April 30, 2025

The General Manager Pakistan Stock Exchange Limited Stock Exchange Building Stock Exchange Road Karachi

Subject: Transmission of Quarterly Accounts for the Quarter ended March 31, 2025

Dear Sir,

We have to inform you that the Quarterly Accounts of the Company for the Quarter ended March 31, 2025 have been transmitted through PUCARS and are also available on Company's website.

You may please inform the TRE Certificate Holders of the Exchange accordingly.

Yours sincerely,

muhotutta

Fatlq M. Khan Rohilla Company Secretary

Encl: As above.

Premier Insurance Limited

Head Office: 5th Floor, State Life Building 2-A, Wallace Road, off I.I. Chundrigar Road, Karachi, Pakistan | @ +92 21 32416331-4 | @ www.pil.com.pk | @ +92 21 32416331-4

Canal Branch: 162, Shadman II, Lahore 492 42 35407001.5 @ www.pil.com.px @ will 43 55407001.5

Interim Financial Statements for the quarter ended March 31, 2025 (Unaudited)

Premier Insurance

CONTENTS

Company Information Corporate Governance

04 Report of the Directors to Members

Financial Statements

• Condensed Interim Statement of 06 Financial Position
• Condensed Interim Statement of 07 Profit and Loss
• 08 Condensed Interim Statement of Comprehensive Income
• 09 Condensed Interim Statement of Changes in Equity
• Condensed Interim Statement of $10¹$ Cash Flows
• $12^°$ Notes to the Condensed Interim Financial Statements

Financial Statement (Window Takaful)

• Condensed Interim Statement of 28 Financial Position
• Condensed Interim Statement of 29 Profit and Loss
• $30^°$ Condensed Interim Statement of Comprehensive Income
• $31$ Condensed Interim Statement of Changes in Fund
• $32₂$ Condensed Interim Statement of Cash Flows
• 34 Notes to the Condensed Interim Financial Statements

Board of Directors

Mr. Khalid Bashir (Chairman) Mr. Imran Magbool Mr. Ahsan Bashir Mr. Attaullah A. Rasheed Mr. Sharik Bashir Mr. Salman Rafi Mrs.Rukhsana Saleem

Audit Committee

Mrs.Rukhsana Saleem (Chairman) Mr. Imran Maqbool (Member) Mr. Ahsan Bashir (Member) Mr. Rao Ali Zeeshan (Secretary)

Investment Committee

Mr. Ahsan Bashir (Chairman) Mr. Nadeem Maqbool (Member) Mr. Imran Magbool (Member) Mr. Attaullah A. Rasheed (Member) Mr. Farhan Ali Salim (Secretary)

Chief Executive Officer Mr. Nadeem Maqbool

Chief Financial Officer Mr. Farhan Ali Salim

Company Secretary Mr. Fariq Mahmood Khan Rohilla

Ethics, Human Resource, Remuneration & Nomination Committee

Mr. Salman Rafi (Chairman) Mr. Sharik Bashir (Member) Mr. Nadeem Maqbool (Member) Mrs. Rukhsana Saleem (Member) Mrs. Niina Afridi (Secretary)

Claim Settlement Committee

Mr. Imran Maqbool (Chairman) Mr. Nadeem Maqbool (Member) Mr. Ahsan Bashir (Member) Mr. Hassan Mustafa (Secretary)

$02^°$

Premier Insurance Limited

COMPANY INFORMATION

Underwriting Committee

Mr. Attaullah A. Rasheed (Chairman) Mr. M.K.Baig (Member) Mr. Ali Asgher Bhogani (Member) Mrs. Kiran Parveen (Secretary)

Risk Management & Compliance Committee

Mr. Nadeem Maqbool (Chairman) Mr. Sharik Bashir (Member) Mr. Farhan Ali Saleem (Member) Mrs. Niina Afridi (Secretary)

Registrar

FAMCO Share Registration Services (Pvt) Limited 8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi. $P: (21)$ 34380101-2 $F: (21)$ 34380106 E: www.famcosrs.com

Reinsurance & Co-Insurance Committee

Mr. Sharik Bashir (Chairman) Mr. Ali Asgher Bhogani (Member) Mr. Ali Muhammad (Secretary)

Auditors

BDO Ibrahim & Co. Chartered Accountants.

Legal Advisors Mandviwalla & Zafar Advocates

Registered & Head Office

5th Floor, State Life Building No.2A Wallace Road, Karachi-74000, Pakistan.

P: (21) 32416331-4 F: (21) 32416572 E: [email protected] W: www.pil.com.pk

Quarterly Report March 2025 03

REPORT OF THE DIRECTORS TO MEMBERS

The Directors are pleased to present the unaudited condensed interim financial statements of the Company for the three months' period ended March 31, 2025.

Performance Review

Following is the overall performance of the Company.

	Conventional		Takaful
	Mar 31, 2025	Mar 31, 2024	Mar 31, 2025	Mar 31, 2024
			(Rupees in '000) ----
Premium / contribution written	61,917	42,572	99,674	63,951
Net Premium / contribution *	64,112	74,642	31,531	23,163
Underwriting Result	5,525	5,606	(10, 851)	625
Investment income	38,630	9,236	13	36
Profit / (Loss) before taxation	22,724	(4,566)	(9,610)	2,681
Profit / (Loss) after taxation	22,202	(6, 456)		$\overline{\phantom{a}}$
Earnings / (Loss) per share	0.44	(0.13)

* Net contribution exclusive of wakala fee

Gross written premium during the three months' period ended March 31, 2025 was Rs. 61.92 million as against Rs. 42.57 million. The investment income was Rs. 38.63 million as against Rs. 9.23 million of the same period of last year. Net loss ratio for the period was 54% as against 42% same period last year.

Gross contribution written during the three months' period ended March 31, 2025 was Rs. 99.67 million as against Rs. 63.95 million of the same period last year. Net contribution was Rs. 31.53 million as against Rs.23.16 million of the last year.

Outlook

We have developed a strategy aimed at achieving sustainable and profitable growth within a dynamic and competitive business environment, allowing us to enhance our standing in the industry. In spite of the various challenges the business encounters, we remain committed to fulfilling the organization's long-term goals by delivering our best performance and creating value for our stakeholders. Our approach focuses on continuing to expand our market share and offering exceptional customer service to maintain relationships with our existing clients.

Acknowledgement

The directors express their appreciation for the commitment demonstrated by the company's employees, extend gratitude to our esteemed customers for their ongoing support and loyalty, and recognize the quidance and assistance provided by our Reinsurers, the Securities and Exchange Commission of Pakistan, and the State Bank of Pakistan.

On behalf of the Board

Chairman

$\Omega$

CEO / Director

Karachi, Dated: April 28, 2025

Premier Insurance Limited

ممبران کے لئے ڈائر یکٹران کی رپورٹ

ڈائریکٹران 31 مارچ2025 کوٹتم ہونے والی سہ ماہی مدت کے کمپنی کے غیرآ ڈیٹ شدہ اختصاری عبوری مالیاتی گوشواروں کو پیش کرتے میں کے سی سے سے اظہارمسرت کرتے ہیں۔

كاركردگى كاجائزه

سمېنې کې مجموعۍ کارکردگی درج ذیل ر _چې:

	تكافل		روابي
2024&/31	2025 & 31	2024 & 2024	2025 & 2025
	(روپے1000میں)
63,951	99,674	42,572	61,917	تحريشده پري م اكنٹرى بيوش
23,163	31,531	74,642	64,112	. خالص پريميم/ كن ري بيو ش
625	(10, 851)	5,606	5,525	ذ مەنولىيى كے نتائج
36	13	9,236	38,630	سرماىيكارى آمدن
2,681	(9,610)	(4, 566)	22,724	منافع/(خياره) قبلان قِيل
۰	۰	(6, 456)	22,202	منافع/(خياره) بعدازڤيكن
		(0.13)	0.44	آمدن/(خیاره) فی حصص

* وکالہ فیس کی کٹوتی کے بعد خالص کنٹری بیوش

.
مدت مختمه 31مارچ 2025 کے دوران روایتی بیمہ کا خام تحریری بریمیم 61.92 ملین روپے رہا جو کہ گزشتہ سال اسی مدت میں 42.57 ملین روپے تھا۔سر مار کاری آ مدنی .
38.63 ملین رویےرہی جوکہ گزشتہ سال اسی مدت میں 9.23 ملین روپنچی۔دوران سہ ماہی خالص کلیم کی شر 54 فیصدر ہی جوکہ گزشتہ سال ای مدت میں 42 فیصدیھی۔

مدت مختتمہ 31مارچ 2025 کے دوران تکافل کا خام تحریری کنٹری بیوش 99.67ملین روپے ر ہا جوکہ گر شتہ سال اس مدت کے 63.95ملین روپے تھا۔ خالص کنٹری بیوش 31.53 ملین روپےر پاجوکہ گزشتہ اسی مدت میں 23.16 ملین روپے تھا۔

