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Premier Insurance Limited Interim / Quarterly Report 2026
72305_rns_2026-04-28_716621bf-9494-4065-bc28-2700ec3493a2.pdf
Interim / Quarterly Report
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| CASH DIVIDEND | ||
|---|---|---|
| ii) | BONUS SHARES | ND. |
| iii) | RIGHT SHARES |
PREMIER INSURANCE LIMITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026
| Note | March 31 2026 (Unaudited) ---------- (Rupees in '000) ---------- |
December 31 2025 (Audited) |
|
|---|---|---|---|
| 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 | 3,134,959 | 3,354,884 | |
| EQUITY AND LIABILITIES | |||
| Capital and reserves attributable to Company's equity holders | |||
| Ordinary share capital | 505,651 | 505,650 | |
| Reserves Accumulated losses |
1,317,024 (722,287) |
1,604,439 (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
PREMIER INSURANCE LIMITED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
| Three months period ended | |||
|---|---|---|---|
| March 31 2026 |
March 31 2025 |
||
| Note | ------------------------------------ (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
PREMIER INSURANCE LIMITED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
| Three month period ended | |||||
|---|---|---|---|---|---|
| March 31 2026 |
March 31 2025 |
||||
| Note | ------------------------------------ (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) |
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 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
| Reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Capital reserves | Revenue reserves | ||||||||
| 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 | Total equity | |
| -------------------------------------------------------------------- (Rupees in '000) -------------------------------------------------------------------- | |||||||||
| 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 |
The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.
Chief Executive Officer Chairman
Chief Financial Officer
Director Director
PREMIER INSURANCE LIMITED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026
| Three months period ended | ||||
|---|---|---|---|---|
| March 31 | March 31 | |||
| 2026 | 2025 | |||
| Note | ------------- (Rupees in '000) ------------- | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| a) Underwriting activities | ||||
| Insurance premium received | 104,535 | 136,942 | ||
| Reinsurance premium paid | (44,880) | (55,780) | ||
| Claims paid | (59,512) | (33,204) | ||
| Reinsurance and other recoveries received | 24,657 | 39,141 | ||
| Commission paid | (5,802) | (9,442) | ||
| Commission received | 27,494 | 12,879 | ||
| Other acquisition costs paid | (2,417) | (3,677) | ||
| Management expenses paid | (58,352) | (104,168) | ||
| 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 | 11,303 | ||
| Loans advanced, deposits (paid) / received | (89,360) | 22,748 | ||
| Other liabilities reversed | (95,452) | (3,673) | ||
| Net cash generated from / (used in) other operating activities | (167,069) | 29,592 | ||
| Total cash used in all operating activities | (181,346) | 12,283 | ||
| CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Profit / return received | 83,973 | 31,935 | ||
| Rental received | 3,024 | 2,731 | ||
| Payment for investments made | (58,455) | (244,087) | ||
| Proceeds from investments disposed | 142,324 | 212,037 | ||
| Fixed capital expenditure incurred | (5,773) | (302) | ||
| Proceeds from sale of property and equipment | 12,321 | - | ||
| 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 54,457 Cash and cash equivalents at end of the period 15 4,263 63,142
Page - 5
PREMIER INSURANCE LIMITED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2024
| Three months period ended | |||
|---|---|---|---|
| March 31 | March 31 | ||
| 2026 | 2025 | ||
| Note | ------------- 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 | 59,135 | (95,020) | |
| Increase in liabilities other than borrowings | 127,106 | 87,697 | |
| Gain on revaluation of investment property | - | - | |
| Profit / (loss) after taxation | 89,846 | 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 | 4,263 | 63,142 |
The annexed notes from 1 to 34 form an integral part of these condensed interim financial statements.
Chief Executive Officer
Chairman
Director Chief Financial Officer
Director