Financial Results for the Year Ended 31 December 2024

Adamjee Insurance Company Limited

Unconsolidated Statement of Financial Position

As At December 31, 2024

4,234,751

148,272

3,343,498

2,396,166

36,876,497

4,527,260

11,281,778

-

1,763,936

7,992,721

15,361,295

400,039

3,116,714

8,575,791

3,040,688

3,982,563

107,041,969

2,082,402

109,124,371

3,500,000

14,941,400

22,183,838

40,625,238

30,390

24,345,048

24,971,654

439,530

192,073

8,602,150

1,130,715

3,739,632

3,452,617

31,693

436,620

354,188

67,695,920

772,823

109,124,371

4,191,853

115,974

2,914,435

2,396,166

24,865,243

1,774,347

7,003,102

-

1,124,695

7,555,082

20,601,648

300,921

2,133,671

8,452,203

3,129,193

2,123,583

88,682,116

1,445,636

90,127,752

3,500,000

7,963,751

19,156,318

30,620,069

30,754

26,395,403

19,343,851

507,332

175,627

3,692,563

785,284

3,952,563

3,406,567

38,475

462,374

230,426

58,990,465

486,464

90,127,752

4,223,888

131,814

2,427,337

2,396,166

17,651,665

382,288

6,560,433

900,000

840,880

8,526,017

14,873,098

360,380

1,489,080

6,676,739

2,729,777

2,546,917

72,716,479

1,049,420

73,765,899

3,500,000

3,527,175

17,891,764

24,918,939

-

20,726,702

14,996,454

365,610

201,407

805,888

640,259

6,959,398

3,196,575

45,807

495,392

28,495

48,461,987

384,973

73,765,899

Adamjee Insurance Company Limited

Unconsolidated Statement of Profit and Loss Account

For the Year Ended December 31, 2024

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

26,982,765

(17,677,066)

(3,990,680)

(21,667,746)

(5,163,047)

151,972

5,150,931

198,729

481,512

432,507

(274,961)

6,140,690

(7,061)

574,914

6,708,543

(2,658,341)

4,050,202

19,319,089

(13,606,120)

(2,530,569)

(16,136,689)

(4,547,706)

(1,365,306)

3,902,919

182,048

544,579

358,100

(213,149)

3,409,191

(4,674)

507,750

3,912,267

(1,650,237)

2,262,030

-------------(Rupees)------------

11.576.46

Adamjee Insurance Company Limited

Unconsolidated Statement of Cash Flow

For the Year Ended December 31, 2024

Cash flows from operating activities

Underwriting activities

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

(Restated)

Insurance premium received

Reinsurance premium paid

Claims paid

Surrenders paid

Reinsurance and other recoveries received

Commission paid

Commission received

Other underwriting payments

Net cash inflows / (outflows) from underwriting activities Other operating activities

Income tax paid

Other operating payments

Loans advanced

Loans repayments received

Other operating receipts

Net cash outflows from other operating activities

Total cash inflows / (outflows) from operating activities Cash flows from investing activities

Profit received on bank deposits

Income received from Pakistan Investment Bonds and foreign Government bonds

Income from Treasury Bills

Bank deposits subject to encumbrances Dividends received

Rentals received

Payments made for investments Proceeds from disposal of investments Fixed capital expenditure - operating assets Fixed capital expenditure - intangible assets Proceeds from disposal of operating assets

Total cash (outflows) / inflows from investing activities

Cash flows from financing activities

Payments against lease liability

Finance cost paid on lease liability

Dividends paid

Net cash outflows from financing activities

Net cash inflows / (outflows) from all activities Cash and cash equivalent at beginning of the year

Cash and cash equivalent at end of the year

54,756,772

(21,850,290)

(29,080,716)

(206,359)

14,140,236

(5,948,527)

1,083,850

(5,758,849)

7,136,117

(1,877,398)

(168,838)

(69,686)

75,122

28,516

(2,012,284)

5,123,833

873,209

311,277

81,179

88,505

3,549,592

208,735

(20,069,850)

