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Premier Insurance Limited Interim / Quarterly Report 2026
72305_rns_2026-05-04_b9d3a2a1-035b-4a3f-a80c-63a69b4d9516.pdf
Interim / Quarterly Report
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Premier Insurance
April 30, 2026
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, 2026
Dear Sir,
We have to inform you that the Quarterly Accounts of the Company for the Quarter ended March 31, 2026 have been transmitted through PUCARS and is also available on Company’s website.
You may please inform the TRE Certificate Holders of the Exchange accordingly.
Yours sincerely,
Encl: As above.
Premier Insurance Limited
5th Floor, State Life Building 2-A, Wallace Road, Off 11, Chundrigar Road, Karachi, Pakistan
+92 21 32416331-4
www.pil.com.pk
+92 21 32416572
CS CamScanner
Premier Insurance
Interim Financial Statements for the quarter ended
March 31 2026
(Unaudited)
Premier Insurance
CONTENTS
| Company Information | Corporate Governance | Financial Statement
(Window Takaful) |
| --- | --- | --- |
| 04 | Report of the Directors to Members | 28 Condensed Interim Statement of Financial Position |
| Financial Statements | | 29 Condensed Interim Statement of Profit and Loss |
| 06 | Condensed Interim Statement of Financial Position | 30 Condensed Interim Statement of Comprehensive Income |
| 07 | Condensed Interim Statement of Profit and Loss | 31 Condensed Interim Statement of Changes in Fund |
| 08 | Condensed Interim Statement of Comprehensive Income | 32 Condensed Interim Statement of Cash Flows |
| 09 | Condensed Interim Statement of Changes in Equity | 34 Notes to the Condensed Interim Financial Statements |
| 10 | Condensed Interim Statement of Cash Flows | |
| 12 | Notes to the Condensed Interim Financial Statements | |
Quarterly Report March 2026
Premier Insurance
Insurance
COMPANY INFORMATION
Board of Directors
Mr. Khalid Bashir
(Chairman)
Mr. Imran Maqbool
Mr. Ahsan Bashir
Mr. Sharik Bashir
Mr. Salman Rafi
Mrs. Rukhsana Saleem
Mr. Nadeem Maqbool (SECP Approval awaited)
Chief Executive Officer
Mr. Sharik Bashir
Chief Financial Officer
Mr. Farhan Ali Salim
Company Secretary
Mr. Fariq Mahmood Khan Rohilla
Audit Committee
Mrs. Rukhsana Saleem
(Chairman)
Mr. Imran Maqbool
(Member)
Mr. Ahsan Bashir
(Member)
Mr. Rao Ali Zeeshan
(Secretary)
Ethics, Human Resource, Remuneration & Nomination Committee
Mr. Salman Rafi
(Chairman)
Mr. Sharik Bashir
(Member)
Mrs. Rukhsana Saleem
(Member)
Mrs. Niina Afridi
(Secretary)
Investment Committee
Mr. Ahsan Bashir
(Chairman)
Mr. Imran Maqbool
(Member)
Mr. Farhan Ali Salim
(Secretary)
Claim Settlement Committee
Mr. Imran Maqbool
(Chairman)
Mr. Ahsan Bashir
(Member)
Mr. Hassan Mustafa
(Secretary)
Premier Insurance Limited
COMPANY INFORMATION
Underwriting Committee
Mr. Sharik Bashir
(Chairman)
Mr. M.K.Baig
(Member)
Mr. Ali Asgher Bhogani
(Member)
Mrs. Kiran Parveen
(Secretary)
Risk Management & Compliance Committee
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 2026
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, 2026.
Performance Review
Following is the overall performance of the Company.
| Conventional | Takaful | |||
|---|---|---|---|---|
| Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2026 | Mar 31, 2025 | |
| (Rupees in '000) | ||||
| Premium / contribution written | 63,283 | 61,917 | 71,149 | 99,674 |
| Net Premium / contribution * | 65,759 | 64,112 | 42,372 | 31,531 |
| Underwriting Result | 10,628 | 5,525 | 6,636 | (10,851) |
| Investment income | 89,986 | 38,630 | 154 | 13 |
| Profit / (Loss) before taxation | 94,478 | 22,724 | (18,011) | (9,610) |
| Profit / (Loss) after taxation | 94,754 | 22,202 | - | - |
| Earnings / (Loss) per share | 1.87 | 0.44 |
- Net contribution exclusive of wakala fee
Gross written premium during the three months' period ended March 31, 2026 was Rs. 63.28 million as against Rs. 61.92 million. Net premium was Rs. 65.76 million as against Rs. 64.11 million. Underwriting profit was Rs. 10.63 million as against Rs. 5.52 million. The investment income was Rs. 89.98 million as against Rs. 38.63 million of the same period of last year. Net loss ratio on earned premium for the period was 27.66% as against 27.89% same period last year.
Gross contribution written during the three months' period ended March 31, 2026 was Rs. 71.15 million as against Rs. 99.67 million of the same period last year. Net contribution was Rs. 42.37 million as against Rs. 31.53 million of the last year, net takaful claims ratio was 42.58% as against 64.22% of same period last year.
Outlook
In the current environment shaped by evolving geopolitical dynamics, macroeconomic challenges, Premier Insurance remains resolute in its commitment to stakeholder value. The insurance industry is faced with a lot of challenges as a result of a very low penetration. The smaller pie leads to increased competition which erodes the profitability of smaller companies. In addition, the cost of doing business is an ever increasing phenomenon. We are restructuring our marketing efforts to draw in a larger share of business in order to improve our stakeholder returns. We also continue to move towards digitization so that it becomes easier and more cost effective for our customers to place business as well as helping us reduce our operating costs. We are exploring new avenues to increase our market share while remaining focused on improving operational performance and enhancing relationships with our customers.
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 guidance 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
KEO / Director
Karachi, Dated: April 28, 2026
Premier Insurance Limited
ممبران کے لئے ڈائریکٹران کی رپورٹ
ڈائریکٹران کمیٹی کے قید آلات شدہ انتخابوں کی مہارتی مانیکروکروگرا سے برائے مدت 31 مارچ 2026 پیش کر کے ہوئے انتخابا مسرت کر کے ہیں۔
کارکردگی کا جائزہ
کمیٹی کی کارکردگی درج ذیل ربی:
| مکمل | روایتی | |||
|---|---|---|---|---|
| 2025-03-31 | 2026-03-31 | 2025-03-31 | 2026-03-31 | |
| روپے (000 مل) | ||||
| 99,674 | 71,149 | 61,917 | 63,283 | پریمیو/کمتری پیش کر پریمی |
| 31,531 | 42,372 | 64,112 | 65,759 | خاص پریمیو/کمتری پیش |
| (10,851) | 6,636 | 5,525 | 10,628 | (سروکی کے نااچ) |
| 13 | 154 | 38,630 | 89,986 | سرما بیکاری آمدن |
| (9,610) | (18,011) | 22,724 | 94,478 | منا فخ / (شمارہ) گمل از گلس |
| - | - | 22,202 | 94,754 | منا فخ / (شمارہ) بعد از گلس |
| 0.44 | 1.87 | آمدن / (شمارہ) فی صص |
سما نی مدت 31 مارچ 2026 کے دوران محقق کر پریمیو پریمیو 63.28 ملین روپے، با جبکہ کرشن سال ای مدت میں 61.92 ملین روپے تھا۔ خاص پریمیو 65.76 ملین روپے، با جبکہ کرشن سال ای مدت میں 64.11 ملین روپے تھا۔ (سروکی منا فخ 10.63 ملین روپے، با جبکہ کرشن سال ای مدت میں 5.52 ملین روپے تھا۔ سرما بیکاری سے حاصل ہونے والی آمدنی 89.98 ملین روپے، بی جبکہ کرشن سال ای مدت میں 38.63 ملین روپے تھی۔ اس مدت کے دوران حاصل شدہ پریمیو پر خاص شمار سے کا تناسب 27.66 فیصد ربا جبکہ کرشن سال ای مدت میں 27.89 فیصد تھا۔
سما نی مدت 31 مارچ 2026 کے دوران محقق کمتری پیش 71.15 ملین روپے، با جبکہ کرشن سال ای مدت میں 99.67 ملین روپے تھا۔ خاص کمتری پیش 42.37 ملین روپے، با جبکہ کرشن سال 31.53 ملین روپے تھا، جبکہ خاص مکمل کلیم کی شرح 42.58 فیصد ریپے جو کہ کرشن سال ای مدت میں 64.22 فیصد تھی۔
مستحکم کا مظاہرہ
