoveries	499		499	(984)
Other liabilities paid	42,385	1,766	44,171	(297)
Qard-e-hasna contributions	(47,000)	47,000
Net cash (used in) / generated from other operating activities	(60,116)	(9,729)	(69,847)	(30,786)
Total cash (used in) / generated from operating activities	(40,435)	9,379	(31,056)	(14,787)
Investment Activities
Investment income received		3,838	3,838	1,722
Additions to fixed assets
Bank profit received	148		148
Sale / (purchase) of investment	39,465	(49,808)	(10,343)
Total cash generated / (used) in investing activities	39,613	(45,970)	(6,357)	1,722
FINANCING ACTIVITIES
Contribution to the Operators' Fund
Cede money
Total cash used in financing activities
Total cash generated / (used in) from all activities	(822)	(36,591)	(37,413)	(13,065)
Cash and cash equivalents at beginning of the period	1,559	53,593	55,152	66,859
Cash and cash equivalents at the end of the period	737	17,002	17,739	53,794

Chairman	Chief Executive Officer	Director	Director Chief Financial Officer
29			Premier Insurance Limited

Condensed Interim Statement of Cash Flows (unaudited)

FOR THE NINE MONTHS
PERIOD ENDED 30 SEPTEMBER 2019

	Operator's Fund	Participants' Takaful Fund	Nine months period ended
	Operator's Fund	Participants' Takaful Fund	30 September 2019 Aggregate	30 September 2018 Aggregate
	Rupees In '000
Reconciliation to profit and loss account
Operating cash flows	(40,435)	9,379	(31,056)	(14,787)
Depreciation		-	-	(362)
Investment Income	(4,652)	3,582	(1,070)	1,634
Increase / (decrease) in assets other than cash	43,570	(85,207)	(41,638)	(8,398)
Increase in liabilities	32,618	28,889	61,507	20,164
Qard-e-hasna contributions	(47,000)	47,000	-	-
(Loss) / profit for the period	(15,899)	3,643	(12,257)	(1,749)
Attributed to
Operator's Fund	(15,899)		(15,899)	467
Participants' Takaful Fund		3,643	3,643	(2,216)
	(15,899)	3,643	(12,256)	(1,749)

Definition of cash

Cash comprises cash in hand, stamps in hand, current and saving accounts and short-term deposits having maturity of less than three months.

Cash for the purpose of the statement of cash flows consists of:

Cash and other equivalents

Current and saving accounts	20		20	1,514
Current and other accounts
Current and savings accounts	717	17,002	17,719	52,280
Total cash and cash equivalents	737	17,002	17,739	53,794

The annexed notes from 1 to 28 form an integral part of these condensed interim financial statements.

Chairman

Chief Executive Officer

Director

Chief Financial Officer

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

1. LEGAL STATUS AND NATURE OF BUSINESS

Premier Insurance Limited (the Operator) has been authorized to undertake Window Takaful Operations (WTO) on 02 October
2015 by Securities and Exchange Commission of Pakistan (SECP) under SECP Takaful Rules, 2012 to carry on General
Window Takaful Operations in Pakistan.

For the purpose of carrying on the Takaful business, the Operator has formed a Waqf (Participants' Takaful Fund (PTF)) on 31
October 2015 under the Waqf Deed with a Cede money of Rs.500,000. The Waqf Deed and PTF Policies (Waqf Rules) govern
the relationship of Operator, Waqf and Participants for management of Takaful operations, investment of Waqf and Operator's
Fund as approved by the Shariah Advisor of the Operator. The accounts of the Waqf are maintained by the Operator in a manner
that the assets and liabilities of Waqf remain separately identifiable. The financial statements of the Operator are prepared in
such a manner that the financial position and results from the operations of Waqf and the Operator are shown separately.

2. BASIS OF PRESENTATION

These financial statements have been prepared in line with the format issued by the SECP through Insurance Rules, 2017, and
SECP Circular No. 25 of 2015 dated 09 July 2015.

These condensed interim financial statements reflect the financial position and results of operations of both the Operator's Fund
(OPF) and Participants' Takaful Fund (PTF) in a manner that the assets, liabilities, income and expenses of the Operator and
PTF remain separately identifiable.