مستفتل كامنظرنامه

ہم نے ایک حکمت عملی تیار کی ہے جس کامتصدابک متحرک اورمسابقتی کاروباری ماحول کےاندر بائنداراورمنافع بخش تر قی حاصل کرناہے،جس سے ہم صنعت میں ابنی حیثیت کو بڑھاسکتے ہیں۔کاروبارکو در پیش مختلف چیلنجوں کے باوجود،ہم ابنی پہترین کارکردگی اوراپے اسٹیک ہولڈرز کے لیےمنفعت پیدا کرکےادارے کےطویل مدتی امداف کو پورا ۔
کرنے کے لیے پرعزم ہیں۔ہماری توجہ کامرکز مارکیٹ میں اپنے قدم کو جہائے رکھنے اوراپنے موجودہ کائنٹس کے ساتھ اور اس کے لیے تہیں غیرمعمولی خدمات فراہم کرناہے۔

اعتراف

.
ڈائریکٹران کمپنی کے ملازمین کیاگن،اپنے قابل قدرقدرگا ہوں کی مسلس پرستی اورتعاون اور ہمارےری انشورز ہسکیور شیزا بیڈ کیچینچمیشن آف پاکستان اوراسٹیٹ بینک آف پاکستان کی رہنمائی اورتعاون پرائے مشکور ہیں۔

منجانب بورڈ

ىي اي او/ ڈائريڭىٹر

کراچی،مورنه 28اپریل،2025

Quarterly Report March 2025 | 05

چيئر مين

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2025	Note	March 31 2025 (Unaudited)	December 31 2024 (Audited)
ASSETS		--------- Rupees in '000 ---------
Property and equipment Intangible assets Investment properties Investments	$\overline{7}$ 8 9	204,843 352 347,284	206,511 380 346,939
- Equity securities - Mutual funds Investment in associate Loans and other receivables	10 10 11	876,305 64,006 312,221	878,299 62,444 312,221 80,650
Insurance / reinsurance receivables Reinsurance recoveries against outstanding claims Salvage recoveries accrued	12 19	64,597 369,668 208,660 4,366	470,602 207,465 4,075
Deferred commission expense Taxation - provision less payment Deferred tax asset Prepayments	20 13	19,033 24,236 52,055 89,637	18,707 23,972 51,803 120,027
Cash and bank Total Assets of Window Takaful Operations - Operator's Fund TOTAL ASSETS	14 15	63,142 2,700,406 193,901 2,894,307	54,457 2,838,553 167,117 3,005,670
EQUITY AND LIABILITIES
Capital and reserves attributable to Company's equity holders Ordinary share capital Reserves Accumulated losses TOTAL EQUITY		505,651 1,573,683 (917, 688) 1,161,646	505,650 1,633,291 (939,890) 1,199,051
LIABILITIES Underwriting provisions
Outstanding claims including IBNR Unearned premium reserves Unearned reinsurance commission Retirement benefit obligations Lease liabilities	19 18 20	510,051 222,188 18,195 6,043 11,117	490,710 284,803 26,133 5,975 11,696
Insurance / reinsurance payables Other creditors and accruals Unclaimed dividends TOTAL LIABILITIES	16	635,217 229,879 22,423 1,655,113	667,741 233,908 22,423 1,743,389
Total Liabilities of Window Takaful Operations - Operator's Fund TOTAL EQUITY AND LIABILITIES		77,548 2,894,307	63,229 3,005,670
CONTINGENCIES AND COMMITMENTS	17

The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

Premier Insurance Limited 06

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

		Three months period ended
	Note	March 31 2025	March 31 2024
		--------- Rupees in '000 ---------
Net insurance premium	18	64,112	74,642
Net insurance claims	19	(34, 732)	(31, 275)
Net commission expense and other acquisition costs	20	8,380	(8,057)
Insurance claims and acquisition expenses		(26, 352)	(39, 332)
Management expenses	21	(32, 235)	(29, 704)
Underwriting results		5,525	5,606
Investment income	22	38,630	9,236
Rental income		2,731	1,102
Other income	23	745	973
Other expenses	24	(1, 223)	(521)
		40,883	10,790
Results of operating activities		46,408	16,396
Finance costs - lease liability		(661)	(126)
Profit / (loss) before tax from Conventional Insurance Operations Profit / (loss) before tax from Window Takaful		45,747	16,269
Operations - Operator's Fund		(23, 023)	(20, 835)
Profit / (loss) before taxation & minimum tax differential		22,724	(4, 566)
Minimum tax differential	25	(774)	(2, 131)
Profit / (loss) before taxation		21,950	(6,697)
Taxation	26	252	241
Profit / (loss) after taxation		22,202	(6, 456)
Profit per share (basic and diluted) - Rupees	27	0.44	(0.60)

The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

Quarterly Report March 2025 | 07

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

		Three months period ended
Note	March 31 2025 --------- Rupees in '000 ---------	March 31 2024
Profit / (loss) after taxation	22,202	(6, 456)
Other comprehensive income / (loss) : Items that may be reclassified subsequently to profit & loss account
Unrealized income / (loss) on available-for-sale investments during the period	(59, 608)	13,088
Other comprehensive (loss) / income	(59, 608)	13,088
Total comprehensive income / (loss) for the period	(37,406)	6,632

The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Chief Financial Officer

Premier Insurance Limited 08

Director

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

Three months period ended

	March 31	March 31
CASH FLOWS FROM OPERATING ACTIVITIES Note	2025	2024
a) Underwriting activities		--------- Rupees in '000 ---------
Insurance premium received	136,942	106,357
Reinsurance premium paid Claims paid	(55, 780)	(16, 872) (54, 651)
Reinsurance and other recoveries received	(33, 204) 39,141	12,849
Commission paid	(9, 442)	(8,344)
Commission received	12,879	2,582
Other acquisition costs paid	(3,677)	(4, 833)
Management expenses paid	(104, 168)	(79, 262)
Net cash used in underwriting activities	(17, 309)	(42, 174)
b) Other operating activities
Income tax paid	(786)	(999)
Other operating receipts / (payments)	11,303	17,279
Loans advanced, deposits (paid) / received	22,748	(5,644)
Other liabilities reversed	(3,673)	120
Net cash generated from / (used in) other operating activities	29,592	10,756
Total cash used in all operating activities	12,283	(31, 418)
CASHFLOW FROM INVESTING ACTIVITIES
Profit / return received	31,935	9,131
Rental received	2,731	1,102
Payment for investments made	(244, 087)	$\overline{\phantom{a}}$
Proceeds from investments disposed	212,037
Fixed capital expenditure incurred	(302)	(70)
Proceeds from sale of property and equipment Net cash flows from investing activities	2,314	300 10,463
CASHFLOW FROM FINANCING ACTIVITIES
Finance cost paid	(661)	(126)
Dividend paid		(20)
Payment of lease liability	(5,251)	(2, 106)
Total cash used in financing activities	(5, 912)	(2, 252)
Net cash used in all activities	8,685	(23, 207)
Cash and cash equivalents at beginning of the period	54,457	39,063
Cash and cash equivalents at end of the period 14	63,142	15,856

$10$ Premier Insurance Limited

CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

		Three months period ended
	Note	March 31 2025	March 31 2024
		--------- Rupees in '000 ---------
Reconciliation to condensed interim profit and loss account
Operating cashflows		12,283	(31, 418)
Depreciation and amortization expense	21	(1,998)	(1, 477)
Finance costs		(661)	(126)
Gain on sale of operating fixed assets	23		256
Net realized gain on investments	22	27,125
Rental income		2,731	1,102
Dividend income	22	12,323	9,243
Other income	23	745	717
Share of loss from associate
Loss from Window Takaful Operations - Operator's Fund	15	(23, 023)	(20, 835)
Decrease in assets other than cash		(95,020)	(54, 852)
Increase in liabilities other than borrowings		87,697	90,934
Gain on revaluation of investment property
Profit / (loss) after taxation		22,202	(6, 456)

Definition of cash and cash equivalent

Cash and cash equivalent comprises cash in hand, stamps in hand, current and saving accounts and short-term deposits having maturing 3 months from the date of acquisition.

Cash and cash equivalents for the purpose of the condensed interim statement of cash flows consists of:

Cash and other equivalent
Cash		$\overline{\phantom{a}}$
Stamps in hand	317	251
	317	251
Current and other accounts
Current accounts		11,918
PLS account	62,825	3,687
	62,825	15,605
Total cash and cash equivalent	63,142	15,856

The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director Director Chief Financial Officer

Quarterly Report March 2025 11

1. LEGAL STATUS AND NATURE OF BUSINESS

$1.1$ 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, Off. I.I. Chundrigar Road, Karachi. The Company has been allowed to work as Window Takaful Operator since October 02, 2015 by Securities and Exchange Commission of Pakistan (SECP) under SECP Takaful Rules, 2012 to carry on General Window Takaful Operations in Pakistan.