بذکر یہ بھی نظر آئیں گی کہ سہولوں اور معاشی रखاروں میں پیدا ہونے والے موجودہ ماعل میں پریمیو اشتراک اپنے متعلقین کے قدر میں اضافے کے لئے پیار ہیں۔ اشتراک کی صنعت کو محدود رسائی کی وجہ سے متعدد रखاروں کا سامنا ہے۔ مارکیٹ کے محدود کم کے باعث مساوات میں اضافہ ہوتا ہے جس سے چھوٹی کمیٹیوں کی منفعت متاثر ہوتی ہے۔ مزید برآں کاروبار کر نے کی لاگت میں مسلسل اضافہ ہو رہا ہے۔ ہم اپنے مارکیٹک اقدامات کو از سر نو مرتب کر رہے ہیں تاکہ کاروبار میں زیادہ حصہ حاصل ہو سکے اور اپنے متعلقین کے منافع کو بہتر بنایا جا سکے۔ ہم ذہنی نز یقین کی جا ب کی مسلسل پیشرفت کر رہے ہیں تاکہ صارفین کے لیے کاروبار کرنا آسان اور کم لاگت ہو سکے اور ساتھ ہی ہمارے آپ پبلک اشراجات میں بھی گی آئے۔ کاروباری کارکردگی کو بہتر بنانے اور صارفین کے ساتھ تعلقات کو مفید کر نے کی بھی تفہیم کو زرع کئے ہوئے ہم اپنی مارکیٹ شینر میں اضافے کے لیے سے مواقع تلاش کر رہے ہیں۔
Quarterly Report March 2026 | 05
اعتراف
وائز کیشز ز کینی کے علاوہ میں کے عزم و فتن گوسرا بیچے ہیں، اپنے معزز صارفین کے سلسلے تعاون اور اعتیاد پر ان کے منظور ہیں اور اپنے ری اُنٹوررز، سکیو رئیز اینڈ ایکیج کمیشن آف پاکستان اور اسٹیٹ پیک آف پاکستان کی جانب سے فراہم کردہ رہنمائی اور معاونت کا اعتراف کرتے ہیں۔
مضامین بورڈ
بھیکر میں
سی ای او، وائز کیشز
کراچی
مورف 28 اپریل، 2026
Quarterly Report March 2026 | 05
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2026
| | Note | March 31
2026
(Unaudited) | December 31
2025
(Audited) |
| --- | --- | --- | --- |
| | | Rupees in '000 | |
| ASSETS | | | |
| Property and equipment | 8 | 208,516 | 205,506 |
| Intangible assets | 9 | 246 | 266 |
| Investment properties | 10 | 365,081 | 349,326 |
| Investments | | | |
| - Equity securities | 11 | 741,572 | 1,037,902 |
| - Mutual funds | 11 | 72,843 | 67,048 |
| Investment in associate | | 293,749 | 293,749 |
| Loans and other receivables | 12 | 169,085 | 73,712 |
| Insurance / reinsurance receivables | 13 | 308,656 | 355,854 |
| Reinsurance recoveries against outstanding claims | 20 | 206,255 | 170,357 |
| Salvage recoveries accrued | | 8,432 | 9,476 |
| Deferred commission expense | 21 | 20,643 | 24,626 |
| Taxation - provision less payment | | 28,677 | 28,497 |
| Deferred tax asset | | 53,219 | 52,943 |
| Prepayments | 14 | 89,445 | 115,173 |
| Cash and bank | 15 | 4,264 | 13,920 |
| | | 2,570,683 | 2,798,355 |
| Total Assets of Window Takaful Operations - Operator's Fund | 16 | 182,430 | 183,285 |
| Total Assets of Window Takaful Operations - Participants' Takaful Fund | | 381,845 | 373,244 |
| TOTAL ASSETS | | 3,134,958 | 3,354,884 |
| EQUITY AND LIABILITIES | | | |
| Capital and reserves attributable to Company's equity holders | | | |
| Ordinary share capital | | 505,651 | 505,650 |
| Reserves | | 1,317,024 | 1,604,439 |
| Accumulated losses | | (722,287) | (817,041) |
| TOTAL EQUITY | | 1,100,388 | 1,293,048 |
| LIABILITIES | | | |
| Underwriting provisions | | | |
| Outstanding claims including IBNR | 20 | 532,402 | 500,876 |
| Unearned premium reserves | 19 | 210,695 | 271,436 |
| Unearned reinsurance commission | 21 | 18,610 | 25,324 |
| Retirement benefit obligations | | 7,834 | 7,531 |
| Lease liabilities | | 8,461 | 9,180 |
| Insurance / reinsurance payables | | 485,985 | 505,652 |
| Other creditors and accruals | 17 | 279,251 | 257,790 |
| Unclaimed dividends | | 22,419 | 22,423 |
| TOTAL LIABILITIES | | 1,565,657 | 1,600,212 |
| Total Liabilities of Window Takaful Operations - Operator's Fund | | 87,068 | 88,380 |
| Total funds and liabilities of Window Takaful Operations - Participants' Takaful Fund | | 381,845 | 373,244 |
| TOTAL EQUITY AND LIABILITIES | | 3,134,958 | 3,354,884 |
| CONTINGENCIES AND COMMITMENTS | 18 | | |
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
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
| Note | Three months period ended | ||
|---|---|---|---|
| March 31 2026 | March 31 2025 | ||
| Rupees in '000 | |||
| Net insurance premium | 19 | 65,759 | 64,112 |
| Net insurance claims | 20 | (34,308) | (34,732) |
| Net commission expense and other acquisition costs | 21 | 21,057 | 8,380 |
| Insurance claims and acquisition expenses | (13,251) | (26,352) | |
| Management expenses | 22 | (41,880) | (32,235) |
| Underwriting results | 10,628 | 5,525 | |
| Investment income | 23 | 89,986 | 38,630 |
| Rental income | 3,024 | 2,731 | |
| Other income | 24 | 12,429 | 745 |
| Other expenses | 25 | (2,317) | (1,223) |
| 103,122 | 40,883 | ||
| Results of operating activities | 113,750 | 46,408 | |
| Finance costs - lease liability | (470) | (661) | |
| Profit / (loss) before tax from Conventional Insurance Operations | 113,280 | 45,747 | |
| Profit / (loss) before tax from Window Takaful Operations - Operator's Fund | (18,011) | (23,023) | |
| Profit / (loss) before taxation & minimum tax Levy | 95,269 | 22,724 | |
| Minimum tax Levy | 26 | (791) | (774) |
| Profit / (loss) before taxation | 94,478 | 21,950 | |
| Taxation | 27 | 276 | 252 |
| Profit / (loss) after taxation | 94,754 | 22,202 | |
| Profit per share (basic and diluted) - Rupees | 28 | 1.87 | 0.44 |
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
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
| Note | Three months period ended | |
|---|---|---|
| March 31 | ||
| 2026 | March 31 | |
| 2025 | ||
| Rupees in '000 | ||
| Profit / (loss) after taxation | 94,754 | 22,202 |
| 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 | (287,415) | (59,608) |
| Other comprehensive (loss) / income | (287,415) | (59,608) |
| Total comprehensive income / (loss) for the period | (192,661) | (37,406) |
Chief Executive Officer Chairman Director Director Chief Financial Officer
CONDENSED INTERIM STATEMENT OF
CHANGES IN EQUITY (unaudited)
| Reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Capital reserves | Revenue reserves | Total equity | |||||||
| Issued, subscribed and paid-up | Reserve for exceptional losses | Devaluation reserve | Revaluation Reserves - Available for sale investments of the Company and associate | Revaluation Reserves - Property and Equipment | General reserve | Accumulated losses | Total reserves | ||
| Balance as at 01 January 2025 | 505,650 | 19,490 | 185 | 580,906 | 35,859 | 996,851 | (939,890) | 693,401 | 1,199,051 |
| Total comprehensive loss for the period ended March 31, 2025 | |||||||||
| Loss after taxation | - | - | - | - | - | - | 22,202 | 22,202 | 22,202 |
| Other comprehensive income for the period | - | - | - | (59,608) | - | - | - | (59,608) | (59,608) |
| Total comprehensive income for the period | - | - | - | (59,608) | - | - | 22,202 | (37,406) | (37,406) |
| Balance as at March 31, 2025 (Un-audited) | 505,650 | 19,490 | 185 | 521,298 | 35,859 | 996,851 | (917,688) | 655,995 | 1,161,645 |
| Balance as at January 01, 2026 | 505,650 | 19,490 | 185 | 552,054 | 35,859 | 996,851 | (817,041) | 787,398 | 1,293,048 |
| Total comprehensive Profit for the period ended Mar 31, 2026 | |||||||||
| Profit after taxation | - | - | - | - | - | - | 94,754 | 94,754 | 94,754 |
| Other comprehensive loss for the period | - | - | - | (287,415) | - | - | - | (287,415) | (287,415) |
| Total comprehensive Profit / (loss) for the period | - | - | - | (287,415) | - | - | 94,754 | (192,661) | (192,661) |
| Balance as at March 31, 2026 (Un-audited) | 505,650 | 19,490 | 185 | 264,639 | 35,859 | 996,851 | (722,287) | 594,737 | 1,100,387 |
Chief Executive Officer
Chairman
Director
Director