2.1 Statement of Compliance

These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as
applicable in Pakistan. The accounting and reporting standards comprise of:

- International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as are
notified under the Companies Act, 2017; and

- Provisions of and directives issued under the Companies Act, 2017 and Insurance Ordinance, 2000, Insurance Rules 2017,
Insurance Accounting Regulations, 2017 and SECP Takaful Rules, 2012.

In case requirement differ, the provisions or directives of the Companies Act, 2017, the Insurance Ordinance, 2000, the
Insurance Rules, 2017, the Insurance Accounting Regulations and Takaful Rules, 2012, shall prevail.

2.1.2
In terms of the requirements of the Takaful Rules 2012, read with SECP Circular No. 25 of 2015 dated July 09, 2015, the assets,
liabilities and profit and loss and other comprehensive income of the Operator's Fund have been presented as a single line item
in the balance sheet and statement of comprehensive income of the Operator respectively.

2.2 Basis of measurement

These condensed interim financial statements have been prepared under the historical cost convention except investments
which are carried both at fair value and at amortized cost.

2.3 Functional and Presentation Currency

These condensed interim financial statements are presented in Pak Rupees which is also the Operator's functional currency. All
financial information presented in Pak Rupees has been rounded to nearest Thousand Rupees, unless otherwise stated.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial
statements are the same as those applied in the preparation of the annual audited financial statements for the year ended 31
December 2018 except as follows:

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

3.1 New / Revised Standards, Interpretations and Amendments

The Operator has adopted the following standards and amendment to IFRSs which became effective for the current period:

Standard or Interpretation

IFRS 2	- Share-based Payments - Classification and Measurement of Share-based Payments Transactions (Amendments)
IFRS 16	- Leases
IAS 40	- Investment Property: Transfers of Investment Property (Amendments)
IFRIC 22	- Foreign Currency Transactions and Advance Consideration

The adoption of the above standards and amendments in the accounting standards did not have any material effect on the
accounting policies / interim financial statements of the Operator.

4. ESTIMATES AND JUDGEMENTS

The preparation of these condensed interim financial statements are in conformity with approved accounting standards which
requires the management to make judgments, estimates and assumptions that affect the application of accounting policies and
reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing
these condensed interim financial statements, the significant judgments made by management in applying the Operator's
accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements
as at and for the year ended December 31, 2018 except in cases enumerated above.

5. FINANCIAL AND INSURANCE RISK MANAGEMENT

The Operator's financial and insurance risk management objectives and policies are consistent with those disclosed in the annual
financial statements as at and for the year ended December 31, 2018.

6. CONTRIBUTION DEFICIENCY RESERVE

No provision has been made as the unearned contribution reserve for each class of business as at June 30, 2019 is considered
adequate to meet the expected liability after retakaful for claims and other expenses, expected to be incurred after the reporting
date in respect of policies in force at the reporting date.

	Unaudited 30 September 2019	Audited 31 December 2018
	Rupees in '000
7. PROPERTY AND EQUIPMENT - OPF
Opening balance - net book value	1,040	1,162
Less: Depreciation charged during the period / year	-	(122)
Less: Written of during the period / year	(1,040)	-
	-	1,040
8. INTANGIBLE ASSETS - OPF
Opening balance - net book value	847	1,208
Less: Amortization charged during the period / year	-	(361)
Less: Written of during the period / year	(847)	-
	-	847

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

9. INVESTMENTS IN MUTUAL FUND AND TERM DEPOSIT

OPF	Note	Unaudited 30 September 2019				Audited 31 December 2018
OPF	Note	Cost - net of Impairment	Impairment / provision for the perlod	Revaluation eurplus / (deficit)	Carrying value	Cost - net of Impairment	Impairment / Provision for the perlod	Revaluation surplus / (deficit)	Carrying value
					Rupees In '000
Mutual fund units - AFS						41,921		(2,456)	39,465
						41,921		(2,456)	39,465
PTF
Mutual fund units - AFS		10,242		(1,392)	8,850	10,242		(600)	9,642
Term deposit receipt -
held to maturity	9.1	34,100		18,500	50,600	600			600
		44,342		15,108	59,450	10,842		(600)	10,242

9.1 Investments In term deposits

The represents a term deposit with bank having profit at the average rate of 4.5% per annum (2018: 4.5%) having maturity till 30 June 2020.