Following are the geographical location and address of all the business units of the Company:

Head office - Registered Office

5th Floor, State Life Building 2-A, Wallace Road, Off. I.I. Chundrigar Road, Karachi, Province of Sindh, Pakistan.

Branches

Province of Puniab, Pakistan: $\mathbf{D}$

• Zonal office, 162 Shadman II, Lahore
• CSD North, 162 Shadman II, Lahore
• Mall Branch, 23 Shahrah-e-Quaid-e-Azam, Lahore
• 4th Floor, Mehr Fatima Tower, Opp. High Court, Old Bahawalpur Road, Multan
• 1st Floor, Regency Arcade, 949-Mall Road, Faisalabad
• Block L, Trust Plaza, G.T Road, Gujranwala

ii) Province of Sindh, Pakistan:

• CSD South Karachi, 5th Floor State Life Building 2-A, Wallace Road, Off. I.I. Chundrigar Road, Karachi

• Clifton Branch, 5th Floor State Life Building 2-A, Wallace Road, Off. I.I. Chundrigar Road, Karachi

iii) Province of Khyber Pakhtunkhwa, Pakistan:

• 1081/A, Rehman Building, Saddar Road, Peshawar

iv) Province of Baluchistan. Pakistan:

• 43-Regal Plaza, 2nd Floor, Circular Road, Quetta

iv) Islamabad Capital Territory

• 64-E 2nd Floor, Masco Plaza, Jinnah Avenue, Blue Area, Islamabad.

BASIS OF PREPARATION $\mathbf{p}$

$21$ 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), Interim Financial Reporting (IAS) 34 issued by International Accounting Standards Board (IASB) as notified under Companies Act. 2017: and
• Provisions of and directives issued under the Companies Act, 2017, Insurance Ordinance, 2000, Insurance Rules, 2017, Insurance Accounting Regulations, 2017, Takaful Rules, 2012 and General Takaful Accounting Regulations, 2019.

Where the provisions of and directives issued under the Companies Act. 2017 and Insurance Ordinance, 2000, Insurance Rules, 2017, Insurance Accounting Regulations, 2017, Takaful Rules, 2012 and General Takaful Regulation, 2019 differ with the requirements of IAS 34, provisions of and directives issued under the Companies Act. 2017 and Insurance Ordinance. 2000, Insurance Rules, 2017, Insurance Accounting Regulations, 2017, Takaful Rules, 2012 and General Takaful Accounting Regulation, 2019, have been followed.

The Securities and Exchange Commission of Pakistan ("SECP") vide its S.R.O 1416(I)/2019 dated November 20, 2019 has prescribed format for the presentation of published financial statements for general takaful operator for takaful business. These condensed interim financial statements have been prepared in accordance with the format as prescribed by the SECP. The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required in a full set of financial statements as prescribed by the SECP and should be read in conjunction with the annual audited financial statements of the Operator for the year ended December 31, 2024.

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

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

Quarterly Report March 2025 $\pm$ 13

$22$ Basis of measurement

These condensed interim financial statements have been prepared on the historical cost basis except for available for sale investments & investment property that have been measured at fair value and staff gratuity which is stated at present value.

$2.3$ Functional and presentation currency

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

$3.$ USE OF 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, 2024.

MATERIAL ACCOUNTING POLICY INFORMATION $\mathbf{A}$

The accounting policies adopted in the preparation of these consolidated condensed interim financial statements are consistent with those followed in the preparation of the annual audited financial statements for the year ended December 31, 2024.

NEW STANDARDS. INTERPRETATIONS AND AMENDMENTS TO PUBLISHED APPROVED $4.1$ ACCOUNTING STANDARDS

4.1.1 New accounting standards, amendments and IFRS interpretations that are effective for the year ended December 31, 2024

The following standards, amendments and interpretations are effective for the year ended December 31, 2024. These standards, amendments and interpretations are either not relevant to the Company's operations or did not have significant impact on the financial statements other than certain additional disclosures.

Effective date (annual periods beginning on or after)

Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' - Lack of Exchangeability

January 01, 2025

Premier Insurance Limited

$14$

(annual periods beginning on or after) Amendments to IFRS 7 'Financial Instruments: Disclosures' -Amendments regarding nature-dependent electricity contracts that are often structured as power purchase agreements (PPAs) January 01, 2025 Amendments to IFRS 9 'Financial Instruments' - Amendments regarding nature-dependent electricity contracts that are often structured as power purchase agreements (PPAs) January 01, 2025

$4.1$ New accounting standards, amendments and interpretations that are not yet effective

The following standards, amendments and interpretations are only effective for accounting periods, beginning on or after the date mentioned against each of them. These standards, amendments and interpretations are either not relevant to the Company's operations or are not expected to have significant impact on the Company's financial statements other than certain additional disclosures. Effective date

beginning on or after) IFRS 17 Insurance Contracts January 01, 2026 Amendments to IFRS 7 'Financial Instruments: Disclosures' -Amendments regarding the classification and measurement of financial instruments January 01, 2026 Amendments to IFRS 9 'Financial Instruments' - Amendments regarding the classification and measurement of financial instruments January 01, 2026 IFRS 1 standard has been issued by IASB effective from 01, July 2009. However, it has not been adopted yet locally by Securities and Exchange Commission of Pakistan (SECP). IFRS 17 - 'Insurance contracts' has been notified by the IASB to be effective for annual periods beginning on or after January 1, 2023. However SECP has notified the timeframe for the adoption of IFRS - 17 which will be adopted by January 01, 2026. IFRS 18 'Presentation and Disclosures in Financial Statements' has been issued by IASB effective from January 01, 2027. However, it has not been adopted yet locally by Securities and Exchange Commission of Pakistan (SECP).

IFRS 19 'Subsidiaries without Public Accountability: Disclosures' has been issued by IASB effective from January 01, 2027. However, it has not been adopted vet locally by Securities and Exchange Commission of Pakistan (SECP).

Quarterly Report March 2025 15

Effective date

(annual periods

Change in accounting policy 5.

The material accounting policies set out below have been consistently applied to all periods presented in these financial statements.

$6.$ FINANCIAL AND INSURANCE RISK MANAGEMENT

The financial risk management objectives and policies adopted by the Company are consistent with those disclosed in the annual financial statements of the Company for the year ended December 31, 2024.

	Note	March 31 2025 (Unaudited)	December 31 2024 (Audited)
7.	PROPERTY AND EQUIPMENT	--------- Rupees in '000 ---------
	7.1 Operating fixed assets Capital work-in-progress	174,806 26,109	176,150 26,109
	Right of use assets 7.2	3,928 204,843	4,252 206,511
7.1.	Operating fixed assets
	Opening balance Add: Additions during the period / year	176,150 302	167,456 15.504
	Less: Written down value of disposals during the period / year Depreciation charged during the period / year	(1,647)	(12, 259) 5,449
	Closing written down value	(1,647) 174,806	(6, 810) 176,150

7.2 Right-of-use assets

The Company has recognized right-of-use assets in respect of the Head Office and its branches:

Head Office and branches:

Opening balance	4.252	3.029
Add: Additions during the period / year		2,496
	4.252	5.525
Less: Reversal due to termination during the period / year	-
Depreciation charged during the period / year	(324)	(1,273)
Closing written down value	3.928	4.252

Premier Insurance Limited $16$

8.

$9₁$

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (unaudited) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

March 31 December 31 Note 2025 2024 (Unaudited) (Audited) -------- Rupees in '000 ---------INTANGIBLE ASSETS Opening balance 380 543 Less: Amortization charged during the period / year $(28)$ $(163)$ Closing written down value 352 380 INVESTMENT PROPERTIES Carrying value at the beginning of the period / year 346,939 346,758 Additions / capital improvements 345 4.316 Revaluation gain on investment property $(4, 135)$ Carrying value at the end of the period / year 347.284 346.939

INVESTMENTS $10.$

		March 31, 2025 '(Unaudited)			December 31, 2024 '(Audited)
Particulars	Cost	Impairment / provision for the period	Revaluation surplus	Carrying value	Cost	Impairment / provision for the period	Revaluation surplus	Carrying value
					Rupees in '000 --
Available-for-sale
Equity Securities: Related parties Listed shares	187,816	٠	73,325	261.141	187.816		102.124	289,940
Other than related parties
Unlisted shares	1,483	٠	٠	1,483	1,483			1,483
Listed shares	315,682	٠	297,999	613,681	343,549	$\blacksquare$	243,328	586,877
	317,164	٠	297,999	615,164	345,032	$\overline{\phantom{a}}$	243,328	588,360
	504,980	٠	371,325	876,305	532,848	$\blacksquare$	345,452	878,300
Mutual funds *	47,223	٠	16,783	64,006	47,268	$\overline{a}$	15,176	62,444
	552,204	٠	388,107	940,311	580,116		360,628	940,744

Investments in Mutual funds includes units placed as statutory deposit with State Bank of Pakistan in compliance of section 29 of Insurance Ordinance, 2000.