Chief Financial Officer
CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Note
Three months period ended
| March 31 | March 31 |
|---|---|
| 2026 | 2025 |
| Rupees in '000 |
a) Underwriting activities
- Insurance premium received: 104,535 (44,880)
- Reinsurance premium paid: (59,512) (59,512)
- Claims paid: 24,657 (59,512)
- Reinsurance and other recoveries received: (5,802) (24,657)
- Commission paid: 27,494 (5,802)
- Commission received: (2,417) (27,494)
- Other acquisition costs paid: (58,352) (2,417)
- Management expenses paid: (104,168) (58,352)
- Net cash used in underwriting activities: (14,277) (17,309)
b) Other operating activities
- Income tax paid: (695) (786)
- Other operating receipts / (payments): 18,438 (18,438)
- Loans advanced, deposits (paid) / received: (89,360) (89,360)
- Other liabilities reversed: (95,452) (95,452)
- Net cash generated from / (used in) other operating activities: (167,069) (167,069)
- Total cash used in all operating activities: (181,346) (29,592) (12,283)
CASH FLOW FROM INVESTING ACTIVITIES
- Profit / return received: 83,973 (3,024)
- Rental received: 3,024 (58,455)
- Payment for investments made: (58,455) (142,324)
- Proceeds from investments disposed: (142,324) (5,773)
- Fixed capital expenditure incurred: (12,321) (5,773)
- Net cash flows from investing activities: 177,414 (2,314)
CASH FLOW FROM FINANCING ACTIVITIES
- Finance cost paid: (470) (661)
- Dividend paid: (4) -
- Payment of lease liability: (5,251) (5,251)
-
Total cash used in financing activities: (5,725) (5,912)
-
Net cash used in all activities: (9,657) (8,685)
- Cash and cash equivalents at beginning of the period: 13,920 (13,920) (54,457)
- Cash and cash equivalents at end of the period: 4,263 (4,263) (63,142)
CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
| Note | Three months period ended | ||
|---|---|---|---|
| March 31 | |||
| 2026 | March 31 | ||
| 2025 | |||
| Rupees in '000 | |||
| Reconciliation to condensed interim profit and loss account | |||
| Operating cashflows | (181,346) | 12,283 | |
| Depreciation and amortization expense | 22 | (2,007) | (1,998) |
| Finance costs | (470) | (661) | |
| Gain on sale of operating fixed assets | 24 | 11,545 | - |
| Net realized gain on investments | 23 | 79,444 | 27,125 |
| Rental income | 3,024 | 2,731 | |
| Dividend income | 23 | 10,542 | 12,323 |
| Other income | 24 | 884 | 745 |
| Share of loss from associate | - | - | |
| Loss from Window Takaful Operations - Operator's Fund | 16 | (18,011) | (23,023) |
| Decrease in assets other than cash | 64,043 | (95,020) | |
| Increase in liabilities other than borrowings | 127,106 | 87,697 | |
| Gain on revaluation of investment property | - | - | |
| Profit / (loss) after taxation | 94,754 | 22,202 |
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
Stamps in hand
| - | - |
|---|---|
| 90 | 317 |
| 90 | 317 |
Current and other accounts
Current accounts
PLS account
| - | - |
|---|---|
| 4,173 | 62,825 |
| 4,173 | 62,825 |
Total cash and cash equivalent
Chairman
Director
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (unaudited)
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
i) Province of Punjab, Pakistan:
- 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.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (unaudited)
2. BASIS OF PREPARATION
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), 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, 2025.
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.
2.2 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, 2025.
4. MATERIAL ACCOUNTING POLICY INFORMATION
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, 2025.
5. CHANGE IN ACCOUNTING POLICY
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, 2025.
7. PREMIUM DEFICIENCY RESERVE
No provision has been made as the unearned premium reserve for each class of business at period end is adequate to meet the expected future liability after reinsurance from claims and other expenses, expected to be incurred after the balance sheet date in respect of policies in force at the reporting date.
| | Note | March 31
2026
(Unaudited) | December 31
2025
(Audited) |
| --- | --- | --- | --- |
| | | Rupees in '000 | |
| 8. PROPERTY AND EQUIPMENT | | | |
| Operating fixed assets | 8.1 | 179,776 | 176,442 |
| Capital work-in-progress | | 26,109 | 26,109 |
| Right of use assets | 8.2 | 2,631 | 2,955 |
| | | 208,516 | 205,506 |
| 8.1. Operating fixed assets | | | |
| Opening balance | | 176,441 | 176,150 |
| Add: Additions during the period / year | | 5,773 | 9,351 |
| Less: Written down value of disposals during the period / year | | (776) | (2,290) |
| Depreciation charged during the period / year | | (1,663) | (6,771) |
| | | (2,438) | (9,061) |
| Closing written down value | | 179,776 | 176,441 |
8.2 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 | 2,955 | 4,252 |
|---|---|---|
| Depreciation charged during the period / year | (324) | (1,297) |
| Closing written down value | 2,631 | 2,955 |
Note
March 31 2026 (Unaudited)
December 31 2025 (Audited)
Rupees in '000
9. INTANGIBLE ASSETS
Opening balance
Less: Amortization charged during the period / year
Closing written down value
| 266 | 380 |
|---|---|
| (20) | (114) |
| 246 | 266 |
10. INVESTMENT PROPERTIES
Carrying value at the beginning of the period / year
Additions / capital improvements
Revaluation gain on investment property
Carrying value at the end of the period / year
| 349,326 | 346,939 |
|---|---|
| 15,755 | 434 |
| - | 1,953 |
| 365,081 | 349,326 |
11. INVESTMENTS
| Particulars | March 31, 2026 (Unaudited) | December 31, 2025 (Audited) | ||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Impairment / provision for the period | Revaluation surplus | Carrying value | Cost | Impairment / provision for the period | Revaluation surplus | Carrying value | |
| Available-for-sale | Rupees in '000 | |||||||
| Equity Securities: | ||||||||
| Related parties | ||||||||
| Listed shares | 187,663 | - | 79,359 | 267,022 | 187,663 | - | 127,170 | 314,833 |
| Other than related parties | ||||||||
| Unlisted shares | 1,483 | - | - | 1,483 | 1,483 | - | - | 1,483 |
| Listed shares | 509,367 | - | (36,300) | 473,067 | 512,488 | - | 209,098 | 721,586 |
| 510,849 | - | (36,300) | 474,550 | 513,971 | - | 209,098 | 723,069 | |
| 698,513 | - | 43,059 | 741,572 | 701,634 | - | 336,268 | 1,037,902 | |
| Mutual funds * | 54,476 | - | 18,367 | 72,843 | 54,476 | - | 12,572 | 67,048 |
| 752,988 | - | 61,426 | 814,415 | 756,110 | - | 348,840 | 1,104,950 |
- Investments in Mutual funds includes units placed as statutory deposit with State Bank of Pakistan in compliance of section 29 of Insurance Ordinance, 2000.
| | Note | March 31
2026
(Unaudited) | December 31
2025
(Audited) |
| --- | --- | --- | --- |
| | | Rupees in '000 | |
| 12 LOANS AND OTHER RECEIVABLES | | | |
| Mark-up and dividend receivable | | 6,384 | 371 |
| Loans to employees | 12.1 | 1,119 | 1,250 |
| Deposits | | 35,153 | 33,017 |
| Receivables against sale of Investment | | 107,656 | 23,830 |
| Other receivables | | 18,773 | 15,244 |
| | | 169,085 | 73,712 |
12.1 These are short term, unsecured interest free loans and advances provided to permanent employees of the Company adjustable against salaries.
