Financial Results for the Quarter Ended 31 March 2026

31-03-2024

31-03-2024

Profit before tax

2,215,795

2,569,119

Income tax expense

(906,055)

(987,618)

Profit after tax

1,309,740

- Rupees

1,581,501

(Unaudited)

(Audited)

ASSETS

Property and equipment

4,560,850

4,484,725

Intangible assets

235,525

200,807

Investment properties

3,701,217

3,703,511

Investment in Subsidiary

2,223,110

2,223,110

Investments

Equity securities

40,050,511

42,956,396

Debt securities

10,125,462

9,264,527

Term deposits

22,171,646

19,489,155

Loans and other receivable

1,458,653

1,210,300

Insurance / reinsurance receivables

7,503,399

7,244,625

Reinsurance recoveries against outstanding claims

16,256,168

15,595,938

Salvage recoveries accrued

529,515

592,776

Deferred commission expense / acquisition cost

4,517,256

4,709,982

Prepayments

5,684,835

5,792,350

Bank deposits subject to encumbrances

4,730,647

4,746,983

Cash and bank

5,247,671

5,888,736

128,996,465

128,103,921

Total assets of Window Takaful Operations - Operator's Fund and Participants' Takaful Fund

7,351,526

6,203,138

Total Assets

136,347,991

134,307,059

EQUITY AND LIABILITIES

Capital and reserves attributable to the Company's equity holders

Ordinary share capital

3,500,000

3,500,000

Reserves

17,455,127

19,243,865

Unappropriated Profit

27,380,743

26,071,003

Total Equity

48,335,870

48,814,868

Surplus on revaluation of fixed assets

30,460

30,566

LIABILITIES

Underwriting provisions

Outstanding claims including IBNR

29,132,703

27,477,462

Unearned premium reserves

30,933,958

30,898,217

Unearned reinsurance commission

438,455

396,196

Retirement benefit obligation

254,362

271,805

Deferred taxation

10,542,560

11,808,630

Premium received in advance

980,151

1,011,611

Insurance / reinsurance payables

5,534,699

4,420,186

Other creditors and accruals

3,637,950

3,624,005

Lease liabilities

59,338

39,295

Deposits against cash margin

448,317

438,864

Taxation - provision less payments

338,380

449,355

82,300,873

80,835,626

Total liabilities of Window Takaful Operations - Operator's Fund and Participants' Takaful Fund

5,680,788

4,625,999

Total Equity and Liabilities

136,347,991

134,307,059

Contingencies and commitments

Net Insurance Premium

12,000,992

8,289,046

Net Insurance Claims

(7,786,038)

(5,289,906)

Net Commission and other acquisition costs

(1,954,078)

(1,299,505)

Insurance claims and acquisition expenses

(9,740,116)

(6,589,411)

Management expenses

(1,817,764)

(1,511,195)

Underwriting results

443,112

188,440

Investment income

1,573,419

1,953,538

Rental income

57,888

52,371

Other income

65,630

356,234

Other expenses

(74,654)

(80,551)

Results of operating activities

2,065,395

2,470,032

Finance cost

(2,556)

(1,455)

Profit from window takaful operations

152,956

100,542

Profit before tax

2,215,795

2,569,119

Income tax expense

(906,055)

(987,618)

Profit after tax

1,309,740

1,581,501

Profit after tax for the period

1,309,740

1,581,501

Other comprehensive income

Items that will not be subsequently reclassified to profit and loss account

(Deficit) / surplus on revaluation of fixed assets - net of tax

(106)

177

Items that may be reclassified subsequently to profit and loss:

Unrealized loss on 'available-for-sale' investments - net of tax

(1,772,590)

(253,253)

Reclassification adjustment relating to 'available for sale' investments disposed of during the period - net of tax

-

197,551

Other comprehensive income from window takaful

operations - net of tax

(57)

8,328

Effect of translation of investment in foreign branches - net

(16,091)

(20,526)

Total comprehensive (loss) / income for the period

(479,104)

1,513,778

Cash flows from operating activities

Underwriting activities

Insurance premiums received

16,172,510

13,323,126

Reinsurance premiums paid

(2,992,393)

(2,373,894)

Claims paid

(9,870,982)

(8,458,128)

Reinsurance and other recoveries received

3,034,365

4,087,154

Commissions paid

(2,305,526)

(1,959,123)

Commissions received

335,351

211,708

Other underwriting payments

(1,571,609)

(832,589)

Net cash inflow from underwriting activities

2,801,716

3,998,254

Other operating activities

Income tax paid

(1,090,505)

(616,694)

Other operating payments

(138,906)

(140,113)

Loans advanced

(10,996)