Quarterly Report March 2025 17

		Note	March 31 2025 (Unaudited)	December 31 2024 (Audited)
11	LOANS AND OTHER RECEIVABLES		--------- Rupees in '000 ---------
	Mark-up and dividend receivable		6,702
	Loans to employees	11.1	1.727	1,058
	Deposits		27,401	22,464
	Receivables against sale of Investment		2.876	35,020
	Advance to agents		3.913	3.922
	Other receivables		21,978	18,179
			64,597	80,650

March 31

December 31

11.1 These are short term, unsecured interest free loans and advances provided to permanent employees of the Company adjustable against salaries.

12. INSURANCE / REINSURANCE RECEIVABLES

	Premium due but unpaid Less: Provision for doubtful	360,046	436,309
	receivables from insurance contract holder	(183,552)	(182,933)
		176,494	253,376
	Amounts due from other insurers / reinsurers Less: Provision for doubtful	356,459	379,892
	receivables from insurers / reinsurers	(163, 285)	(162,666)
		193,174	217,226
		369,668	470,602
13.	PREPAYMENTS
	Prepaid reinsurance premium ceded 18	81,224	118,388
	Other prepaid expense	8,413	1,639
		89,637	120,027
14.	CASH AND BANK
	Cash and cash equivalent
	- Policy and revenue stamps, bond papers	317	292
	Cash at bank
	- Current accounts	4,651	5,701
	14.1 - Savings account	58,174	48,464
		63,142	54,457

14.1 The rate of return on savings account held with various banks range from 3.92% to 11.29% per annum (December 31, 2024: 3.54% to 20.50%).

18 Premier Insurance Limited

(Unaudited) (Audited) ----- Rupees in '000 ---------15. WINDOW TAKAFUL OPERATIONS - OPERATOR'S FUND Assets Loan and other receivables 452 450 Receivable from PTF 79.734 44.848 Deferred commission expense 11.660 10.384 Cash and bank 11.532 2,152 93,998 $67,214$ Qard-e-hasna contributed to PTF 99,903 99,903 Total Assets 193,901 167,117 Total Liabilities 308,819 259,000 March 31 March 31 2025 2024 (Unaudited) (Unaudited) ----- Rupees in '000 ---------Operator's revenue accounts Wakala fee 22.657 17.241 Commission expense $(5,624)$ $(3,905)$ General, administrative and management expenses $(38, 839)$ $(34.623)$ Modarib's share of PTF Investment income 1,107 671 Profit on bank accounts 65 42 Other expenses $(707)$ $(697)$ Levy & Taxes $(1, 246)$ Loss for the period $(23, 023)$ $(20, 835)$ March 31 December 31 Note 2025 2024 (Unaudited) (Audited) --- Rupees in '000 ------- $16.$ OTHER CREDITORS AND ACCRUALS Bonus payable 218 218 Commissions payable 125.865 126.221 Federal excise duty and sales tax 21.468 23.987 Federal insurance fee $(27)$ Deposits and margins 2,127 2,127 Provision for rent $16.1$ 14.000 14,000 Others 66,228 67,355 229,879 233,908

16.1 This represents provision for rent amounting to Rs.14 million (December 31, 2023: 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.

Quarterly Report March 2025 19

March 31

2025

December 31

2024

$17.$ CONTINGENCIES AND COMMITMENTS

March 31 2025	December 31 2024
(Unaudited)	(Audited)
--------- Rupees in '000 ---------

17.1 Contingencies

The status of contingencies are same as disclosed in the annual audited financial statements for the year ended December 31, 2024.

17.2 Commitments

Commitment for capital expenditure

$17.2.1$

15,038 15,038

March 31

2024

(Unaudited)

273,911

10,738

31,275

Three months period ended

March 31

2025

(Unaudited)

17.2.1 This represents the commitment regarding capital expenditure in Investment Property.

NET INSURANCE PREMIUM $18¹$

Written aross premium Add: Unearned premium reserve opening Less: Unearned premium reserve closing Premium earned Less: Reinsurance premium ceded Add: Prepaid reinsurance premium opening Less: Prepaid reinsurance premium closing Reinsurance expense

Net insurance premium

19. NET INSURANCE CLAIMS

Claims paid

Less: Outstanding claims including IBNR opening Add: Outstanding claims including IBNR closing Claims expense Less:

Reinsurance and other recoveries received Reinsurance and other recoveries in respect of outstanding claims - opening Add: Reinsurance and other recoveries in respect of outstanding claims - closing Reinsurance and other recoveries revenue Net insurance claims

Premier Insurance Limited

$20₀$

-------- Rupees in '000 --------61.917 42.572 284.803 273.246 $(222, 188)$ $(193,902)$ 124,532 121.916 23.256 $21.523$ 118,388 76.979 $(81, 224)$ $(51, 228)$ $47,274$ 60.420 64.112 74.642 32,913 50,690 $(607, 489)$ $(490, 710)$ $510,051$ 598,812 52,253,54 $42.013$ 16,327 12,902 $(207.465)$ $(276.075)$

208,660

17,522

34,732

		2025 (Unaudited)	2024 (Unaudited)
20.	NET COMMISSION EXPENSE AND OTHER ACQUISITION COSTS	--------- Rupees in '000 ---------
	Commission paid or payable	9,086	5,060
	Add: Deferred commission opening	18,707	21,517
	Less: Deferred commission closing	(19,033)	(16, 866)
	Commission expense	8,760	9,711
	Less: Commission received or recoverable from reinsurers	12,879	2,582
	Add: Unearned reinsurance commission opening	26,133	12,738
	Less: Unearned reinsurance commission closing	(18, 195)	(8,833)
	Commission from reinsurance	20,817	6,487
	Net commission expense / (income)	(12,057)	3,224
	Add: Other acquisition costs:
	Tracking device expenses	50	48
	Service charges	3,434	2,835
	Other costs	193	1,950
	Net Commission expense and other acquisition costs	3,677 (8,380)	4,833 8,057
21.	MANAGEMENT EXPENSES
	Employee benefit cost	19,306	20,207
	Travelling expenses	235	370
	Advertisement and sales promotion	1,282	661
	Printing and stationary Depreciation	132 1,970	121 1,436
	Amortization	28	41
	Rent, rates and taxes	882	366
	Legal and professional charges - business related	2,840	1,321
	Electricity, gas and water	525	695
	Entertainment	543	331
	Vehicle running expenses	203	351
	Office repairs and maintenance	454	373
	IT & software related expense	791	688
	Bank charges	38	10
	Postages, telegrams and telephone Insurance expense	442 500	455 293
	Annual supervision fee SECP	570	842
	Bad and doubtful debts	1,238	851
	Others	256	292
		32,235	29,704

Quarterly Report March 2025 21

Three months period ended

March 31

March 31

March 31 March 31 2025 2024 (Unaudited) (Unaudited) -------- Rupees in '000 --------- $22.$ INVESTMENT INCOME Income from equity securities and mutual fund units Available for sale - Equity securities 12.323 9.243 - Mutual funds Net realized gain on investments Available for sale - Equity securities and Mutual Funds 27,125 Total investment income 39,448 $9,243$ Less: Investment related expenses $(818)$ $(7)$ 38,630 $9,236$ 23. OTHER INCOME Return on bank balances 764 799 Gain on sale of operating fixed assets 256 Miscellaneous $(19)$ $(82)$ 745 973 OTHER EXPENSES 24. Auditors' remuneration 734 717 Fees and subscription 85 192 Inadmissible input tax expense 221 $(45)$ Others $(852)$ $(343)$ $1,223$ $521$ $25.$ Minimum Tax Differential Minimum Tax Differential 774 2,131 774 2,131

Three months period ended

25.1 This represents portion of minimum tax paid under section 113 of Income Tax Ordinance (ITO, 2001), representing levy in terms of requirements of IFRIC 21/IAS 37.

22 Premier Insurance Limited

		March 31 2025 (Unaudited)	March 31 2024 (Unaudited)
26.	Taxation	--------- Rupees in '000 ---------
	Deferred tax	(252) (252)	(241) (241)

Three months period ended

26.1 The relationship between tax expense and accounting profit has not been presented in these condensed interim financial statements as the income of the Company is subject to tax under section 113 of the Income Tax Ordinance, 2001.

27. PROFIT PER SHARE - basic and diluted

Profit after tax for the period	22,202	(6.456)
		-------- Number of shares in '000 ---------
Weighted average number of ordinary shares	50,565	50.565
	--------- Rupees ---------
Profit per share (basic and diluted)	0.44	(0.13)

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.

TRANSACTIONS AND BALANCES WITH RELATED PARTIES 28.