13. INSURANCE / REINSURANCE RECEIVABLES
| Premium due but unpaid | 345,193 | 387,711 |
|---|---|---|
| Less: Provision for doubtful | ||
| receivables from insurance contract holder | (188,623) | (187,990) |
| 156,570 | 199,721 | |
| Amounts due from other insurers / reinsurers | 320,442 | 323,856 |
| Less: Provision for doubtful | ||
| receivables from insurers / reinsurers | (168,356) | (167,723) |
| 152,086 | 156,133 | |
| 308,656 | 355,854 |
14. PREPAYMENTS
| Prepaid reinsurance premium ceded | 19 | 80,578 | 113,630 |
|---|---|---|---|
| Other prepaid expense | 8,867 | 1,543 | |
| 89,445 | 115,173 |
15. CASH AND BANK
| Cash and cash equivalent
- Policy and revenue stamps, bond papers | | 90 | 90 |
| --- | --- | --- | --- |
| Cash at bank
- Current accounts | | 3,719 | 2,550 |
| - Savings account | 15.1 | 455 | 11,280 |
| | | 4,264 | 13,920 |
15.1 The rate of return on savings account held with various banks range from 5.0% to 10.0% per annum (December 31, 2025: 5.24% to 10.76%).
| | | March 31
2026
(Unaudited) | December 31
2025
(Audited) |
| --- | --- | --- | --- |
| | | Rupees in '000 | |
| 16. | WINDOW TAKAFUL OPERATIONS - OPERATOR'S FUND | | |
| | Assets | | |
| | Loan and other receivables | 863 | 804 |
| | Receivable from PTF | 59,398 | 54,618 |
| | Deferred commission expense | 17,155 | 17,340 |
| | Cash and bank | 5,111 | 10,742 |
| | | 82,527 | 83,504 |
| | Qard-e-hasna contributed to PTF | 99,903 | 99,903 |
| | Total Assets | 182,430 | 183,407 |
| | Total Liabilities | 334,933 | 317,898 |
| | | March 31
2026
(Unaudited) | March 31
2025
(Unaudited) |
| | | Rupees in '000 | |
| | Operator's revenue accounts | | |
| | Wakala fee | 29,431 | 22,657 |
| | Commission expense | (8,384) | (5,624) |
| | General, administrative and management expenses | (37,926) | (38,839) |
| | Modarib's share of PTF Investment income | 655 | 671 |
| | Profit on bank accounts | 21 | 65 |
| | Other expenses | (919) | (707) |
| | Levy & Taxes | (889) | (1,246) |
| | Loss for the period | (18,011) | (23,023) |
| | | March 31
2026
(Unaudited) | December 31
2025
(Audited) |
| | Note | Rupees in '000 | |
| 17. | OTHER CREDITORS AND ACCRUALS | | |
| | Commissions payable | 115,966 | 115,018 |
| | Federal excise duty and sales tax | 20,983 | 22,251 |
| | Deposits and margins | 2,127 | 2,929 |
| | Provision for rent | 14,000 | 14,000 |
| | Others | 126,175 | 103,592 |
| | | 279,251 | 257,790 |
17.1 This represents provision for rent amounting to Rs.14 million (December 31, 2025: 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.
Note
March 31 2026
(Unaudited)
December 31 2025
(Audited)
Rupees in '000
18. CONTINGENCIES AND COMMITMENTS
18.1 Contingencies
The status of contingencies are same as disclosed in the annual audited financial statements for the year ended December 31, 2025.
18.2 Commitments
Commitment for capital expenditure 17.2.1 - 15,038
18.2.1 This represents the commitment regarding capital expenditure in Investment Property.
19. NET INSURANCE PREMIUM
Written gross 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
20. 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
Three months period ended
March 31 2026 (Unaudited)
March 31 2025 (Unaudited)
Rupees in '000
| 63,283 | 61,917 |
|---|---|
| 271,436 | 284,803 |
| (210,695) | (222,188) |
| 124,024 | 124,532 |
| 25,213 | 23,256 |
| 113,630 | 118,388 |
| (80,578) | (81,224) |
| 58,265 | 60,420 |
| 65,759 | 64,112 |
| 60,556 | 32,913 |
| --- | --- |
| (500,876) | (490,710) |
| 532,402 | 510,051 |
| 92,082 | 52,254 |
| 21,876 | 16,327 |
| --- | --- |
| (170,357) | (207,465) |
| 206,255 | 208,660 |
| 57,774 | 17,522 |
| --- | --- |
| 34,308 | 34,732 |
21. NET COMMISSION EXPENSE AND OTHER ACQUISITION COSTS
Commission paid or payable
Add: Deferred commission opening
Less: Deferred commission closing
Commission expense
Less: Commission received or recoverable from reinsurers
Add: Unearned reinsurance commission opening
Less: Unearned reinsurance commission closing
Commission from reinsurance
Net commission expense / (income)
Add: Other acquisition costs:
Tracking device expenses
Service charges
Other costs
Net Commission expense and other acquisition costs
22. MANAGEMENT EXPENSES
Employee benefit cost
Travelling expenses
Advertisement and sales promotion
Printing and stationary
Depreciation
Amortization
Rent, rates and taxes
Legal and professional charges - business related
Electricity, gas and water
Entertainment
Vehicle running expenses
Office repairs and maintenance
IT & software related expense
Bank charges
Postages, telegrams and telephone
Insurance expense
Annual supervision fee SECP
Bad and doubtful debts
Others
Three months period ended
| March 31
2026
(Unaudited) | March 31
2025
(Unaudited) |
| --- | --- |
| Rupees in '000 | |
| 6,750
24,626
(20,643)
10,733 | 9,086
18,707
(19,033)
8,760 |
| 27,494
25,324
(18,610)
34,208 | 12,879
26,133
(18,195)
20,817 |
| (23,474) | (12,057) |
| -
2,573
(156)
2,417
(21,057) | 50
3,434
193
3,677
(8,380) |
| 27,452
514
3,188
155
1,987
20
1,560
1,093
727
315
117
600
648
2
556
883
510
1,266
287
41,880 | 19,306
235
1,282
132
1,970
28
882
2,840
525
543
203
454
791
38
442
500
570
1,238
256
32,235 |
Note
| March 31 | March 31 |
|---|---|
| 2026 | |
| (Unaudited) | 2025 |
| (Unaudited) |
Rupees in '000
23. INVESTMENT INCOME
Income from equity securities and mutual fund units
Available for sale
- Equity securities
Net realized gain on investments
Available for sale
- Equity securities and Mutual Funds
Total investment income
Less: Investment related expenses
| 10,542 | 12,323 |
|---|---|
| 80,748 | 27,125 |
| 91,290 | 39,448 |
| (1,304) | (818) |
| 89,986 | 38,630 |
24. OTHER INCOME
Return on bank balances
Gain on sale of operating fixed assets
Miscellaneous
| 363 | 764 |
|---|---|
| 11,545 | - |
| 521 | (19) |
| 12,429 | 745 |
25. OTHER EXPENSES
Auditors' remuneration
Fees and subscription
Donations
Inadmissible input tax expense
Others
| 790 | 734 |
|---|---|
| 330 | 85 |
| 1,600 | 1,035 |
| 67 | 221 |
| (470) | (852) |
| 2,317 | 1,223 |
26. Minimum Tax Levy
Minimum Tax Levy
| 791 | 774 |
|---|---|
| 791 | 774 |
26.1 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.
| Three months period ended | ||
|---|---|---|
| March 31 2026 (Unaudited) | March 31 2025 (Unaudited) | |
| 27. Taxation | Rupees in '000 | |
| Deferred tax | (276) (276) | (252) (252) |
27.1 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.
28. PROFIT PER SHARE - basic and diluted
| Profit after tax for the period | 94,754 | 22,202 |
|---|---|---|
| Number of shares in '000 | ||
| Weighted average number of ordinary shares | 50,565 | 50,565 |
| Rupees | ||
| Profit per share (basic and diluted) | 1.87 | 0.44 |
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.
29. TRANSACTIONS AND BALANCES WITH RELATED PARTIES
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 | 3,025 | 4,220 |
|---|---|---|
| Premium received | 26,856 | 39,996 |
| Claims paid | 8,138 | 17,481 |
| Dividend received | 283 | 283 |
| Commission paid | - | - |
| Others | 566 | 1,570 |
Others
| Premium underwritten | 413 | 475 |
|---|---|---|
| Premium received | 490 | 552 |
| Meeting fees | 60 | 140 |
| --- | --- | --- |
| Remuneration and retirement benefits to key management personnel | 44,395 | 40,007 |
Balances outstanding at the reporting date
Associated Companies
Premium receivable
Claims outstanding
Commission outstanding
Others
Premium receivable
March 31 December 31
2026 2025
(Unaudited) (Audited)
Rupees in '000
| 45,695 | 71,744 |
|---|---|
| 38,958 | 35,065 |
| 1,180 | 1,180 |
| 125 | 134 |
29.1 Company's contribution toward staff provident fund for the three months period ended is Rs. 688 thousands (Mar 31, 2025: Rs. 496 thousand).