			Unaudited 30 September 2019			Audited 31 December 2018
			OPF	PTF	Aggregate	OPF	PTF	Aggregate
		Note		Rupees In '000
10. LOANS AND OTHER RECEIVABLES -
Considered good
Mark-up receivable						256		256
Federal excise duty			96	3,784	3,880	30	3,373	3,403
Others		10.1	(1)	55,958	55,955		1,034	1,034
Wakala fee receivable			19,143		19,143	18,814		18,814
			19,238	59,740	78,978	19,100	4,407	23,507
10.1	This includes interfund receivable from OPF amounting to Rs.45.126 million (2018: Nil).
11.	TAKAFUL / RETAKAFUL RECEIVABLES - Unsecured and considered good
Contribution due but unpaid				28,458	28,458		41,019	41,019
Amounts due from other takaful /
retakaful operators				50,147	50,147		49,814	49,814
				78,605	78,605		90,833	90,833

11.1 .1 This amount Includes receivables from related parties Rs. 5.6 million (2017: 1.8 million)

11. RETIREMENT BENEFIT OBLIGATIONS

The Operator operates an approved contributory provident fund for all its permanent employees. Contributions are made by both the Operator
and its employees to the fund at the rate decided upon of the basic salary. Contribution made by the Operator is recognized as expense.

12. PREPAYMENTS

Prepaid retakaful contribution ceded		4,448	4,448		3,435	3,435
Other prepaid expense	798		796	539		539
Other prepaid expense	798	4,448	5,246	539	3,435	3,974

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

			Unaudited 30 September 2019			Audited 31 December 2018
			OPF	PTF	Aggregate	OPF	PTF	Aggregate
Note			Rupees In '000
13.	CASH AND BANK
	Cash and caah equivalent
	Policy, revenue stamps and bond papers		20		20
Cash at bank
	Current account		15	1,710	1,725	15	977	992
Savings account		13.1	702	15,292	15,994	1,544	52,616	54,160
			737	17,002	17,739	1,559	53,593	55,152
13.1	Rate of return on PLS savings account held with Islamic banks		ranges from 6.56% to 10.27% per annum (2018: 2.38% to 3.71%).
14.	OTHER CREDITORS AND ACCRUALS
	Wakala fee payable		.	19,143	19,143	-	18,814	18,814
Payable to Premier Insurance Limited			42,714	2,875	45,589	58,531		58,531
Federal Insurance fee			-	11	11	-	4	4
Sales tax on services				933	933	-	49	49
Commission payable			9,128	-	9,128	11,944		11,944
Auditor's fee			329	-	329	183		183
Others		14.1	44,494	895	45,389	2,259		2,259
			96,665	23,857	120,522	72,917	18,867	91,784

14.1 This includes interfund payable by OPF amounting to Rs.45. 126 million (2018: Nil).

	Unaudited Quarter ended		Unaudited Nine months period ended
	30 September 2019	30 September 2018	30 September 2019	30 September 2018
	Rupees in '000
15. NET TAKAFUL CONTRIBUTION
Written gross contribution	33,349	38,438	86,534	95,743
Add: Uneamed contribution reserve opening	63,277	66,969	82,824	88,245
Less: Uneamed contribution reserve closing	(60,848)	(66,175)	(60,848)	(66,175)
Contribution earned	35,778	39,232	108,510	117,813
Less :
Retakaful contribution ceded	5,262	3,393	8,501	8,665
Add: Prepaid retakaful contribution opening	1,504	3,140	3,435	6,777
Less: Prepaid retakaful contribution closing	(4,448)	(3,556)	(4,448)	(3,556)
Retakaful expense	2,318	2,977	7,488	11,886
Net contribution	33,460	36,255	101,022	105,927
16. NET CLAIMS EXPENSE
Claims paid	17,220	17,747	51,146	63,249
Less: Outstanding claims including IBNR opening	(54,951)	(50,860)	(49,876)	(52,949)
Add: Outstanding claims including IBNR closing	57,702	58,207	57,702	58,207
Claims expense	19,971	25,094	59,172	68,507
Less:
Retakaful and other recoveries received	15	1,773	1,052	3,675
Less: Retakaful recoveries against outstanding claims - opening	(4,143)	(5,961)	(5,114)	(5,596)
Add: Retakaful recoveries against outstanding claims - closing	5,186	5,894	5,186	5,894
Retakaful and other recoveries revenue	1,058	1,706	1,124	3,973
Net claim	18,913	23,388	58,048	84,534