Related parties comprise of associated companies, entities under common control, entities with common Directors, shareholder and key management personnel of the Company. Transactions with related parties are carried out at arm's length prices except for compensation to key management personnel which is carried out on basis of employment terms and conditions. The transactions with related parties are as follows:

Transactions during the period

Associated Companies
Premium underwritten	4.220	4.786
Premium received	39,996	34.574
Claims paid	17,481	15.644
Dividend received	283	283
Commission paid		1,530
Others	1,570	1,890
Others
Premium underwritten	475
Premium received	552
Meeting fees	140	160
Remuneration and retirement benefits to
key management personnel	40,007	41.168
	Quarterly Report March 2025	23

Balances outstanding at the reporting date	March 31 2025 (Unaudited)	December 31 2024 (Audited)
Associated Companies		--------- Rupees in '000 ---------
Premium receivable Claims outstanding	45,446 40.914	82,967 49,450
Commission outstanding Others	1.180	1,180
Premium receivable	134	134

28.1 Company's contribution toward staff provident fund for the year is Rs. 496 thousands (Mar 31, 2024: Rs. 509 thousand). Three months period ended
Unaudited

SEGMENT REPORTING 29.											March 31 2025	2024
	Fire and property damage		Marine, aviation and transport		Motor		Health		Miscellaneous		--------- Rupees in '000 --------- Total
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Premium receivable (inclusive of FED / Sales Tax, Federal insurance fee and Administrative surcharge) Less: FED / sales tax Less: Federal insurance fee	28,123 3.338 210	12,229 1.585 105	7,593 1,127 56	6,506 708 57	19,269 2.571 153	14,254 1.833 123	-------------------------------------- 12,864 903 118	9,623 ÷ 95	2,883 319 20	5,134 621 45	70,732 8,258 558	47,746 4.748 426
Gross written Premium (inclusive of Administrative surcharge)	24,575	10,538	6,410	5.740	16.545	12,298	11.842	9.528	2.545	4,468	61,917	42,572
Gross direct premium Facultative inward premium Administrative surcharge	20,933 3,570 71	10.444 94	5,347 841 222	5,546 $\mathcal{L}_{\mathcal{A}}$ 194	15.011 1,200 333	12,001 $\overline{a}$ 297	11.807 35	9,493 35	1.950 567 29	4,355 $\overline{a}$ 113	55,048 6,178 690	41,839 733
Insurance premium earned Insurance premium ceded to reinsurers	38,729 (32,004)	26,729 (26,094)	9,387 (7,039)	5,911 (5, 131)	19.294 (2, 414)	21,152 (1,781)	45.169 (12, 185)	56,733 (9, 141)	11,953 (6,778)	11,391 (5, 127)	124,532 (60, 420)	121,916 (47, 274)
Net Insurance premium	6,725	635	2,348	780	16,880	19,371	32,984	47,592	5,175	6,264	64,112	74,642
Commission income from reinsurers	15.114	3.217	1.616	1.006	57	103	2.990	1,372	1.040	788	20,817	6,487
Net underwriting income	21,839	3,852	3,964	1,786	16,937	19,475	35,974	48,964	6,215	7,052	84,929	81,129
Insurance claims expense Insurance claims recovered from reinsurers and other recoveries revenue	(13,602) 8,687	11,419 (2, 295)	(636) 275	(1,952) 1.837	(5, 529) (126)	(5,751) 1,309	(30, 414) 8.296	(45, 441) 9,984	(2,073) 390	(288) (97)	(52, 254) 17,522	(42, 013) 10,738
Net Insurance claims	(4, 915)	9,124	(361)	(115)	(5,655)	(4, 442)	(22, 118)	(35, 457)	(1,683)	(385)	(34, 732)	(31, 275)
Commission expense	(3, 451)	(2,490)	(469)	(336)	(1, 154)	(1,460)	(1,830)	(3,470)	(1, 855)	(1,955)	(8,759)	(9,711)
Premium deficiency Management expense Other acquisition cost	(10, 025) 1,550	(6, 512) 44	(2,430) 376	(1,440) 10	(4,994) 723	(5, 154) (14)	(11, 692) (6,804)	(13, 823) (4,890)	(3,094) 478	(2,775) 18	(32, 235) (3,677)	(29, 704) (4, 832)
Net insurance claims and expenses	(16, 841)	166	(2,884)	(1,881)	(11,080)	(11,070)	(42, 445)	(57, 641)	(6, 154)	(5,097)	(79, 403)	(75, 523)
Underwriting result	4,998	4,018	1,079	(95)	5,857	8,404	(6, 471)	(8,676)	62	1,955	5,525	5,608
Investment income Rental income Other income Other expenses Finance cost											38,630 2,731 745 (1, 223) (661)	9,236 1,099 973 (521) (126)
Share of loss / (profit) from associate Share of loss from WTO - Operator's Fund profit before tax											(23, 023) 22,724	(20.835) (4, 566)
24 Premier Insurance Limited

29.1 Segment assets and liabilities

The following presents segments assets and liabilities for the year ended March 31, 2025 and December 31, 2024:

											Three months period ended Unaudited March 31 2025 --------- Rupees in '000 ---------	2024
		Fire and property damage	Marine, aviation and transport		Motor		Health		Miscellaneous		Total
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
							Rupees in '000
Seqment assets	272,448	246,250	71,068	67,096	183,423	124,580	131,289	298,444	28,212	79,873	686,440	816,243
Unallocated corporate assets Total assets											2,207,867 2,189,427 2,894,307	3,005,670
Segment Liabilities	549,964	443.294	143,457 120,785		370,259	224.267	265,020	537.253		56,949 143,787	1,385,649	1,469,386
Unallocated corporate liabilities											269,464 1,655,113	274,003 1,743,389
Total liabilities
30. MOVEMENT IN INVESTMENTS - AVAILABLE FOR SALE											Rupees in '000
January 01, 2024												701.565
Additions Disposals (sale and redemptions) Fair value net gains (excluding net realized gains)												441.134 (342, 396) 140,441
December 31, 2024 Additions												940,744 244,087
Disposals (sale and redemptions) Fair value net gains (excluding net realized gain)												(184, 912) (59,608)

Quarterly Report March 2025 25

31. 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 these condensed interim 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.

There had been no transfers between the fair value of hierarchy during the period.

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:

		March 31, 2025 (unaudited)
		Fair Value Measurement
	Level 1	Level 2	Level 3
		--------- Rupees in '000 ---------
Available for sale investments
(measured at fair value)
Equity securities	874,822	1,483
Mutual fund units		64,006
	874,822	65,489 31 December 2024 (audited) Fair Value Measurement
	Level 1	Level 2	Level 3
		--------- Rupees in '000 ---------
Available for sale investments (measured at fair value)
	876,817	1,483
Equity securities Mutual fund units		62,444

26

Premier Insurance Limited

32. DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorized for issue on 28-Apr-2025 by the Board of directors of the Company.

33. GENERAL

• 33.1 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.
• 33.2 All amounts have been rounded to the nearest thousand Rupees.

Chief Executive Officer	Chairman	Director	Director	Chief Financial Officer
				Quarterly Report March 2025 27

PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION OF OPERATOR'S FUND AND PARTICIPANTS' TAKAFUL FUND

AS AT 31 MARCH 2025

AS AT 31 MARCH 2025		Operator's Fund		Participant's Takaful Fund
			31 March 31 December 31 March 31 December
		2025	2024	2025	2024
Assets	Note	Unaudited	Audited	Unaudited Rupees in '000 ------------	Audited
Investments
Mutual funds	7			10,685	10,515
Term deposits	8			600	600
Loans and other receivables Takaful / retakaful receivables	10 12	452	450	63,000 119,720	52.241 85,172
Retakaful recoveries against outstanding claims	19			5,670	8,867
Qard-e-hasna contributed to PTF	9	99,903	99,903
Salvage recoveries accrued				430	7,110
Receivable from PTF	11	79,734	44,848	(694)
Deferred wakala expense Deferred commission expense	22 23	11,660	10,384	52,357	40,127
Prepayments	13			15,930	16,652
Cash and bank	14	2,152	11,532	110,437	84,974
Total Assets		193,901	167,117	378,135	306,258
Funds and Liabilities
Reserve attributable to:
Operator's Fund (OPF)
Statutory fund		50,000	50,000	÷
Accumulated deficit		(164, 905)	(141, 883)
Balance of Operator's Fund		(114, 905)	(91, 883)
Participant's Takaful Fund (PTF) / Waqf
Seed money				500	500
Revaluation reserves				1,496	1,326
Accumulated deficit Balance of Participant's Takaful Fund / Waqf				(69, 842) (67,846)	(60, 234) (58, 408)
Qard-e-Hasna				99,903	99,903
Liabilities
PTF Underwriting provisions Unearned contribution reserve	18			149,569	114,619
Outstanding claims including IBNR	19		÷,	71,231	65,211
Contribution deficiency reserve			÷,	985	985
Reserve for Unearned retakaful rebate	21		$\overline{a}$	3,734	3,413
				225,519	184,228
Unearned wakala fees	22	52,357	40,127
Takaful / retakaful payables				31,123	25,902
Payable to OPF	16	(694)		79,734	44,848
Other creditors and accruals Total Liabilities	15	257,143 308,806	218,873 259,000	9,702 120,559	9,785 80,535
Total Fund and Liabilities		193,901	167,117	378,135	306,258
Contingencies and commitments	17