Three months period ended
Unaudited
March 31
30. SEGMENT REPORTING
| Fire and property damage | Marine, aviation and transport | Motor | Health | Miscellaneous | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Premium receivable (inclusive of FED / Sales Tax, Federal insurance fee and | ||||||||||||
| Administrative surcharge) | 27,146 | 28,123 | 7,003 | 7,593 | 12,222 | 19,269 | 20,131 | 12,864 | 5,095 | 2,883 | 71,597 | 70,732 |
| Less: FED / sales tax | 2,153 | 3,338 | 1,280 | 1,127 | 1,679 | 2,571 | 2,140 | 903 | 572 | 319 | 7,825 | 8,258 |
| Less: Federal insurance fee | 126 | 210 | 57 | 56 | 92 | 153 | 178 | 118 | 35 | 20 | 488 | 558 |
| Gross written Premium (inclusive of Administrative surcharge) | 24,866 | 24,575 | 5,666 | 6,410 | 10,450 | 16,545 | 17,812 | 11,842 | 4,489 | 2,545 | 63,283 | 61,917 |
| Gross direct premium | 12,548 | 20,933 | 5,430 | 5,347 | 9,011 | 15,011 | 17,762 | 11,807 | 3,479 | 1,950 | 48,229 | 55,048 |
| Facultative inward premium | 12,241 | 3,570 | - | 841 | 1,245 | 1,200 | - | - | 977 | 567 | 14,464 | 6,178 |
| Administrative surcharge | 77 | 71 | 236 | 222 | 194 | 333 | 50 | 35 | 32 | 29 | 590 | 690 |
| Insurance premium earned | 51,395 | 38,729 | 7,523 | 9,387 | 22,530 | 19,294 | 34,190 | 45,169 | 8,386 | 11,953 | 124,024 | 124,532 |
| Insurance premium ceded to reinsurers | (40,958) | (32,004) | (5,399) | (7,039) | (989) | (2,414) | (6,532) | (12,185) | (4,387) | (6,778) | (58,265) | (60,420) |
| Net Insurance premium | 10,437 | 6,725 | 2,124 | 2,348 | 21,541 | 16,880 | 27,658 | 32,984 | 3,999 | 5,175 | 65,759 | 64,112 |
| Commission income from reinsurers | 21,151 | 15,114 | 4,251 | 1,616 | 1 | 57 | 1,144 | 2,990 | 7,660 | 1,040 | 34,208 | 20,817 |
| Net underwriting income | 31,588 | 21,839 | 6,375 | 3,964 | 21,542 | 16,937 | 28,802 | 35,974 | 11,659 | 6,215 | 99,967 | 84,929 |
| Insurance claims expense | (45,513) | (13,602) | (10,901) | (636) | (11,305) | (5,529) | (17,349) | (30,414) | (7,014) | (2,073) | (92,082) | (52,254) |
| Insurance claims recovered from reinsurers and other recoveries revenue | 42,060 | 8,687 | 6,808 | 275 | 1,363 | (126) | 4,764 | 8,296 | 2,779 | 390 | 57,774 | 17,522 |
| Net Insurance claims | (3,453) | (4,915) | (4,093) | (361) | (9,942) | (5,655) | (12,587) | (22,118) | (4,233) | (1,683) | (34,308) | (34,732) |
| Commission expense | (6,446) | (3,451) | (496) | (469) | (1,792) | (1,154) | (811) | (1,830) | (1,188) | (1,855) | (10,733) | (8,759) |
| Premium deficiency | (17,355) | (10,025) | (2,540) | (2,430) | (7,608) | (4,994) | (11,545) | (11,682) | (2,832) | (3,094) | (41,880) | (32,235) |
| Management expense | 118 | 1,550 | 17 | 376 | 52 | 723 | (2,624) | (6,804) | 19 | 478 | (2,417) | (3,677) |
| Other acquisition cost | ||||||||||||
| Net insurance claims and expenses | (27,136) | (16,841) | (7,112) | (2,884) | (19,290) | (11,080) | (27,567) | (42,445) | (8,234) | (6,154) | (89,340) | (79,404) |
| Underwriting result | 4,452 | 4,998 | (737) | 1,079 | 2,251 | 5,857 | 1,235 | (6,471) | 3,426 | 62 | 10,627 | 5,527 |
| Investment income | 89,986 | 38,630 | ||||||||||
| Rental income | 3,024 | 2,731 | ||||||||||
| Other income | 12,429 | 745 | ||||||||||
| Other expenses | (2,317) | (1,223) | ||||||||||
| Finance cost | (470) | (661) | ||||||||||
| Share of loss from WTO - Operator's Fund | (18,011) | (23,023) | ||||||||||
| profit before tax | 95,268 | 22,726 |
30.1 Segment assets and liabilities
The following presents segments assets and liabilities for the year ended March 31, 2026 and December 31, 2025:
| | Three months period ended
Unaudited | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Fire and property damage | | Marine, aviation and transport | | Motor | | Health | Miscellaneous | | Total |
| | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Segment assets | 245,366 | 264,423 | 55,909 | 59,718 | 103,115 | 121,191 | 175,759 | 177,972 | 44,292 | 42,149 |
| Unallocated corporate assets | | | | | | | | | | 2,510,518 |
| Total assets | | | | | | | | | | 3,134,959 |
| Segment Liabilities | 490,264 | 517,871 | 111,711 | 116,958 | 206,033 | 237,352 | 351,184 | 348,557 | 88,499 | 82,549 |
| Unallocated corporate liabilities | | | | | | | | | | 1,247,691 |
| Total liabilities | | | | | | | | | | 1,303,287 |
| | | | | | | | | | | 317,966 |
| | | | | | | | | | | 1,565,857 |
31. MOVEMENT IN INVESTMENTS - AVAILABLE FOR SALE
Rupees in '000
- January 01, 2025 940,744
- Additions 1,355,718
- Disposals (sale and redemptions) (1,179,724)
- Fair value net gains (excluding net realized gains) (11,786)
December 31, 2025
- Additions 1,104,952
- Disposals (sale and redemptions) 58,455
- Fair value net gains (excluding net realized gain) (61,576)
- March 31, 2026 (287,416)
Rupees in '000
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 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, 2026 (unaudited) | |||
|---|---|---|---|
| Fair Value Measurement | |||
| Level 1 | Level 2 | Level 3 | |
| --- Rupees in '000 --- | |||
| Available for sale investments (measured at fair value) | |||
| Equity securities | 740,089 | 1,483 | - |
| Mutual fund units | - | 72,843 | - |
| Investment property | 365,081 | ||
| 740,089 | 439,407 | - | |
| 31 December 2025 (audited) | |||
| Fair Value Measurement | |||
| Level 1 | Level 2 | Level 3 | |
| --- Rupees in '000 --- | |||
| Available for sale investments (measured at fair value) | |||
| Equity securities | 1,036,420 | 1,483 | - |
| Mutual fund units | - | 67,049 | - |
| Investment property | - | 349,326 | |
| 1,036,420 | 417,858 | - |
33. DATE OF AUTHORISATION FOR ISSUE
These condensed interim financial statements were authorized for issue on 28-Apr-2026 by the Board of directors of the Company.
34. GENERAL
34.1 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.