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

	Unaudited Quarter ended		Unaudited Nine months period ended
	30 September 2019	30 September 2018	30 September 2019	30 September 2018
	Rupees in '000
17. DIRECT EXPENSES - PTF
Tracking services	165	1,719	2,723	4,727
Service charges	1,805	(16)	1,825	59
Others	263	1	1,561	8
	2,233	1,704	6,109	4,794
18. RETAKAFUL REBATE - PTF
Less: Rebate from re-takaful received	986	780	1,351	1,774
Add: Deferred rebate opening	196	637	674	1,305
Less: Deferred rebate closing	(809)	(658)	(809)	(658)
Rebate from retakaful earned	373	759	1,216	2,421
19. WAKALA EXPENSE
Gross wakala fee	11,671	13,454	30,328	33,510
Add: Deferred wakala opening	22,169	23,439	28,989	30,886
Less: Deferred wakala closing	(21,297)	(23,161)	(21,297)	(23,161)
Net wakala fee	12,543	13,732	38,020	41,235
20. NET COMMISSION EXPENSE - OPF
Commission paid or payable	2,700	2,474	7,500	6,596
Add: Deferred commission opening	5,869	4,478	7,742	6,469
Less: Deferred commission closing	(5,127)	(4,099)	(5,127)	(4,099)
Commission expense	3,442	2,853	10,115	8,966
21. MANAGEMENT EXPENSES - OPF
Underwriting Expenses
Employee benefit cost	4,237	342	27,398	21,419
Fuel and power	558	174	2,909	2,181
Travelling	122	(51)	952	454
Loss on assets written off	-	-	1,887	-
Depreciation and amortization	-	121	-	362
Repair and maintenance	112	507	1,087	1,673
Annual supervision fee SECP	(369)	(296)	320	611
Miscellaneous	(315)	(136)	2,511	3,593
	4,345	661	37,064	30,293

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

	Unaudited Quarter ended		Unaudited Nine months period ended
	30 September 2019	30 September 2018	30 September 2019	30 September 2018
	Rupees in '000
22. INVESTMENT LOSS - OPF
Net realized losses on investments
Available for Sale (AFS)
Realized loss on sale of mutual fund units			(4,652)
			(4,652)
23. INVESTMENT INCOME - PTF
Income from term deposits
Return on term deposits	2,058		3,582
	2,058		3,582

24. RELATED PARTY TRANSACTIONS - PTF

Related parties comprise associated companies, entities under common control, entities with common directors, major
shareholders, directors, key management personnel and funded employee retirement benefit schemes.

Details of the balances and transactions with related parties, other than those which have been specifically disclosed elsewhere in
these financial statements, are as follows:

	Unaudited Nine months period ended
	30 September 2019	30 September 2018

Transactions during the period	Rupees	in '000
Associated Companies
Contribution underwritten	6,233	5,446
Claims paid	952	1,267
Commission paid	-

	Unaudited 30 September 2019	Audited 31 December 2018
	Rupees in '000
Period / year end balances
Associated Companies
Contribution receivable	9,902	5,636
Claims outstanding	335	480
Commission outstanding		-
Commission outstanding		256