The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

Premier Insurance Limited - Window Takaful Operations $28$

PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

		Three months period ended
		31 March 2025	31 March 2024
	Note	--------- Rupees in '000 ---------
Participant's Takaful Fund
Contribution earned - net of wakala fee	18	42,067	32,005
Less: Contribution ceded to retakaful	18	(10, 536)	(8, 842)
Net contribution revenue	18	31,531	23,163
Re-takaful rebate earned	21	2,027	1,613
Net underwriting income		33,558	24,776
Net claims - reported / settled	19	(41,564)	(22, 475)
		(41, 564)	(22, 475)
Provision for doubtful contribution	12
Other direct expenses Sruplus / (Deficit) before investment income	20	(2, 845)	(1,676) 625
		(10, 851)
Investment income	26	13	36
Other income	27	1,899	3,127
Less: Modarib's share of investment income	28	(671)	(1, 107)
Surplus / (Deficit) for the period		(9,610)	2,681
Operator's Fund
Wakala fee	22	22,657	17,241
Commission expense	23	(5,624)	(3,905)
General, administrative and management expenses	24	(38, 839)	(34, 623)
		(21, 806)	(21, 287)
Modarib's share of PTF investment income	28	671	1,107
Profit on bank accounts Other expenses	25	65 (707)	42 (697)
Loss for the period		(21, 777)	(20, 835)
Levy		(1, 246)
Loss before income tax		(23, 023)	(20, 835)
Taxation
Loss after income tax		(23, 023)	(20, 835)

The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director Director

Chief Financial Officer

Quarterly Report March 2025 29

PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (unaudited)

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

	Three months period ended
	31 March 2025	31 March 2024
	-------- Rupees in '000 ---------
Participant's Takaful Fund
Surplus / (Deficit) for the period	(9,610)	2,681
Other comprehensive income / (loss) for the period:
Unrealized income on available for sale securities	170	432
Total comprehensive income / (loss) for the year	(9, 440)	3,113
Operator's Fund
Loss for the period	(23, 023)	(20, 835)
Other comprehensive income / (loss) for the period: Unrealized income / (loss) on available for sale securities
Total comprehensive loss for the period	(23, 023)	(20, 835)

The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

30

Premier Insurance Limited - Window Takaful Operations

PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF CHANGES IN OPERATOR'S FUND AND PARTICIPANTS' TAKAFUL FUND (unaudited) FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2025

		Attributable to Operator's Fund
	Statutory fund	Unrealized $gain/$ (loss) on revaluation of available-for- sale	Accumulated deficit	Total
		---------------------------- Rupees in '000 -----------------------------
Balance as at 01 January 2024 Net loss for the period Other comprehensive income for the period Balance as at 31 March 2024	50,000 50,000		(101, 380) (10, 350) (111, 730)	(51, 380) (10, 350) (61,730)
Balance as at 01 January 2025 Net loss for the year Other comprehensive income for the year Balance as at 31 March 2025	50,000 ۰ ۰ 50,000		(141, 882) (23, 023) (164, 905)	(91, 882) (23, 023) (114, 905)

		Attributable to participants of the Participant's Fund
	Seed Money	Unrealized loss on revaluation of available-for- sale	Accumulated deficit	Total
		---------------------------- Rupees in '000 -----------------------------
Balance as at 01 January 2024 Surplus for the period Other comprehensive income for the period Qard-e-Hasna contributed by OPF Balance as at 31 March 2024	500 500	386 432 818	(56,036) 2,681 (53, 355)	(55, 150) 2,681 432 (52,037)
Balance as at 01 January 2025 Deficit for the period Total comprehensive income for the period Qard-e-Hasna contributed by OPF Balance as at 31 March 2025	500 500	1,327 170 1,497	(60, 232) (9,610) (69, 842)	(58,405) (9,610) 170 (67, 845)

The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

Quarterly Report March 2025 31

PREMIER TAKAFUL LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2025

				Three Months Period Ended
			Operator's Fund	Participant's Takaful Fund
Operating activities	Note	31 March 2025	31 March 2024	31 March 2025 ----- Rupees in '000 ---------	31 March 2024
a) Takaful activities
Contribution received Re-takaful contributions paid Claims / benefit paid Re-takaful and other recoveries received Commissions (paid) / re-takaful rebate received Wakala fees received Wakala fees paid Modarib share received / (paid) Total cash generated from / (used in) takaful activities		(5,408) 1. 671 (4,736)	(1,404) 16,000 1,107 15,703	77,017 (5, 417) (33, 883) 1,536 2,348 (1) (671) 40,929	45,196 (3,377) (24, 315) 3,115 1,448 (16,000) (1, 107) 4,960
b) Other operating activities
General and administration expenses paid Other operating payments Amounts due from other takaful / retakaful operators Deposits and other receivables Received from / (paid to) Premier Insurance Limited Accrued salvage recoveries Other liabilities settled Total cash (used in) / generated from other operating activities		(41, 482) (11) 35,484 1,294 (4, 715)	(35, 383) 29 25,108 160 (10,086)	(2,021) (1, 012) (6,805) (6,680) 83 (16, 435)	(3, 456) 12,885 (7,071) (10) (3,580) (1, 232)
Total cash generated from / (used in) operating activities		(9, 451)	5,617	24,494	3,728
Investment activities Accrued investment income Additions to fixed assets Bank profit received Sale of investment - net		ä 65 ٠	42	(172) 1,905 (770)	(1) 3,127 (432)
Total cash generated from investing activities		65	42	963	2,694
Financing activities Qard-e-hasna contributions Total cash (used in) / generated from financing activities Total cash (used in) / generated from all activities Cash and cash equivalents at beginning of the period		(9, 386) 11,532	5,659 1,630	25.457 84,974	6,422 66,350
Cash and cash equivalents at the end of the period 14		2,146	7,289	110,431	72,772

Premier Insurance Limited - Window Takaful Operations

$32$

PREMIER TAKAFUL LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2025

				Three Months Period Ended
			Operator's Fund	Participant's Takaful Fund
	Note	31 March 2025	31 March 2024	31 March 2025 ---------------------- Rupees in '000 ----------------------	31 March 2024
Reconciliation to profit and loss account
Operating cash flows Other Income		(9, 386)	5,659	25,457	6,422
Investment income				13	36
(Decrease) / increase in assets other than cash (Increase) / decrease in liabilities		36,164 (48, 555)	6,385 (32,879)	46,414 (81,506)	33,283 (33,470)
(Loss) / Profit for the year		(21, 777)	(20, 835)	(9,622)	6,271
Attributed to:
Operator's Fund Participants' Takaful Fund		(21, 777)	(20, 835)	(9,622)	6,271
		(21, 777)	(20, 835)	(9,622)	6,271

Definition of cash and cash equivalent

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 equivalent
Policy, revenue stamps and bond papers			۰
Current and other accounts
Current and savings accounts		2,152	7.289	110,437	69.182
Term deposit receipt		$\blacksquare$
Total cash and cash equivalent	14	2.152	7.289	110.437	69.182

The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.

Quarterly Report March 2025 33

$4 -$ LEGAL STATUS AND NATURE OF BUSINESS

1.1 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. The operator of the Company is listed on the Pakistan Stock Exchange Limited (PSX). The registered office of the Company is situated at 5th Floor, State Life Building No. 2A, Wallace Road, Karachi.

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 Wagf Deed with a Seed 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 Wagf are maintained by the Operator in a manner that the assets and liabilities of Wagf 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.

BASIS OF PRESENTATION $2₁$

The Securities and Exchange Commission of Pakistan ("SECP") vide its S.R.O 1416(I)/2019 dated 20th November, 2019 has prescribed format of the presentation of published financial statements for general takaful operator for takaful business. These condensed interim financial statements have been prepared in accordance with the format as prescribed by the SECP. The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required in a full set of financial statements as prescribed by the SECP and should be read in conjunction with the annual audited financial statements of the Operator for the year ended December 31, 2024.

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

• 2.1.1 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 $\Omega$
• International Financial Reporting Standards (IAS) 34, interim Financial Reporting issued by the International Accounting Standards Board (IASB) as for interim Financial Reporting notified under the Companies Act, 2017;
• Provisions of and directives issued under the Companies Act, 2017, Insurance Ordinance, 2000, Insurance Rules, 2017, Insurance Accounting Regulations, 2017, Takaful Rules, 2012 and General Takaful Accounting Regulations, 2019.

In case requirements differ, the provisions or directives of the Companies Act, 2017, the Insurance Ordinance, 2000, the Insurance Rules, 2017, the Insurance Accounting Regulations, 2017, the Takaful Rules, 2012 and General Takaful Accounting Regulations, 2019 shall prevail.