34.2 All amounts have been rounded to the nearest thousand Rupees.
| Chief Executive Officer | Chairman | Director | Director | Chief Financial Officer |
|---|---|---|---|---|
PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION OF
OPERATOR'S FUND AND PARTICIPANTS' TAKAFUL FUND
AS AT MARCH 31, 2026
| Operator's Fund | Participant's Takaful Fund | ||||
|---|---|---|---|---|---|
| March 31 | December 31 | March 31 | December 31 | ||
| 2026 | 2025 | 2026 | 2025 | ||
| Assets | Unaudited | Audited | Unaudited | Audited | |
| Investments | Rupees in '000 | ||||
| Mutual funds | 7 | - | 11,866 | 12,093 | |
| Term deposits | 8 | - | 600 | 600 | |
| Loans and other receivables | 10 | 863 | 98,230 | 85,128 | |
| Takaful / retakaful receivables | 12 | - | 104,228 | 111,491 | |
| Retakaful recoveries against outstanding claims | 19 | - | 6,119 | 5,956 | |
| Qard-e-hasna contributed to PTF | 9 | 99,903 | - | - | |
| Salvage recoveries accrued | - | 405 | 461 | ||
| Receivable from PTF | 11 | 59,398 | - | - | |
| Deferred wakala expense | 22 | - | 52,535 | 57,064 | |
| Deferred commission expense | 23 | 17,155 | - | - | |
| Prepayments | 13 | - | 20,452 | 22,067 | |
| Cash and bank | 14 | 5,111 | 87,410 | 78,384 | |
| Total Assets | 182,430 | 381,845 | 373,244 | ||
| Funds and Liabilities | |||||
| Reserve attributable to: | |||||
| Operator's Fund (OPF) | |||||
| Statutory fund | 50,000 | - | - | ||
| Accumulated deficit | (202,503) | - | - | ||
| Balance of Operator's Fund | (152,503) | - | - | ||
| Participant's Takaful Fund (PTF) / Waqf | |||||
| Seed money | - | 500 | 500 | ||
| Revaluation reserves | - | 1,519 | 1,892 | ||
| Accumulated deficit | - | (70,212) | (78,069) | ||
| Balance of Participant's Takaful Fund / Waqf | - | (68,193) | (75,677) | ||
| Qard-e-Hasna | - | 99,903 | 99,903 | ||
| Liabilities | |||||
| PTF Underwriting provisions | |||||
| Unearned contribution reserve | 18 | - | 150,099 | 163,039 | |
| Outstanding claims including IBNR | 19 | - | 76,272 | 74,589 | |
| Contribution deficiency reserve | - | - | - | ||
| Reserve for Unearned retakaful rebate | 21 | - | 3,870 | 4,116 | |
| - | 230,241 | 241,744 | |||
| Unearned wakala fees | 22 | 52,535 | 57,064 | - | |
| Takaful / retakaful payables | - | 42,972 | 30,799 | ||
| Payable to OPF | 16 | - | 59,398 | 54,618 | |
| Other creditors and accruals | 15 | 282,398 | 260,834 | 17,524 | |
| Total Liabilities | 334,933 | 317,898 | 119,894 | ||
| Total Fund and Liabilities | 182,430 | 183,407 | 381,845 | ||
| Contingencies and commitments | 17 |
Chief Executive Officer Chairman Director Director Chief Financial Officer
Premier Insurance Limited - Window Takaful Operations
PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (unaudited)
| Three months period ended | |||
|---|---|---|---|
| March 31 | |||
| 2026 | March 31 | ||
| 2025 | |||
| Note | Rupees in '000 | ||
| Participant's Takaful Fund | |||
| Contribution earned - net of wakala fee | 18 | 54,658 | 42,067 |
| Less: Contribution ceded to retakaful | 18 | (12,286) | (10,536) |
| Net contribution revenue | 18 | 42,372 | 31,531 |
| Re-takaful rebate earned | 21 | 2,588 | 2,027 |
| Net underwriting income | 44,960 | 33,558 | |
| Net claims - reported / settled | 19 | (35,800) | (41,564) |
| Other direct expenses | 20 | (2,524) | (2,845) |
| Sruplus / (Deficit) before investment income | 6,636 | (10,851) | |
| Investment income | 26 | 154 | 13 |
| Other income | 27 | 1,723 | 1,899 |
| Less: Modarib's share of investment income | 28 | (655) | (671) |
| Surplus / (Deficit) for the period | 7,858 | (9,610) | |
| Operator's Fund | |||
| Wakala fee | 22 | 29,431 | 22,657 |
| Commission expense | 23 | (8,384) | (5,624) |
| General, administrative and management expenses | 24 | (37,926) | (38,839) |
| (16,879) | (21,806) | ||
| Modarib's share of PTF investment income | 28 | 655 | 671 |
| Profit on bank accounts | 21 | 65 | |
| Other expenses | 25 | (919) | (707) |
| Income / (Loss) for the period | (17,122) | (21,777) | |
| Levy | (889) | (1,246) | |
| Income / (Loss) before income tax | (18,011) | (23,023) | |
| Taxation | - | - | |
| Income / (Loss) after income tax | (18,011) | (23,023) |
Chairman
PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
Three months period ended
| March 31 | March 31 |
| --- | --- |
| 2026 | 2025 |
| --- Rupees in '000 --- | |
Participant's Takaful Fund
Surplus / (Deficit) for the period
7,858 10,836
Other comprehensive income / (loss) for the period:
Unrealized income on available for sale securities
(374) (242)
Total comprehensive income / (loss) for the year
7,484 10,594
Operator's Fund
Income / (Loss) for the period
(18,011) (23,023)
Other comprehensive income / (loss) for the period:
Unrealized income / (loss) on available for sale securities
-
-
Total comprehensive income / (loss) for the period
(18,011) (23,023)
Chief Executive Officer
Chairman
Director
Director
Chief Financial Officer
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)
| 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 2025 | 50,000 | - | (141,882) | (91,882) |
| Net loss for the year | - | - | (23,023) | (23,023) |
| Other comprehensive income for the year | - | - | - | - |
| Balance as at 31 March 2025 | 50,000 | - | (164,905) | (114,905) |
| Balance as at 01 January 2026 | 50,000 | - | (184,491) | (134,491) |
| Net loss for the year | - | - | (18,011) | (18,011) |
| Other comprehensive income for the year | - | - | - | - |
| Balance as at 31 March 2026 | 50,000 | - | (202,502) | (152,502) |
| 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 2025 | 500 | 1,327 | (60,232) | (58,405) |
| Deficit for the period | - | - | (9,610) | (9,610) |
| Total comprehensive loss for the period | - | 170 | - | 170 |
| Qard-e-Hasna contributed by OPF | - | - | - | - |
| Balance as at 31 March 2025 | 500 | 1,497 | (69,842) | (67,845) |
| Balance as at 01 January 2026 | 500 | 1,893 | (78,073) | (75,677) |
| Deficit for the period | - | - | 7,858 | 7,858 |
| Total comprehensive income / (loss) for the period | - | (374) | - | (374) |
| Qard-e-Hasna contributed by OPF | - | - | - | - |
| Balance as at 31 March 2026 | 500 | 1,519 | (70,215) | (68,193) |
Quarterly Report March 2026
31
PREMIER TAKAFUL LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
| Three Months Period Ended | |||||
|---|---|---|---|---|---|
| Operator's Fund | Participant's Takaful Fund | ||||
| March 31 2026 | March 31 2025 | March 31 2026 | March 31 2025 | ||
| Operating activities | Note | Rupees in '000 | |||
| a) Takaful activities | |||||
| Contribution received | - | - | 41,718 | 77,017 | |
| Re-takaful contributions paid | - | - | 1,446 | (5,417) | |
| Claims / benefit paid | - | - | (34,395) | (33,883) | |
| Re-takaful and other recoveries received | - | - | 115 | 1,536 | |
| Commissions (paid) / re-takaful rebate received | (5,567) | (5,408) | 2,342 | 2,348 | |
| Wakala fees received | 20,000 | 1 | - | - | |
| Wakala fees paid | - | - | (20,000) | (1) | |
| Modarib share received / (paid) | 655 | 671 | (655) | (671) | |
| Total cash generated from / (used in) takaful activities | 15,088 | (4,736) | (9,429) | 40,929 | |
| b) Other operating activities | |||||
| General and administration expenses paid | (39,735) | (41,482) | (2,468) | (2,021) | |
| Other operating payments | - | - | - | - | |
| Amounts due from other takaful / retakaful operators | - | - | 2,905 | (1,012) | |
| Deposits and other receivables | 63 | (11) | (8,723) | (6,805) | |
| Received from / (paid to) Premier Insurance Limited | 18,455 | 35,484 | - | - | |
| Accrued salvage recoveries | - | - | (56) | (6,680) | |
| Other liabilities settled | 477 | 1,294 | 25,195 | 83 | |
| Total cash (used in) / generated from other operating activities | (20,740) | (4,715) | 16,853 | (16,435) | |
| Total cash generated from / (used in) operating activities | (5,652) | (9,451) | 7,424 | 24,494 | |
| Investment activities | |||||
| Accrued investment income | - | - | 253 | (172) | |
| Additions to fixed assets | - | - | - | - | |
| Bank profit received | 21 | 65 | 1,723 | 1,905 | |
| Sale of investment - net | - | - | (373) | (770) | |
| Total cash generated from investing activities | 21 | 65 | 1,603 | 963 | |
| Financing activities | |||||
| Qard-e-hasna contributions | - | - | - | - | |
| Total cash (used in) / generated from financing activities | - | - | - | - | |
| Total cash (used in) / generated from all activities | (5,631) | (9,386) | 9,027 | 25,457 | |
| Cash and cash equivalents at beginning of the period | 10,742 | 11,538 | 78,384 | 84,980 | |
| Cash and cash equivalents at the end of the period 14 | 5,111 | 2,152 | 87,411 | 110,437 |
Premier Insurance Limited - Window Takaful Operations
PREMIER TAKAFUL LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF CASH FLOWS (unaudited)
| Three Months Period Ended | ||||
|---|---|---|---|---|
| Operator's Fund | Participant's Takaful Fund | |||
| March 31 2026 | March 31 2025 | March 31 2026 | March 31 2025 | |
| Note | Rupees in '000 | |||
| Reconciliation to profit and loss account | ||||
| Operating cash flows | (5,631) | (9,386) | 9,027 | 25,457 |
| Other Income | - | - | - | - |
| Investment income | - | - | 154 | 13 |
| (Decrease) / increase in assets other than cash | 4,654 | 36,164 | (427) | 46,414 |
| (Increase) / decrease in liabilities | (16,145) | (48,555) | (896) | (81,494) |
| (Loss) / Profit for the year | (17,122) | (21,777) | 7,858 | (9,610) |
| Attributed to: | ||||
| Operator's Fund | (17,122) | (21,777) | - | - |
| Participants' Takaful Fund | - | - | 7,858 | (9,610) |
| (17,122) | (21,777) | 7,858 | (9,610) |
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
Current and other accounts
Current and savings accounts
Term deposit receipt
Total cash and cash equivalent
| - | - | - | - |
|---|---|---|---|
| 5,111 | 10,742 | 87,410 | 78,384 |
| - | - | - | - |
| 5,111 | 10,742 | 87,410 | 78,384 |
PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (unaudited)
1. 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 Waqf 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 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
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, 2025.