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

25. SEGMENT INFORMATION

25.1 Segment profit and loss
	Fire and property diumnage		Marine, aviation and transport		Motor		Health		Miscellaneous		Unaudited Quarter ended
	Fire and property diumnage		Marine, aviation and transport		Motor		Health		Miscellaneous		30 September 30 September Total
	2018	2018	2010	2018	2018	2018	2010	2018	2010	2018	2018	2018
	Rupees In '000
Particloanta Takadul Fund
Contribution receivable ( Inclusive of Federal excise duty, Padaral Inaurance				2,221	21,900	35,530		3,124		1,433	27,083	40,585
fee and Administrative surcharge)	2,065	1,402	1,376	2,221	21,900	35,530	1,854	3,124	039	1,433	27,083	40,585
Less: Federal excise duty	375	172	187	230	2,681	4.139			122	154	1.245	4.745
Less: Federal Insurance fee	24	12	13	302	112	401	15	31	.	13	237	728
Gross written contribution ( Inclusive of Administrative surcharge)	1,468	1,218	1.170	1.500	13,147	30.090	9,588	3,093	009	1,230	23,001	35,112
Grosa direct contribution	2,434	1,121	1,236	1,709	18,475	20,052	0,558	3,101	768	1,211	22,756	33,820
Facultadve Inward contribution	2	74			67	(43)					.9	30
Administrative surcharge	31	23	42	70	#82	1,134	12	(8)	21	25	TT	1,261
Talonful contribution pamod	070	1,178	744	2,215	20,044	31,033	5,302	3,920	774	600	10,47€	35,307
Tekaful contribution ceded to retakeful	(775)	(1,010)	(480)	(1.948)	(689)	611			(1H)	(833)	(115)	(2,978)
Net talcaful contribution	45	188	100	280	27,345	31,844	5,302	3,926	#10	47	20,151	32,329
Rebate camed	175	231	166	440	6	10			37	70	373	759
Net underwriting Income	270	309	264	717	27,350	31,854	5,302	3,925	H7	117	20,531	33,088
Talarful calme	(074)	100	00	18	(10,251)	(14,578)	(14,810)	(0,834)	5.000	(1,700)	(5.152)	(18.160)
Talouful calme recovered from rotakkal	058	(98)	(51)	(11)					533	1,615	1,066	1,700
Het claim	(85)	11	.	7	(10,250)	(14,578)	(14,810)	(8,834)	0,223	108	(4,004)	(14,454)
Wekste ropense	(1,077)	(412)	(604)	(775)	(3,619)	(10,501)	(4,370)	117	(1)	(1,601)	(0,268)	(13,849)
Direci axpense	(173)	(56)	(B7)	(79)	(1,255)	(1,362)	(083)	(145)	(57)	(62)	(1,570)	(1,559)
Net takaful alaima and expanse	(1,318)	(457)	(511)	(847)	(18,130)	(20,001)	(10,750)	(0,86z)	6,008	(1,756)	(13,031)	(20,862)
Investment Income											3.482
Dellait											10,182	3,226
Operators Fund
Wekste fes wamed	1,077	412	604	775	0,610	10,801	4,275	(117)	..	4,253	4,266	10,301
Commission experia	(210)	(214)	(134)	(434)	(2,701)	(1,774)	(260)	(214)	(135)	(217)	(4,182)	[2,539)
Management expense	(874)	(520)	(110)	509	3,011	(838)	(7,000)	1,039	[161)	(1,880)	2,761	(2,500)
	(	(331)	250	897	7,829	8,249	(3,011)	1,500	(230)	2,347	7,837	11,162
Investment Income
Profit on bank deposita											n	007
Other expenses											125	314
Loss before taxation											8,001	12,089