2.2 Basis of measurement

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

2.3 Functional and Presentation Currency

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES $\mathbf{R}$

The accounting policies adopted in the preparation of these condensed interim financial statements are consistent with those followed in the preparation of the annual audited financial statements for the year ended December 31, 2024.

4. USE OF JUDGEMENTS AND ESTIMATES

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, 2024.

FINANCIAL AND TAKAFUL RISK MANAGEMENT 5.

The financial risk management objectives and policies adopted by the Company are consistent with those disclosed in the annual financial statements of the Company for the year ended December 31, 2024.

CONTRIBUTION DEFICIENCY RESERVE A

No provision has been made as the contribution deficiency reserve for each class of business as at 31-Mar-25 and 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 except health department.

Quarterly Report March 2025 35

INVESTMENTS IN MUTUAL FUNDS OTH

		(Unaudited) 31 March 2025		(Audited) 31 December 2024
	Cost	Impairment / provision for the year	Carrying value	Cost	Impairment / provision for the year	Carrying value
					-------------------------------- Rupees in '000 ---------------------------------
Classified at available for sale
Mutual fund units	8,720		10,685	8,220		10,515
	8,720		10,685	8,220	$\overline{\phantom{0}}$	10,515
		(Unaudited) 31 March 2025			(Audited) 31 December 2024
	Cost	Impairment / provision for the year	Carrying value	Cost	Impairment / provision for the year	Carrying value
Note					------------------------------------- Rupees in '000 ---------------------------------
Classified at held to maturity
Term deposit receipt 8.1	600		600	600		600
	600		600	600		600
8.1 This represents a term deposit with bank having profit at the average rate of 11.93% per annum having maturity till 02 May 2025.

		31 March 2025 (Unaudited)	31 December 2024 (Audited)
9.	QARD-E-HASNA	--------- Rupees in '000 ---------
	Balance as at the beginning of the year Qard-e-Hasna contributed during the period Balance as at the end of the period	99,903 99,903	93,903 6,000 99,903

In accordance with takaful rules 2012, if at any point in time, assets in participant takaful fund are not sufficient to cover its liabilities, the deficit shall be funded by way of an profit free loan, (Qard-e-Hasna) from Operator fund. In the event of future surplus in the participant takaful to which a qard-e-hasna has been made, the qard-e-hasna shall be repaid prior to distribution of surplus to participants.

Premier Insurance Limited - Window Takaful Operations 36

10. LOANS AND OTHER RECEIVABLES - Considered good

		Operator's Fund	Participant's Takaful Fund
	31 March 2025 (Unaudited)	31 December 2024 (Audited)	31 March 2025 (Unaudited)	31 December 2024 (Audited)
			Rupees in '000 ----------------
Profit receivable	19	6	614	786
Federal excise duty	433	444	5,464	5,173
Federal takaful fee				99
Others	۰		56,922	46,183
	452	450	63,000	52,241

.	KEULIVABLE FRUM PIF		Operator's Fund	Participant's Takaful Fund
		31 March 2025 (Unaudited)	31 December 2024 (Audited)	31 March 2025 (Unaudited)	31 December 2024 (Audited)
		Rupees in '000 --------------------------
	Wakala fee receivable Inter fund receivable	79.734 79,734	44.848 44.848	(694) (694)
			31 March 2025 (Unaudited)	31 December 2024 (Audited)
12.	TAKAFUL / RETAKAFUL RECEIVABLES -				--------- Rupees in '000 ---------

Unsecured and considered good

Contribution due but unpaid Less: Provision for doubtful receivables takaful participants' holders

Amounts due from other takaful / retakaful operators

PREPAYMENTS 13.
---------------------------

		Operator's Fund	Participant's Takaful Fund
	31 March 2025 (Unaudited)	31 March 2025 (Unaudited)	31 December 2024 (Audited)
		Rupees in '000 -
Prepaid retakaful contribution ceded		$\overline{\phantom{a}}$	15,745	15,643
Other prepaid expense	۰		185	1,009
		$\overline{\phantom{a}}$	15,930	16,652

Quarterly Report March 2025 37

92,581

$(5,714)$

86,867

32,853

119,720

61,746

56,032

29,140

85,172

$(5,714)$

14. CASH AND BANK

			Operator's Fund	Participant's Takaful Fund
		31 March 2025 (Unaudited)	31 December 2024 (Audited)	31 March 2025 (Unaudited)	31 December 2024 (Audited)
			Rupees in '000
Cash and cash equivalent Policy, revenue stamps and
bond papers		۰	$\overline{\phantom{a}}$	37	63
Cash at bank
Current accounts		۰	$\overline{a}$	549	2.061
Profit and loss sharing
accounts	14.1	2.152	11,532	109,851	82,850
		2,152	11.532	110.437	84.974

14.1 The rate of return on profit and loss sharing accounts held with Islamic banks during the year range from 3.34% to 8.96% per annum (December 31, 2024: 5.01% to 17.38%).

15. OTHER CREDITORS AND ACCRUALS

		Operator's Fund	Participant's Takaful Fund
	31 March 2025 (Unaudited)	31 December 2024 (Audited)	31 March 2025 (Unaudited)	31 December 2024 (Audited)
		--------------------- Rupees in '000 ------------------------
Payable to Premier
Insurance Limited	231,843	196,359
Federal takaful fee			(99)
Sales tax on services			6,334	2,647
Commission payable	20,569	19,077
Auditor's fee	595	422	۰
Others	4,136	3,015	3,467	7,138
	257,143	218,873	9,702	9,785
PAYABLE TO OPF 16.
Wakala fee payable			79,734	44,848
Other payable	(694)		۰
	(694)		79,734	44,848

38

Premier Insurance Limited - Window Takaful Operations

17. CONTINGENGES AND COMMITMENTS

There are no contingencies and commitments as at 31 March 2025 (31 December 2024: Nil)

		(Unaudited) Three Months Period Ended
		31 March 2025	31 March 2024
			--------- Rupees in '000 ---------
18.	NET CONTRIBUTION
	Written gross contribution	99,674	63,951
	Less: Wakala fee	(22, 657)	(17, 241)
	Contribution Net of Wakala Fee	77,017	46,710
	Add: Unearned contribution reserve opening	114,619	88,051
	Less: Unearned contribution reserve closing	(149, 569)	(102, 756)
	Contribution earned	42,067	32,005
	Less: Retakaful contribution ceded	10,638	7,492
	Add: Prepaid retakaful contribution opening	15,643	12,862
	Less: Prepaid retakaful contribution closing	(15, 745)	(11, 512)
	Retakaful expense	10,536	8,842
	Net contribution	31,531	23,163
19.	NET CLAIMS EXPENSE
	Claims paid or payable	33,883	24,315
	Less: Outstanding claims including IBNR opening	(65, 211)	(54, 901)
	Add: Outstanding claims including IBNR closing	71,231	59,753
	Claims expense	39,903	29,167
	Less: Retakaful and other recoveries received	1,536	3,115
	Less: Retakaful recoveries against outstanding claims - opening	(8, 867)	(15, 202)
	Add: Retakaful recoveries against outstanding claims - closing	5,670	18,779
	Retakaful and other recoveries revenue	(1,661)	6,692
	Net claim	41,564	22,475
20.	DIRECT EXPENSES - PTF
	Tracking services		6
	Service charges	2,440	1,468
	Others	405	202
		2,845	1,676
		Quarterly Report March 2025	39

		(Unaudited) Three Months Period Ended
		31 March 2025	31 March 2024
21.	RETAKAFUL REBATE - PTF		--------- Rupees in '000 ---------
22.	Rebate from re-takaful received Add: Deferred rebate opening Less: Deferred rebate closing Rebate from retakaful earned WAKALA FEE - OPF	2,348 3,413 (3,734) 2,027	1,448 2,484 (2,319) 1,613
	Gross wakala fee Add: Deferred wakala opening Less: Deferred wakala closing Net wakala fee	34,887 40,127 (52, 357) 22,657	22,383 30,827 (35,969) 17,241

The shareholders of the company manage the general takaful operations for the participants and charges 35% for all class of Business (December 31, 2023: 35%) of the gross contribution written as wakala fee against the services.

23. COMMISSION EXPENSE - OPF

	Commission paid or payable Add: Deferred commission opening Less: Deferred commission closing Commission expense	6,900 10,384 (11,660) 5,624	3,873 7,353 (7,321) 3,905
24.	GENERAL, ADMINISTRATIVE AND MANAGEMENT EXPENSES - OPF
	Employee benefit cost	32,700	29,613
	Rent, rates and taxes	1,419	550
	Communications	307	252
	Fuel and power	845	1,044
	Travelling expenses	378	556
	Entertainments	874	497
	Advertisements and sales promotions	231	55
	Repair and maintenance	731	561
	Printing and stationery	191	173
	Vehicle running expenses	327	528
	Annual supervision fee SECP	285	254
	Miscellaneous	551	540
		38,839	34,623

Premier Insurance Limited - Window Takaful Operations

40

		(Unaudited) Three Months Period Ended
		31 March 2025	31 March 2024
25.	OTHER EXPENSES - OPF	--------- Rupees in '000 ---------
	Auditors' remuneration Fees and subscription	173 498 707	169 528 697
26.	INVESTMENT INCOME - PTF
	Income from term deposits Return on term deposits	13 13	36 36
27.	OTHER INCOME - PTF
	Profit on bank deposits Exchange gain	1,905 (6) 1,899	3,127 3,127

28. MODARIB FEE

The operator manage the participants' investments as a Modarib and charge 35% (2023: 35%) Modarib's share of the investment income earned by PTF.