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 of:
- 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.
PREMIER INSURANCE LIMITED - WINDOW TAKAFUL OPERATIONS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (unaudited)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
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.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, 2025.
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, 2025.
5. FINANCIAL AND TAKAFUL 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, 2025.
6. CONTRIBUTION DEFICIENCY RESERVE
No provision has been made as the contribution deficiency reserve for each class of business as at 31 Mar 2026 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.
7. INVESTMENTS IN MUTUAL FUNDS - PTF
| (Unaudited) 31 March 2026 | (Audited) 31 December 2025 | |||||
|---|---|---|---|---|---|---|
| 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 | 9,733 | - | 11,866 | 9,733 | - | 12,093 |
| 9,733 | - | 11,866 | 9,733 | - | 12,093 |
8. INVESTMENTS IN TERM DEPOSITS - PTF
| (Unaudited) 31 March 2026 | (Audited) 31 December 2025 | |||||
|---|---|---|---|---|---|---|
| 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 | - |
8.1 This represents a term deposit with bank having profit at the average rate of 8.27% per annum having maturity till 27-Feb-2027.
| 31 March 2026 (Unaudited) | 31 December 2025 (Audited) | |
|---|---|---|
| Rupees in '000 | ||
| Balance as at the beginning of the year | 99,903 | 99,903 |
| Qard-e-Hasna contributed during the period | - | - |
| Balance as at the end of the period | 99,903 | 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.
10. LOANS AND OTHER RECEIVABLES - Considered good
| Operator's Fund | Participant's Takaful Fund | |||
|---|---|---|---|---|
| 31 March 2026 (Unaudited) | 31 December 2025 (Audited) | 31 March 2026 (Unaudited) | 31 December 2025 (Audited) | |
| Rupees in '000 | ||||
| Profit receivable | 3 | 7 | 654 | 401 |
| Federal excise duty | 679 | 555 | 6,090 | 6,354 |
| Federal takaful fee | 99 | |||
| Others | 181 | 242 | 91,486 | 78,274 |
| 863 | 804 | 98,230 | 85,128 |
11. RECEIVABLE FROM PTF
| Operator's Fund | Participant's Takaful Fund | |||
|---|---|---|---|---|
| 31 March 2026 (Unaudited) | 31 December 2025 (Audited) | 31 March 2026 (Unaudited) | 31 December 2025 (Audited) | |
| Rupees in '000 | ||||
| Wakala fee receivable | 59,398 | 54,496 | - | - |
| Modarib fee receivable | - | 122 | - | - |
| 59,398 | 54,618 | - | - |
12. TAKAFUL / RETAKAFUL RECEIVABLES -
Unsecured and considered good
| 31 March 2026 (Unaudited) | 31 December 2025 (Audited) | |
|---|---|---|
| Rupees in '000 | ||
| Contribution due but unpaid | 76,946 | 81,025 |
| Less: Provision for doubtful receivables takaful participants' holders | (5,714) | (5,714) |
| 71,232 | 75,311 | |
| Amounts due from other takaful / retakaful operators | 32,996 | 36,180 |
| 104,228 | 111,491 |
13. PREPAYMENTS
Quarterly Report March 2026 37
14. CASH AND BANK
14.1 The rate of return on profit and loss sharing accounts held with Islamic banks during the year range from 2.52% to 8.03% per annum (December 31, 2025: 3.36% to 8.59%).
15. OTHER CREDITORS AND ACCRUALS
16. PAYABLE TO OPF
| Wakala fee payable | - | - | 59,398 | 54,496 |
|---|---|---|---|---|
| Modarib fee payable | - | - | - | 122 |
| - | - | 59,398 | 54,618 |
17. CONTINGENCES AND COMMITMENTS
There are no contingencies and commitments as at 31 Mar 2026 (31 December 2025: Nil)
| (Unaudited)
Three Months Period Ended | | |
| --- | --- | --- |
| | 31 March 2026 | 31 March 2025 |
| --- | Rupees in '000 --- | |
| 18. NET CONTRIBUTION | | |
| Written gross contribution | 71,149 | 99,674 |
| Less: Wakala fee | (29,431) | (22,657) |
| Contribution Net of Wakala Fee | 41,718 | 77,017 |
| Add: Unearned contribution reserve opening | 163,039 | 114,619 |
| Less: Unearned contribution reserve closing | (150,099) | (149,569) |
| Contribution earned | 54,658 | 42,067 |
| Less: Retakaful contribution ceded | 10,727 | 10,638 |
| Add: Prepaid retakaful contribution opening | 17,663 | 15,643 |
| Less: Prepaid retakaful contribution closing | (16,104) | (15,745) |
| Retakaful expense | 12,286 | 10,536 |
| Net contribution | 42,372 | 31,531 |
| 19. NET CLAIMS EXPENSE | | |
| Claims paid or payable | 34,395 | 33,883 |
| Less: Outstanding claims including IBNR opening | (74,589) | (65,211) |
| Add: Outstanding claims including IBNR closing | 76,272 | 71,231 |
| Claims expense | 36,078 | 39,903 |
| Less: Retakaful and other recoveries received | 115 | 1,536 |
| Less: Retakaful recoveries against outstanding claims - opening | (5,956) | (8,867) |
| Add: Retakaful recoveries against outstanding claims - closing | 6,119 | 5,670 |
| Retakaful and other recoveries revenue | 278 | (1,661) |
| Net claim | 35,800 | 41,564 |
| 20. DIRECT EXPENSES - PTF | | |
| Tracking services | 26 | - |
| Service charges | 2,359 | 2,440 |
| Others | 139 | 405 |
| | 2,524 | 2,845 |
Quarterly Report March 2026 39
| | (Unaudited)
Three Months Period Ended | |
| --- | --- | --- |
| | 31 March
2026 | 31 March
2025 |
| | Rupees in '000 | |
| 21. RETAKAFUL REBATE - PTF | | |
| Rebate from re-takaful received | 2,342 | 2,348 |
| Add: Deferred rebate opening | 4,116 | 3,413 |
| Less: Deferred rebate closing | (3,870) | (3,734) |
| Rebate from retakaful earned | 2,588 | 2,027 |
| 22. WAKALA FEE - OPF | | |
| Gross wakala fee | 24,902 | 34,887 |
| Add: Deferred wakala opening | 57,064 | 40,127 |
| Less: Deferred wakala closing | (52,535) | (52,357) |
| Net wakala fee | 29,431 | 22,657 |
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 | 8,199 | 6,900 |
|---|---|---|
| Add: Deferred commission opening | 17,340 | 10,384 |
| Less: Deferred commission closing | (17,155) | (11,660) |
| Commission expense | 8,384 | 5,624 |
24. GENERAL, ADMINISTRATIVE AND MANAGEMENT EXPENSES - OPF
| Employee benefit cost | 32,200 | 32,700 |
|---|---|---|
| Rent, rates and taxes | 1,754 | 1,419 |
| Communications | 235 | 307 |
| Fuel and power | 818 | 845 |
| Travelling expenses | 578 | 378 |
| Entertainments | 374 | 874 |
| Advertisements and sales promotions | 248 | 231 |
| Repair and maintenance | 675 | 731 |
| Printing and stationery | 169 | 191 |
| Vehicle running expenses | 132 | 327 |
| Annual supervision fee SECP | 242 | 285 |
| Miscellaneous | 501 | 551 |
| 37,926 | 38,839 |
| | (Unaudited)
Three Months Period Ended | |
| --- | --- | --- |
| | 31 March
2026 | 31 March
2025 |
| | --- Rupees in '000 --- | |
| 25. OTHER EXPENSES - OPF | | |
| Auditors' remuneration | 182 | 173 |
| Inadmissible input tax expense | - | 36 |
| Bank charges | 6 | - |
| Fees and subscription | 731 | 498 |
| | 919 | 707 |
| 26. INVESTMENT INCOME - PTF | | |
| Income from mutual funds | | |
| Dividend income | 146 | - |
| Income from term deposits | | |
| Return on term deposits | 8 | 13 |
| | 154 | 13 |
| 27. OTHER INCOME - PTF | | |
| Profit on bank deposits | 1,723 | 1,905 |
| Exchange loss | - | (6) |
| | 1,723 | 1,899 |
28. MODARIB FEE
The operator manage the participants' investments as a Modarib and charge 35% (2025: 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 | |
| --- | --- | --- |
| | 31 March
2026 | 31 March
2025 |
| | --- Rupees in '000 --- | |
| Transaction | | |
| Associated companies | | |
| Contribution underwritten | 258 | 1,120 |
| Contribution received | 621 | 34 |
| Claims paid | 197 | 895 |
| Commission paid | - | - |
| | Quarterly Report March 2026 | 41 |
| (Unaudited) | (Audited) | |
|---|---|---|
| Year end balances | 31 March 2026 | 31 December 2025 |
| Associated companies | Rupees in '000 | |
| Contribution receivable | 6,473 | 6,793 |
| Claims outstanding | 1,047 | 434 |
| Commission outstanding | 59 | 59 |
29.1 Operator's contribution toward staff provident fund during three months 2026 is Rs. 810 Thousand (2025: 815 Thousand).