(12,878)

Loans repayments received

19,389

19,021

Other operating receipts

12,287

12,307

Net cash outflow from other operating activities

(1,208,731)

(738,357)

Total cash inflow from all operating activities

1,592,985

3,259,897

Cash flows from investing activities

Profit / return received on bank deposits

500,050

334,119

Income received from Pakistan Investment Bonds

94,108

111,487

Bank deposits subject to encumbrances

16,336

29,407

Dividends received

713,033

737,906

Rentals received

59,524

53,541

Payments for investments

(14,926,376)

(14,201,994)

Proceeds from disposal of investments

11,462,719

9,324,621

Investment related expenses

(3,656)

(863)

Fixed capital expenditure - operating assets

(118,656)

(90,460)

Fixed capital expenditure - intangible assets

(48,105)

(25,308)

Proceeds from disposal of operating fixed assets

16,928

329,643

Total cash outflow from investing activities

(2,234,095)

(3,397,901)

Cash flows from financing activities

Dividends paid

45

(137)

Net cash inflow / (outflow) from financing activities

45

(137)

Net cash outflow from all activities

(641,065)

(138,141)

Cash and cash equivalent at the beginning of the period

5,888,736

3,982,563

Cash and cash equivalent at the end of the period

5,247,671

3,844,422

Reconciliation to profit and loss account

Operating cash flows

1,592,985

3,259,897

Depreciation expense

(56,971)

(44,899)

Provision for retirement benefit obligations

(19,214)

(16,029)

Finance cost

(2,556)

(1,455)

Provision for doubtful balances against insurance / reinsurance receivables

(33,000)

-

Other income - bank & term deposits

291,926

241,477

Gain on disposal of operating assets

8,834

285,427

Rental income

59,524

53,532

Increase / (decrease) in assets other than cash

679,937

(1,204,702)

Increase in liabilities

(2,817,867)

(1,445,295)

Gain on disposal of investments

-

163,121

Investment related expenses

(3,656)

(863)

Amortization expense

(13,132)

(11,045)

Increase in unearned premium

(35,741)

(1,029,443)

Decrease in loans

(8,393)

(6,143)

Income taxes paid

1,090,505

616,694

Increase in tax liabilities

(906,055)

(987,618)

Reversal for impairment in value of 'available-for-sale' investments

-

226,947

Dividend income

1,111,833

1,186,670

Income from treasury bills

146,484

140,436

Income from Pakistan Investment Bonds and foreign debt securities

71,341

54,250

Profit for the period from Window Takaful Operations

152,956

100,542

Profit after tax

1,309,740

1,581,501

Cash and other equivalents

49,504

28,878

Current and other accounts

5,198,167

3,815,544

Total cash and cash equivalents

5,247,671

3,844,422

-------- (Rupees in thousand) --------

Assets

(Unaudited)

(Audited)

Property and equipment

6,090,629

6,057,557

Intangible assets

257,417

221,638

Investment properties Investments

Equity securities

2,823,864

61,975,998

2,826,158

68,998,726

Debt securities

107,589,244

106,684,928

Term deposits

22,171,646

19,489,155

Loan secured against life insurance policies

6,063

5,977

Loans and other receivables

3,213,142

2,634,735

Insurance / reinsurance receivables

7,907,762

7,558,502

Reinsurance recoveries against outstanding claims

16,256,168

15,595,938

Salvage recoveries accrued

529,515

592,776

Deferred commission expense / acquisition cost

4,517,256

4,709,982

Taxation - payment less provisions

299,048

178,169

Prepayments

5,832,006

5,901,984

Bank deposits subject to encumbrances

4,730,647

4,746,983

Cash and bank

12,290,220

12,301,207

256,490,625

258,504,415

Total assets of Window Takaful Operations -Operator's Fund and Participants' Takaful Fund

7,351,526

6,203,138

Total Assets 263,842,151 264,707,553

Equity And Liabilities

Capital and reserves attributable to Company's equity holders

Ordinary share capital

3,500,000

3,500,000

Reserves

17,579,197

19,339,357

Unappropriated Profit

29,034,353

27,981,060

Equity attributable to equity holders of the parent

50,113,550

50,820,417

Non-controlling interest

1,023,099

994,145

Total Equity

51,136,649

51,814,562

Surplus on revaluation of fixed assets

30,460

30,566

Liabilities

Insurance liabilities

121,638,814

124,171,257

Underwriting provisions:

Outstanding claims including IBNR

29,132,703

27,477,462

Unearned premium reserve

30,933,958

30,898,217

Unearned reinsurance commission

438,455

396,196

Retirement benefits obligations

273,322

330,101

Deferred taxation

11,960,970

13,175,275

Premium received in advance

1,475,406

1,621,499

Insurance / reinsurance payables

5,748,967

4,690,695

Other creditors and accruals

4,598,353

4,681,519

Lease liabilities

344,989

355,341

Deposits and other liabilities

448,317

438,864

85,355,440

84,065,169

Total liabilities of Window Takaful Operations -Operator's Fund and Participants' Takaful Fund

5,680,788

4,625,999

Net Insurance Premium

20,039,372

17,545,274

Net Insurance Claims

(17,540,325)

(12,670,129)

Net Commission and other acquisition costs

(2,899,271)

(2,187,466)

Insurance claims and acquisition expenses

(20,439,596)

(14,857,595)

Management expenses

(2,117,345)

(1,803,004)

Net change in insurance liabilities (other than outstanding claims)

3,570,528

(3,265,009)

Underwriting results

1,052,959

(2,380,334)

Investment income

4,275,123

4,775,549

Net fair value gains on financial assets at fair value

through profit or loss - unrealised

(3,585,135)

(353,843)

Rental income

35,708

32,623

Other income

189,135

466,038

Other expenses

(78,961)

(83,488)

Results of operating activities

1,888,829

2,456,545

Finance cost

(4,263)

(3,821)

Profit from window takaful operations

152,956

100,542

Profit before tax

2,037,522

2,553,266

Income tax expense

(960,923)

(1,065,814)

Profit after tax

1,076,599

1,487,452

Profit attributable to:

Equity holders of the parent

1,053,293

1,475,158

Non-controlling interest

23,306

12,294

1,076,599

1,487,452

Profit after tax

1,076,599

1,487,452

Other comprehensive income

Items that will not be subsequently reclassified to profit and loss account:

(Deficit) / surplus on revaluation of fixed assets - net of tax

(106)

177

Items that may be reclassified subsequently to profit and loss:

Unrealized loss on 'available-for-sale' investments - net of tax

(1,738,364)

(248,423)

Reclassification adjustment relating to 'available for sale' investments disposed off during the period - net of tax

-

195,650

Other comprehensive income from window takaful

operations - net of tax

(57)

8,328

Effect of translation of investment in foreign branches - net

(16,091)

(20,526)

Total comprehensive (loss) / income for the period

(678,019)

1,422,658

Total comprehensive income attributable to:

Equity holders of the parent

(706,973)

1,410,071

Non-controlling interest

28,954

12,587

(678,019)

1,422,658

31 March

2026

31 March

2025

Rupees in thousand

Cash flows from operating activities

Underwriting activities

Insurance premium received

24,229,872

21,861,384

Reinsurance premiums paid

(3,013,949)

(2,550,603)

Claims paid

(18,801,145)

(15,737,744)

Reinsurance and other recoveries received

3,034,365

4,087,154

Commissions paid

(2,845,315)

(2,601,015)

Commissions received

335,351

211,708

Other underwriting payments

(2,522,900)

(1,688,864)

Net cash inflow from underwriting activities

416,279

3,582,020

Other operating activities

Income tax paid

(1,125,396)

(619,280)

Other operating payments

(138,906)

(140,113)

Loans advanced

(10,996)

(12,878)

Loans repayments received

19,389

19,021

Other operating receipts

12,287

12,307

Net cash outflow from other operating activities

(1,243,622)

(740,943)

Total cash (outflow) / inflow from all operating activities

(827,343)

2,841,077

Cash flows from investing activities

Profit / return received on bank deposits

2,813,546

2,423,842

Income received from Pakistan Investment Bonds

94,108

111,487

Bank deposits subject to encumbrances

16,336

29,407

Dividends received

888,184

908,824

Rentals received

60,312

54,291

Payment for investments/ investment properties

(57,397,059)

(48,481,150)

Loan to policy holder

-

(1)

Proceeds from disposal of investments

54,506,559

39,216,871

Investment related expenses

(3,656)

(863)

Fixed capital expenditure - operating assets

(139,319)

(130,490)

Fixed capital expenditure - intangible assets

(48,105)

(25,308)

Proceeds from disposal of operating fixed assets

25,405

331,996

Total cash inflow / (outflow) from investing activities

816,311

(5,561,094)

Cash flows from financing activities

Dividends paid

45

(198)

Net cash inflow / (outflow) from financing activities

45

(198)

Net cash outflow from all activities

(10,987)

(2,720,215)

Cash and cash equivalents at beginning of period

12,301,207

10,228,477

Cash and cash equivalents at end of the period

12,290,220

7,508,262

31 March

2026

31 March

2025

Rupees in thousand

Reconciliation to profit and loss account

Operating cash flows

(827,343)