29. 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 condensed interim financial statements, are as follows:

		(Unaudited) Three Months Period Ended
Transactions during the period	31 March 2025	31 March 2024
		--------- Rupees in '000 ---------
Associated companies
Contribution underwritten	1,120	1,592
Contribution received	34	1,197
Claims paid	895	6,395
Commission paid
		Quarterly Report March 2025 41

	(Unaudited)	(Audited)
Year end balances	31 March 2025	31 December 2024
		--------- Rupees in '000 ---------
Associated companies
Contribution receivable	5.326	3.714
Claims outstanding	151	1.314
Commission outstanding	59	59

29.1 Operator's contribution toward staff provident fund during nine months period is Rs. 815 thousand (2024: 779 thousand).

SEGMENT INFORMATION 30. Participants Takaful Fund 30.1											Three months period ended Unaudited March 31 2025	2024
Segment profit and loss	Fire and property damage		Marine, aviation and transport		Motor		Health		Miscellaneous		--------- Rupees in '000 --------- Total
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Contribution receivable (inclusive of Federal Excise Duty / Sales Tax, Federal Takaful Fee and Administrative surcharge) Less: Federal excise duty Less: Federal takaful fee	8.970 1,040	3.958 445	7.224 1,164	3.042 347	25.445 3,571	23.804 2,956	Rupees in '000 ----------------------------- 68.491 5,901	37.245	2.540 344	319 36 3	112,670 12,020	68.369 3,784
	68	31	51	27	215	205	620	369	22		975	634
Gross written contribution (inclusive of administrative surcharge)	7,862	3,482	6,010	2,669	21,659	20,644	61,970	36,876	2,174	280	99,674	63,951
Gross direct contribution Facultative inward contribution Administrative surcharge	6.730 1,053 79	3.064 388 31	4.933 952 124	2.542 $\overline{\phantom{a}}$ 127	20.756 172 730	19.805 167 671	61.905 65	36.836 40	2.106 68	272 $\sim$ 8	96.430 2,177 1,067	62,519 555 876
Less: Wakala expense	(2, 117)	(1,795)	(1,781)	(1,063)	(8, 454)	(7,590)	(10,010)	(6, 512)	(295)	(282)	(22, 657)	(17, 241)
Takaful contribution earned	6,045	5.114	5,085	3,036	24,154	21,685	28,601	18,606	839	805	64,723	49,246
Takaful contribution ceded to retakaful operators	(4,634)	(3,676)	(3, 162)	(2, 132)	(2, 158)	(2,633)			(582)	(401)	(10, 536)	(8, 842)
Net takaful contribution	(706)	(357)	142	(159)	13.542	11.462	18.590	12.094	(38)	122	31,531	23,163
Rebate earned	1,149	845	670	498	62	178			146	92	2,027	1,613
Net underwriting income	443	488	812	339	13,604	11,640	18,590	12,094	108	214	33,558	24,776
Takaful claims	(86)	(7, 753)	2,392	(27)	(17, 511)	(4,215)	(24, 536)	(16, 440)	(161)	(731)	(39, 903)	(29, 167)
Takaful claims recovered from retakaful	70	5.400	(1,937)	22	73	1.152			132	118	(1,661)	6,692
Net claim	(16)	(2, 353)	455	(5)	(17, 438)	(3,063)	(24, 536)	(16, 440)	(29)	(613)	(41, 564)	(22, 475)
Contribution deficiency reserve Provision for doubtful contribution	$\overline{a}$ ÷,		J. $\overline{\phantom{a}}$	$\overline{a}$	L.	$\overline{a}$	÷,		÷	÷. $\overline{a}$	٠
Other direct expense	200	(38)	169	(23)	801	(163)	(4,042)	(1, 446)	28	(6)	(2,845)	(1,676)
Surplus / (Deficit) before investment income	627	(1,903)	1,436	311	(3,033)	8,414	(9,988)	(5,793)	107	(405)	(10, 851)	625
Investment income Other Income Less: Modarib's share of											13 1,899	36 3,127
investment income Surplus / (Deficit) for the period											(671) (9,610)	(1, 107) 2,681
42 Premier Insurance Limited			- Window Takaful Operations

Segment assets and liabilities

The following presents segments assets and liabilities as at 31 March 2025 and 31 December 2024 (audited): Three months period ended

											$$ Unaudited
											March 31 2025 --------- Rupees in '000 ---------	2024
	Fire and property damage		Marine, aviation and transport		Motor		Health		Miscellaneous		Total
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
							Rupees in '000 ---
Segment assets	15,310	15,435	11,703	6,406	42,179	65,496	120,681	69,028	4,234	1,564	194,107	157,928
Unallocated corporate assets											184,028	148,330
Total assets											378,135	306,258
Segment liabilities	20,165	20,440	15,414	8,484	55,553	86,736	158,949	91,413	5,577	2,071	255,657	209,144
Unallocated corporate liabilities											90,421	55,619
Total liabilities											346,078	264,763
30.2 Operators Fund
Segment profit and loss											(Unaudited)	Three Months Period Ended
											March 31 2025	2024

										zuza -------- Rupees in '000 -------	ZUZ4
Fire and property damage		Marine, aviation and transport		Motor		Health		Miscellaneous		Total
2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
								--------------------------------------

Wakala fee earned	2.117	.795	.781	.063	8.454	7.590	10.010	6.512	295	282	22,657	17.241
Commission expense	(876)	(505)	(595)	(167)	(2.745)	(2.551)	.352)	(618)	(55)	(64)	(5.624)	(3,905)
Management expense	(3.627)	(3,595)	(3.051)	(2.134)	(14.494)	(15.246)	(7.163)	(13.081	(503)	(566)	(38, 839)	(34.623)
	(2, 386)	(2.306)	(1.866)	.239)	(8.785)	(10.207)	(8.504)	(7.187)	(263)	(348)	(21, 806)	(21.287)

Modarib's share of PTF investment income	671	.107
Investment income		$\sim$
Profit on bank deposits	65	42
Other expenses	(707)	(697)
Loss before taxation	(21.777)	(20, 835)

Quarterly Report March 2025 43

Segment assets and liabilities

The following presents segments assets and liabilities as at 31 March 2025 and 31 December 2024 (audited):

											Three months period ended Unaudited March 31 2025	2024
	Fire and property damage		Marine, aviation and transport		Motor		Health		Miscellaneous		--------- Rupees in '000 --------- Total
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
						Rupees in '000
Segment assets	920	1,015	703	421	2,534	4,306	7,249	4,539	254	103	11,661	10,385
Unallocated corporate assets											182,240	156,732
Total assets											193,901	167,117
Segment liabilities	4,130	3,922	3,157	1,628	11,377	16,641	32,552	17,539	1,142	397	52,357	40,127
Unallocated corporate liabilities											256,449	218,873
Total liabilities											308,806	259,000

31. MOVEMENT IN INVESTMENTS

		OPF
		Available for sale	Available for sale	Held to maturity	Total
				Rupees in '000 ---
01 January 2024			8,220	600	5,230
Addition		٠	7,947	2,400	11,542
	Disposal (sale and redemption) Designated at available for sale		(6, 592)	(2,400)	(9,277)
upon initial recognition			940		1,325
	As at December 31, 2024	٠	10,515	600	11.115
Addition				600	600
	Disposal (sale and redemption) Designated at available for sale			(600)	(600)
upon initial recognition		-	170		170
As at March 31, 2025			10,685	600	11,285

44

Premier Insurance Limited - Window Takaful Operations

32. 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:

	Unaudited 31 March 2025
Level 1	Level 2	Level 3
	10,685
	10,685
Level 1	Level 2	Level 3
	10,515
	10,515
		Fair Value Measurement -------- Rupees in '000 --------- (Audited) 31 December 2024 Fair Value Measurement -------- Rupees in '000 ---------

33. DATE OF AUTHORIZATION FOR ISSUE

These condensed interim financial statements were authorized for issue on 28-Apr-2025 by the Board of Directors of the Operator.

34. GENERAL

• 34.1 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.
• 34.2 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.
• 34.3 All amounts have been rounded to the nearest thousand Rupees.

Chief Executive Officer	Chairman	Director	Director	Chief Financial Officer
Premier Insurance Limited 46		- Window Takaful Operations

Premier Insurance Limited

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.

SAAM PRINTES

www.pil.com.pk