13,008,954

(247,340)

(66,286)

56,750

(2,205,275)

(15,348)

(7,061)

(1,037,169)

(1,059,578)

1,858,980

2,123,583

3,982,563

43,648,567

(23,726,119)

(23,719,945)

(577,649)

9,041,279

(3,921,780)

1,150,207

(3,956,653)

(2,062,093)

(931,863)

(88,670)

(73,507)

81,435

98,279

(914,326)

(2,976,419)

569,672

-

161,325

(399,416)

3,347,994

189,621

(11,634,529)

11,532,352

(157,381)

(33,635)

34,669

3,610,672

(15,884)

(4,674)

(1,037,029)

(1,057,587)

(423,334)

2,546,917

2,123,583

Reconciliation to statement of profit or loss account

Operating cash inflows / (outflows) Depreciation

Provision for retirement benefit obligations Finance cost

Other income - bank and term deposits Gain on disposal of operating assets Rental income

Fair value adjustment to investment property (Decrease) / increase in assets other than cash Decrease / (increase) in liabilities

Loss on disposal of investments Amortization

Increase in unearned premium Decrease in loans

Income tax paid Increase in tax liabilities

Reversal / (provision) for impairment of 'available-for-sale' investments Dividend income

Income from Treasury Bills

Income from Pakistan Investment Bonds and foreign Government bonds Profit from Window Takaful Operations - Operator's fund

Profit for the year

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

Cash and cash equivalents

Current and saving accounts

Total cash and cash equivalents

Balance as at January 01, 2023

Profit for the year

Other comprehensive income

Total comprehensive income for the year ended December 31, 2023 Transactions with owners of the Company

Final cash dividend at Rs. 1.5 per share - December 31, 2022 Interim cash dividend at Rs. 1.5 per share - June 30, 2023

Balance as at December 31, 2023

Profit for the year

Other comprehensive income

Total comprehensive income for the year ended December 31, 2024 Transactions with owners of the Company

Final cash dividend at Rs. 1.5 per share - December 31, 2023 Interim cash dividend at Rs. 1.5 per share - June 30, 2024

Balance as at December 31, 2024

3,500,000

-

-

-

-

-

-

3,500,000

-

-

-

-

-

-

3,500,000

22,859

-

-

-

-

-

-

22,859

-

-

-

-

-

-

22,859

3,764

-

-

-

-

-

-

3,764

-

-

-

-

-

-

3,764

1,532,444

-

632,975

632,975

-

-

-

2,165,419

-

(27,747)

(27,747)

-

-

-

2,137,672

1,031,608

-

3,803,601

3,803,601

-

-

-

4,835,209

-

7,005,396

7,005,396

-

-

-

11,840,605

-

-

30,754

30,754

-

-

-

30,754

-

(364)

(364)

-

-

-

30,390

936,500

-

-

-

-

-

-

936,500

-

-

-

-

-

-

936,500

17,891,764

2,262,030

52,524

2,314,554

(525,000)

(525,000)

(1,050,000)

19,156,318

4,050,202

27,318

4,077,520

(525,000)

(525,000)

(1,050,000)

22,183,838

24,918,939

2,262,030

4,519,854

6,781,884

(525,000)

(525,000)

(1,050,000)

30,650,823

4,050,202

7,004,603

11,054,805

(525,000)

(525,000)

(1,050,000)