2,841,077

Depreciation and amortization expense

(126,169)

(100,260)

Provision for retirement benefit obligations

(19,214)

(16,029)

Finance cost

(11,930)

(12,454)

Provision for doubtful balances against insurance / reinsurance receivables

(33,000)

-

Other income - bank and term deposits

413,061

350,863

Write offs of fixed assets

-

(60)

Gain on disposal of property and equipment

11,511

286,320

Rental income

37,344

33,784

Increase / (decrease) in assets other than cash

861,022

(1,069,152)

Increase in liabilities

(870,581)

(4,747,128)

Net realized gains on investments

162,104

342,700

Investment related expenses on net realized gains on investments

(3,656)

(863)

Increase in unearned premium

(35,741)

(1,029,443)

Decrease in loans

(8,393)

(6,143)

Income taxes paid

1,090,505

616,694

Reversal for impairment in value of 'available-for-sale' investments

-

226,947

Dividend income

1,088,714

1,279,493

Income from debt securities

2,780,544

2,744,407

Surplus on revaluation of investment net of related investment expenses

(3,585,135)

(353,843)

Profit for the period from Window Takaful Operations

152,956

100,542

Profit after taxation

1,076,599

1,487,452

Cash and bank for the purposes of the cash flow statement consists of:

Cash and other equivalents

68,489

55,341

Current and other accounts

12,221,731

7,452,921

12,290,220

7,508,262

Balance as at 31 December 2024 - (Audited)

3,500,000

22,859

3,764

2,137,672

11,832,817

30,390

936,500

23,595,589

42,059,591

543,268

42,602,859

Profit for the period 01 January 2025 to 31 March 2025

-

-

-

-

-

-

-

1,475,158

1,475,158

12,294

1,487,452

Other comprehensive income for the period 01 January 2025 to 31 March 2025

-

-

-

(20,526)

(44,738)

177

-

-

(65,087)

293

(64,794)

Total comprehensive income for the period

-

-

-

(20,526)

(44,738)

177

-

1,475,158

1,410,071

12,587

1,422,658

Balance as at 31 March 2025 - (Unaudited)

3,500,000

22,859

3,764

2,117,146

11,788,079

30,567

936,500

25,070,747

43,469,662

555,855

44,025,517

Adjustment in non-controlling interest

-

-

-

-

1,525

-

-

72,289

73,814

316,186

390,000

-

-

-

-

1,525

-

-

72,289

73,814

316,186

390,000

Profit for the period 01 April 2025 to 31 December 2025

-

-

-

-

-

-

-

4,099,217

4,099,217

177,366

4,276,583

Other comprehensive income for the period 01 April 2025 to 31 December 2025

-

-

-

28,541

4,440,943

(1)

-

(36,193)

4,433,290

13,054

4,446,344

Total comprehensive income for the period

-

-

-

28,541

4,440,943

(1)

-

4,063,024

8,532,507

190,420

8,722,927

Transactions with owners of the Company

Final cash dividend at Rupees 1.5 per share - 31 December 2024 - Parent

-

-

-

-

-

-

-

(525,000)

(525,000)

-

(525,000)

Interim cash dividend at Rupees 2 per share - 30 June 2025- Parent

-

-

-

-

-

-

-

(700,000)

(700,000)

-

(700,000)

Final cash dividend at Rupees 1 per share - 31 December 2024 - Subsidiary

-

-

-

-

-

-

-

-

-

(25,002)

(25,002)

Interim cash dividend at Rupees 1 per share - 30 June 2025 - Subsidiary

-

-

-

-

-

-

-

-

-

(43,314)

(43,314)

-

-

-

-

-

-

-

(1,225,000)

(1,225,000)

(68,316)

(1,293,316)

Balance as at 31 December 2025 - (Audited)

3,500,000

22,859

3,764

2,145,687

16,230,547

30,566

936,500

27,981,060

50,850,983

994,145

51,845,128

Profit for the period 01 January 2026 to 31 March 2026

-

-

-

-

-

-

-

1,053,293

1,053,293

23,306

1,076,599

Other comprehensive income for the period 01 January 2026 to 31 March 2026

-

-

-

(16,091)

(1,744,069)

(106)

-

-

(1,760,266)

5,648

(1,754,618)

Total comprehensive income for the period

-

-

-

(16,091)

(1,744,069)

(106)

-

1,053,293

(706,973)

28,954

(678,019)

Balance as at 31 March 2026 - (Unaudited)

3,500,000

22,859

3,764

2,129,596

14,486,478

30,460

936,500

29,034,353

50,144,010

1,023,099

51,167,109