			Marine, aviation and transport		Motor						Unaudited Nine months period ended 30 September 30 September .. -MA
	Fire and property diungs		Marine, aviation and transport		Motor		Health		Miscellaneous		Total
	2019	2018	2010	2018	2010	2018	2010	2018	2010	2018	2019	2018
Particicanta Takaful Fund						Rupees In 000
Contribution receivable ( Inclusive of
Federal excise duty. Federal Insurance											94,984
and Arein chothe mumhamal	3,112	2,829	3,181	6,424	74,567	92,803	15,048	5,751	1,05%	1,493	94,984	100,300
Less: Federal sxclee duty	447	373	300	713	0,017	10,943			14	195	0,685	12,227
Less: Federal Insurance fee	26	24	20	337	650	009	140	57	Q	14	862	1,331
Gross wittien contribution ( Inclusive of Administrative surcharge)	2,530	2,432	2,787	5,374	65,300	80,061	14,917	5,604	#11	1,281	94,534	95,742
Grosa direct contribution	2,580	2,240	2,855	5,135	62,507	77.010	14,807	5,604	887	1,251	83,534	92,230
Facultative Inward contribution	0	142			398	33					314	175
Admin bative surcharge	45	50	112	239	2,485	3,009	20		M	30	2,486	3,324
Tekaful contribution samed	2,903	5.573	2,967	5,550	87,576	92,891	17.3$1	11,256	1,944	2,533	100,510	117.813
Takful contribution codod to rotak ful oporutor	(2006)	(4.715)	(2,540)	(4.008)	(1,767)	(398)			(1.121)	(2101)	(7.408)	(11.580)
Net takaful contribution	238	567	412	882	56,218	92,493	13,331	11,296	#23	429	101,022	106,927
Pebety camed	471	1,087	586	1,074	.	30			162	230	1,219	2,421
Net underwriting Income	700	1,044	007	1,85€	06.120	02,523	13,331	11,29€	075	650	102,234	108.348
Talıful daima	(214)	(649)	103	(2,107)	(46,270)	(45,336)	ตลอด)	(18,955)	5,925	(1,461)	(59,172)	(68,507)
Takuful cialma recovered from rotakakıl	022	5M	(86)	1,839					28	1,460	1.124	3,979
Nat claim	(02)	(55)	17	(168)	(46,270)	(45,335)	(18,015)	(18,955)	8,313	(11)	(59,048)	(64,534)
Waksie expense	(1,150)	(1,050)	(1,216)	(1,943)	(21,691)	(32,511)	(4,654)	(2,452)	(400)	[2,379)	(34,020)	(41,235)
Direct opense	(100)	(122)	(190)	(208)	[4,011)	(4.054)	(1,953)	(245)	(04)	(81)	(0,110)	(4,704)
Net takaful citime and expanse	(1,37)	(2,137)	(1,304)	(2,380)	(79,572)	(81,000)	(25,823)	(21,602)	5,048	(2,454)	(102,177)	(110,563)
Investment Income											3,42
Surplus/ (deficit)											3,043	(2,215)
Ppantory Fund
Wekite fee wamed	1,159	1.950	1.210	1.943	24.091	32,511	0,564	2.452	400	4.831	38,020	41,235
Commission Expense	(524)	(1,075)	(545)	(1,061)	(7,080)	(5,573)	(1,017)	(1,025)	(148)	(231)	(10,115)	(8,066)
Management expense	(979)	(680)	(1,020)	(1,805)	(24,220)	(24,239)	(10,210)	(1,206)	523)	(2,374)	(37.084)	(30,293)
	(344)	205	(355)	(1,013)	(3,409)	2,000	(4,679)	221	(372)	2,220	(0,159)	1,978
Investment Income											(4,652)
Profit on bank deposits											14%	1,634
Other Expenses											[2,236]	(3,143)
Loss before taxation											(15.979)	467
25.2 Segment assets and liabilities

The following presente segmenta eseste	and labinies as at September 30, 2019 Fire and property damage		and December 31, 2018: Marine, eviation und transport		Motor			Heath		Miscellaneous		Total
The following presente segmenta eseste	2019	2018	2019	2010	2018	2018	Rupees	In '000 2019	2010	2018	2018	2019	2010
Rado	3%	3%%	3%	6%	75%	85%		17%	6%	1%	1%	190%	100%
Segment assets	1.64	3.202	1,702	7.209	A7.53	108.004		15.472	LARA	1.221	1.718	111,429	128.432
Unallocated corporais aasta												243,763	175,596
Total warts												BA192	3057 900
Segment Babilldes	5.512	4.051	5.771	10.011	124.394	154.844		31.155	11.593	1.023	2.000	144.735	194.939
Unallocated corporato Ilabilidos												122,130	83,110
Total Ilabilities												302,673	268,056

Notes to the Condensed Interim Financial Statements (unaudited)

FOR THE QUARTER AND
NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2019

26. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Level 1
Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2
Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
observable

Level 3
Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

Following are the assets which are either measured at fair value or for which fair value is only disclosed and is different from their

carrying value: OPF	30 September 2019 Fair Value Measurement
carrying value: OPF	Level 1	Level 2	Level 3
Available for sale investments (measured at fair value)		Rupees in '000-
Mutual fund units