40,655,628

EQUITY AND LIABILITIES

Capital and reserves attributable to the Parent Company's equity holders

5,734,813

170,102

2,489,210

59,506,210

87,648,997

11,281,778

8,389

-

3,309,457

8,053,406

15,361,295

400,039

3,116,714

207,238

8,647,219

3,040,688

10,228,477

219,204,032

2,082,402

221,286,434

3,500,000

14,933,612

23,595,589

42,029,201

543,268

42,572,469

30,390

106,246,825

24,345,048

24,971,654

439,530

264,197

9,819,967

2,478,126

3,887,189

4,621,382

400,214

436,620

71,663,927

5,385,484

141,880

2,154,672

38,403,345

66,769,062

7,078,102

35,975

-

2,406,313

7,649,565

20,601,648

300,921

2,133,671

376,524

8,507,372

3,129,193

6,050,179

171,123,906

1,445,636

172,569,542

3,500,000

7,963,020

19,849,188

31,312,208

441,756

31,753,964

30,754

79,470,020

26,395,403

19,343,851

507,332

175,627

4,349,859

1,031,565

4,054,711

4,391,678

115,940

462,374

60,828,340

5,433,699

158,393

1,757,365

33,961,136

42,567,371

8,836,433

42,163

900,000

1,540,534

8,586,697

14,873,098

360,380

1,489,080

815,211

6,718,394

2,729,777

7,863,914

138,633,645

1,049,420

139,683,065

3,500,000

3,522,068

18,214,850

25,236,918

374,828

25,611,746

-

63,334,304

20,726,702

14,996,454

365,610

206,273

1,182,532

1,007,365

7,134,481

4,105,611

131,622

495,392

50,352,042

The annexed notes 1 to 49 form an integral part of these consolidated financial statements.

486,464

172,569,542

384,973

139,683,065

57,231,074

(42,027,073)

(7,424,468)

(49,451,541)

(6,426,570)

(25,292,831)

(23,939,868)

25,017,755

5,643,684

126,921

1,199,013

337,982

(358,761)

8,026,726

(8,679)

574,914

8,592,961

(3,640,275)

4,952,686

4,797,255

155,431

4,952,686

41,976,789

(32,603,123)

(5,703,821)

(38,306,944)

(5,595,728)

(15,896,770)

(17,822,653)

17,508,276

3,223,460

117,741

1,427,607

268,309

(225,542)

4,497,198

(4,669)

507,750

5,000,279

(2,283,364)

2,716,915

2,626,107

90,808

2,716,915

Adamjee Insurance Company Limited

Consolidated Statement of Cash Flow

For the Year Ended December 31, 2024

Cash flows from operating activities

Underwriting activities

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

(Restated)

Insurance premiums received

Reinsurance premiums paid

Claims paid

Reinsurance and other recoveries received

Commissions paid

Commissions received

Other underwriting payments

Net cash inflows / (outflows) from underwriting activities Other operating activities

Income tax paid

Other operating payments

Loans advanced

Loans repayments received

Other operating receipts

Net cash outflows from other operating activities

Total cash inflows / (outflows) from operating activities Cash flows from investing activities

Profit / return received from bank deposits

Income from debt securities

Bank deposits subject to encumbrances

Dividends received

Rentals received

Payments made for investments

Loan to policy holder

Proceeds from disposal of investments

Fixed capital expenditure - operating assets

Fixed capital expenditure - intangible assets

Proceeds from disposal of operating assets

Total cash (outflows) / inflows from investing activities Cash flows from financing activities

Payments against lease liability

Finance cost paid

Dividends paid

Total cash outflows from financing activities

Net cash inflows / (outflows) from all activities Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

86,615,276

(22,040,244)

(52,342,111)

14,140,236

(7,840,059)

1,083,850

(8,172,743)

11,444,205

(2,228,261)

(168,838)

(69,686)

75,122

28,516

(2,363,147)

9,081,058

14,948,154

392,456

88,505

4,828,235

211,548

(301,790,959)

28,634

278,328,138

(360,893)

(66,286)

62,854

(3,329,614)

(80,969)

(30,073)

(1,537,104)

(1,648,146)

4,103,298

6,125,179

10,228,477

66,295,179

(24,043,972)

(42,908,645)

9,041,279

(5,914,928)

1,150,207

(6,125,318)

(2,506,198)

(1,053,938)

(88,670)

(73,507)

81,435

98,279

(1,036,401)

(3,542,599)

11,533,245

161,325

(399,416)

4,338,329

192,609

(499,981,117)

11,050

486,226,708

(259,798)

(33,635)

47,112

1,836,412

(15,884)

(4,674)

(1,286,990)

(1,307,548)

(3,013,735)

9,138,914

6,125,179