30. SEGMENT INFORMATION
Three months period ended Unaudited
30.1 Participants Takaful Fund
| Segment profit and loss | Fire and property damage | Marine, aviation and transport | Motor | Health | Miscellaneous | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Contribution receivable (inclusive of Federal Excise Duty / Sales Tax, Federal Takaful Fee and Administrative surcharge) | ||||||||||||
| Less: Federal excise duty | 813 | 1,040 | 606 | 1,164 | 6,814 | 3,571 | 2,231 | 5,901 | 388 | 344 | 10,053 | 12,020 |
| Less: Federal takaful fee | 53 | 68 | 18 | 51 | 359 | 215 | 208 | 620 | 25 | 22 | 662 | 975 |
| Gross written contribution (inclusive of administrative surcharge) | 10,360 | 7,862 | 1,770 | 6,010 | 35,952 | 21,659 | 20,555 | 61,970 | 2,512 | 2,174 | 71,150 | 99,674 |
| Gross direct contribution | 5,198 | 6,730 | 1,682 | 4,933 | 34,648 | 20,756 | 20,515 | 61,905 | 2,390 | 2,106 | 64,434 | 96,430 |
| Facultative inward contribution | 5,110 | 1,053 | - | 952 | 157 | 172 | - | - | 50 | - | 5,316 | 2,177 |
| Administrative surcharge | 52 | 79 | 88 | 124 | 1,148 | 730 | 40 | 65 | 72 | 68 | 1,399 | 1,067 |
| Less: Wakala expense | (3,292) | (2,117) | (1,279) | (1,781) | (13,595) | (8,454) | (10,831) | (10,010) | (433) | (295) | (29,431) | (22,657) |
| Takaful contribution earned | 9,407 | 6,045 | 3,656 | 5,085 | 38,842 | 24,154 | 30,947 | 28,601 | 1,238 | 839 | 84,089 | 64,723 |
| Takaful contribution ceded to retakaful operators | (6,617) | (4,634) | (2,873) | (3,162) | (1,925) | (2,158) | - | - | (871) | (582) | (12,286) | (10,536) |
| Net takaful contribution | (502) | (706) | (496) | 142 | 23,322 | 13,542 | 20,115 | 18,590 | (66) | (38) | 42,372 | 31,531 |
| Rebate earned | 1,623 | 1,149 | 726 | 670 | 18 | 62 | - | - | 221 | 146 | 2,588 | 2,027 |
| Net underwriting income | 1,121 | 443 | 230 | 812 | 23,340 | 13,604 | 20,115 | 18,590 | 155 | 108 | 44,960 | 33,558 |
| Takaful claims | (14) | (86) | (170) | 2,392 | (11,546) | (17,511) | (24,110) | (24,536) | (238) | (161) | (36,078) | (39,902) |
| Takaful claims recovered from retakaful | (21) | 70 | 138 | (1,937) | - | 73 | - | - | 160 | 132 | 278 | (1,662) |
| Net claim | (35) | (16) | (32) | 455 | (11,546) | (17,438) | (24,110) | (24,536) | (78) | (29) | (35,801) | (41,564) |
| Contribution deficiency reserve | - | - | - | - | - | - | - | - | - | - | - | - |
| Provision for doubtful contribution | - | - | - | - | - | - | - | - | - | - | - | - |
| Other direct expense | (33) | 200 | (13) | 169 | (137) | 801 | (2,336) | (4,042) | (4) | 28 | (2,524) | (2,844) |
| Surplus / (Deficit) before investment income | 1,053 | 627 | 185 | 1,436 | 11,657 | (3,033) | (6,331) | (9,988) | 73 | 107 | 6,636 | (10,851) |
| Investment income | 154 | 13 | ||||||||||
| Other income | 1,723 | 1,899 | ||||||||||
| Less: Modarib's share of investment income | (655) | (671) | ||||||||||
| Surplus / (Deficit) for the period | 7,858 | (9,610) |
Segment assets and liabilities
The following presents segments assets and liabilities as at 31 March 2026 and 31 December 2025 (audited):
Three months period ended Unaudited
March 31
| Fire and property damage | Marine, aviation and transport | Motor | Health | Miscellaneous | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Rupees in '000 | ||||||||||||
| Segment assets | 26,754 | 15,435 | 4,571 | 6,406 | 92,845 | 65,496 | 53,081 | 69,028 | 6,488 | 1,564 | 183,739 | 157,928 |
| Unallocated corporate assets | 198,106 | 215,316 | ||||||||||
| Total assets | 381,845 | 373,244 | ||||||||||
| Segment liabilities | 39,782 | 27,729 | 6,797 | 13,289 | 138,057 | 117,247 | 78,930 | 110,662 | 9,648 | 3,616 | 273,213 | 272,543 |
| Unallocated corporate liabilities | 76,922 | 76,475 | ||||||||||
| Total liabilities | 350,135 | 349,018 |
30.2 Operators Fund
Segment profit and loss
Segment assets and liabilities
The following presents segments assets and liabilities as at 31 March 2026 and 31 December 2025 (audited):
| | Three months period ended
Unaudited | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Fire and property damage | | Marine, aviation and transport | | Motor | | Health | Miscellaneous | | Total |
| | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| | Rupees in '000 | | | | | | | | | |
| Segment assets | 2,498 | 1,764 | 427 | 845 | 8,669 | 7,460 | 4,956 | 7,041 | 606 | 230 |
| Unallocated corporate assets | | | | | | | | | | 17,156 |
| Total assets | | | | | | | | | | 165,274 |
| | | | | | | | | | | 162,430 |
| Segment liabilities | 7,650 | 5,806 | 1,307 | 2,782 | 26,546 | 24,549 | 15,177 | 23,170 | 1,855 | 757 |
| Unallocated corporate liabilities | | | | | | | | | | 52,535 |
| Total liabilities | | | | | | | | | | 282,398 |
| | | | | | | | | | | 334,933 |
31. MOVEMENT IN INVESTMENTS
| OPF | PTF | Total | ||
|---|---|---|---|---|
| Available for sale | Available for sale | Held to maturity | ||
| Rupees in '000 | ||||
| 01 January 2025 | - | 10,515 | 600 | 11,115 |
| 8,631 | 2,400 | 11,031 | ||
| Addition | - | (7,619) | (2,400) | (10,019) |
| Disposal (sale and redemption) | - | |||
| Designated at available for sale upon initial recognition | - | 566 | - | 566 |
| As at December 31, 2025 | - | 12,093 | 600 | 12,693 |
| Addition | - | 146 | 600 | 746 |
| Disposal (sale and redemption) | - | - | (600) | (600) |
| Designated at available for sale upon initial recognition | - | (374) | - | (374) |
| As at March 31, 2026 | - | 11,866 | 600 | 12,466 |
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 2026 | | |
| --- | --- | --- |
| Fair Value Measurement | | |
| Level 1 | Level 2 | Level 3 |
| --- Rupees in '000 --- | | |
| PTF | | |
| Available for sale investments (measured at fair value) | | |
| Mutual fund units | - | 11,866 |
| | - | 11,866 |
| (Audited)
31 December 2025 | | |
| Fair Value Measurement | | |
| Level 1 | Level 2 | Level 3 |
| --- Rupees in '000 --- | | |
| PTF | | |
| Available for sale investments (measured at fair value) | | |
| Mutual fund units | - | 12,093 |
| | - | 12,093 |
Quarterly Report March 2026 45
33. DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements were authorized for issue on 28-April-2026 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
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.
www.pil.com.pk