	30 September 2019 Fair Value Measurement
PTF Available for sale Investments (measured at fair value)	Level 1	Level 2	Level 3
PTF Available for sale Investments (measured at fair value)		Rupees In '000
Mutual fund units		8,850
		6,850
	31 December 2018 Fair Value Measurement
OPF	Level 1	Level 2	Level 3
Available for sale investments (measured at fair value)		Rupees in '000
Mutual fund units		39,465
		39,465
	31 December 2018 Fair Value Measurement
PTF Available for sale Investments (measured at fair value)	Level 1	Level 2	Level 3
PTF Available for sale Investments (measured at fair value)		Rupees In '000	Level 3
Mutual fund units		9,642
		9,642

27. DATE OF AUTHORIZATION FOR ISSUE

These financial statements were authorized for Issue on

by the Board of Directors of the Operator.

28.
GENERAL

28.1 There is no individual class of business within the category of 'miscellaneous', where the gross contribution of the class of business is
10% or more of the gross premium revenue of the Operator.

28.2
The comparative information has been reclassified, rearranged or additionally restated in these financial statements, wherever
necessary, to facilitate comparative and to confirm with changes in presentation in the current year. However there were no material
reclassification / restatements to report.

28.2 Corresponding figures have been rearranged and reclassified wherever necessary, for purposes of comparison. There were no
material reclassification to report except as follows:

Rs. in '000

Nature	Transfer to	Transfer from	30-Sep-19
Contribution due but unpaid	Takaful / retakaful payable	Takaful / retakaful receivable	6,607
Amounts due from other takat	Takaful / retakaful payable	Takaful / retakaful receivable	2,487
Co Takaful payable	Takaful / retekaful receivable	Takaful / retakaful payable	9,094

28.3 All amounts have been rounded to the nearest thousand Rupees.

Chairman
Chief Executive Officer
Director
Director

Chief Financial Officer

BRANCH NETWORKS

Conventional Branches

KARACHI	LAHORE
South Zone Branches
Head Office: 5th Floor, State Life Building 2-A, Wallace Road, Off. I.I. Chundrigar Road,	North Zone Branches
Karachi, Pakistan.	162 Shadman II Lahore. Phone: 042-35407001-5
Phone: 021-32416331-4	162 Shadman II Lahore. Phone: 042-35407001-5
Fax: 021-32416572	Fax: 042-35407006
QUETTA BRANCH	CSD North
43-Regal Plaza, 2nd Floor,	162 Shadman II Lahore.
Circular Road, Quetta.	Phone: 042-35407001-5
Phone: 081-2842883	Fax: 042-35407006
Fax: 081-2821383	Fax: 042-35407006
MULTAN BRANCH	Canal Branch
4th Floor, Mehr Fatima Tower,	162 Shadman II Lahore.
Opp. High Court,	Phone: 042-35407001-5
Old Bahawalpur Road, Multan. Phone: 061-4515007-9 Fax: 061-4587143	Fax: 042-35407006
Islamabad Branch	Mall Branch
64-E 2nd Floor, Masco Plaza,	23 Shahrah-e-Quaid-e-Azam, Lahore.
Jinnah Avenue, Blue Area,	23 Shahrah-e-Quaid-e-Azam, Lahore.
Islamabad.	Phone: 042-37324262
Phone: 051-2348167-8	042-37230602-03
Fax: 051-2348169	Fax: 042-37235557

Conventional
Branches

Regency Branch Faisalabad	Gujranwala Branch
1st Floor Regency Arcade,	Block - L, Trust Plaza,
949-Mall Road, Faisalabad.	G.T Road, Gujranwala .
Phone: 041-2632211-3	Phone: 055-3859719-20
Fax: 041-2617802	Fax: 055-3256432

Sialkot Branch

Room # 3 & 4, Sahib Plaza,
Saga Chowk, Defence Road,
Sialkot.
Phone: 052-3572192-93
Fax: 052-3572194

Peshawar Branch

1081/A, Rehman Building,
Saddar Road, Peshawar Cantt.
Phone: 091-5273757
Fax: 091-5277809

Dera Ghazi Khan Branch

Mohib Traders, 1st Floor, Block-18,
Opposite Ghazi Medical College,
Jampur Road, Dera Ghazi Khan.
Phone: 064-2403699

Khanpur, Rahim Yar Khan Branch

House # 366, Model Town - B,
Khanpur, District Rahim Yar Khan.

Premier ☒ Insurance Since 1952 as a life-time companion we have delivered distinctive general insurance services across the country with diligence, zeal and commitment. Yet our journey to excel continues; to do more and better for our clients. Premier Insurance Limited www.pil.com.pk

AI assistant

Premier Insurance Limited — Interim / Quarterly Report 2019

72305_rns_2019-11-01_5dbc2287-bc6d-45ee-8754-0316da4161ef.pdf

بميشيكات

Interim Financial Statements for the Nine Month ended September 30, 2019 (Unaudited)

CONTENT

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (WINDOW TAKAFUL)

Company Information

Company Information

Report of the Directors to the Members

Acknowledgment

مران ــ لة وامر يكثر ان كى ريورث

اعتراف:

Condensed Interim Statement of Financial Position

Condensed Interim Profit and Loss Account (unaudited)

Condensed Interim Statement of Changes in Equity (unaudited)

Condensed Interim Statement of Cash flows (unaudited)

Condensed Interim Statement of Cash flows (unaudited)

Definition of cash

Notes To The Condensed Interim Financial Statements (unaudited)

1. LEGAL STATUS AND NATURE OF BUSINESS

2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 .1 New / Revised Standards, Interpretations and Amendments

3.2 Accounting for leases under IFRS 16

Notes To The Condensed Interim Financial Statements (unaudited)

Summary of new accounting policies

Right-of-use assets

Lease liabilities

Notes To The Condensed Interim Financial Statements (unaudited)

Short-term leases and leases of low-value assets

Significant judgment in determining the lease term of contracts with renewal options

4. ESTIMATES AND JUDGMENTS

5. FINANCIAL AND INSURANCE RISK MANAGEMENT

6. PREMIUM DEFICIENCY RESERVE

Notes To The Condensed Interim Financial Statements (unaudited)

Notes To The Condensed Interim Financial Statements (unaudited)

10. INVESTMENTS IN EQUITY SECURITIES AND MUTUAL FUND UNITS

Notes To The Condensed Interim Financial Statements (unaudited)

Notes To The Condensed Interim Financial Statements (unaudited)

16.

16.

Notes To The Condensed Interim Financial Statements (unaudited)

Notes To The Condensed Interim Financial Statements (unaudited)

Notes To The Condensed Interim Financial Statements (unaudited)

Notes To The Condensed Interim Financial Statements (unaudited)

27. RELATED PARTY TRANSACTIONS

Notes To The Condensed Interim Financial Statements (unaudited)

Notes To The Condensed Interim Financial Statements (unaudited)

29. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

30. DATE OF AUTHORISATION FOR ISSUE

31. GENERAL

FINANCIAL STATEMENTS

Condensed Interim Statement of Financial Position

Condensed Interim Statement of Comprehensive Income (unaudited)

Condensed Interim Statement of Changes in Fund (unaudited)

Condensed Interim Statement of Cash Flows (unaudited)

Condensed Interim Statement of Cash Flows (unaudited)

Definition of cash

Cash and other equivalents

Notes to the Condensed Interim Financial Statements (unaudited)

1. LEGAL STATUS AND NATURE OF BUSINESS

2. BASIS OF PRESENTATION

2.1 Statement of Compliance

2.2 Basis of measurement

2.3 Functional and Presentation Currency

3. SIGNIFICANT ACCOUNTING POLICIES

Notes to the Condensed Interim Financial Statements (unaudited)

3.1 New / Revised Standards, Interpretations and Amendments

4. ESTIMATES AND JUDGEMENTS

5. FINANCIAL AND INSURANCE RISK MANAGEMENT

6. CONTRIBUTION DEFICIENCY RESERVE

Notes to the Condensed Interim Financial Statements (unaudited)

9. INVESTMENTS IN MUTUAL FUND AND TERM DEPOSIT

9.1 Investments In term deposits

11.1 .1 This amount Includes receivables from related parties Rs. 5.6 million (2017: 1.8 million)

11. RETIREMENT BENEFIT OBLIGATIONS

12. PREPAYMENTS

Notes to the Condensed Interim Financial Statements (unaudited)

Premier Insurance Limited Interim / Quarterly Report 2019