due
insurance
Ref: AL-1B/13/2025/793
February 18, 2026
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi
Subject: Financial results for the year ended December 31, 2025 Dear Sir,
We have to inform you that the Board of Directors of our Company in their meeting held on February 18, 2026, at 11:00 a.m. at Lahore recommended the following:
CASH DIVIDEND: A final Cash Dividend for the year ended 31-12-2025 at Rs. 2/- per share i.e., 20%. This is in addition to Interim Dividend already paid at Rs. 2/- per share i.e., 20%.
BONUS SHARES:
RIGHT SHARES:
ANY OTHER ENTITLEMENT:
NIL NIL NIL
ANY OTHER PRICE-SENSITIVE INFORMATION: NIL
The financial results of the Company are as follows and attached.
Rs. In '000
For the Year Ended
31-12-2025 | 31-12-2024 | |
Profit before taxation | 8,354,367 | 6,708,543 |
Income tax expense | (3,221,649) | (2,658,341) |
Profit for the year | 5,132,718 4,050,202 Rupees | |
Earnings per share - basic and diluted 14.66 11.57
The Statement of Unconsolidated and Consolidated Profit and Loss Accounts, Statement of Financial Position, Statement of Changes in Equity and Statement of Cash Flows are enclosed.
The Annual General Meeting of the Company will be held on Tuesday, April 28, 2026, at 10:00 am at Lahore and via zoom link.
1
Adamjee Insurance Company Limited Registered Office
Adamjee House, 80/A Bloch E-1, Main Boulevard Gulberg III, Lahore-5ñ000, Pahistan.
Tel: +9Z-ñZ-35772960-79| Fax: +92-ñ2-35772868
Email: info@adamjeeinsurance.com| Web: www.adamjeeinsurance.com
due
insuranceRef: AL-1B/13/2025/793
February 18, 2026
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on April 20, 2026.
The Share Transfer Books of the Company will be closed from April 21, 2026, to April 28, 2026 (both days inclusive). Transfers received at the Share Registrar, CDC Share Registrar Services Ltd, CDC House, 99-B, Block 'B', Main Shahra-e-Faisal, Karachi at the close of business on April 20, 2026, will be treated in time for the purpose of the above entitlement to the transferee.
The Annual Report of the Company will be transmitted through PUCARS at least 21 days before holding of Annual General Meeting.
Thanking you, Yours incerely,
Ta eez-ul-Haque Secretary
Copy to:
The Director / HOD
Surveillance, Supervision & Enforcement Department, Securities & Exchange Commission of Pakistan,
NIC Building, 63-Jinnah Avenue, Blue Area, ISLAMABAD.
2
Adamjee Insurance Company Limited Registered Office
Adamjee House, 80/A Block E-1, Main Boulevard Gulberg Ill, Lahore-5ñ000, Pakistan.
Tel: +92-ñ2-35772960-79| Fax: +92-ñ2-35772868
Email: info@adamjeeinsurance.com| Web: https://www.adamjeeinsurance.com
ADAMJEE INSURANCE COMPANY LIMITED UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 ASSETS
Property and equipment Intangible assets Investment properties Investment in subsidiary Investments
Equity securities Debt securities Term deposits
Loans and other receivables Insurance / reinsurance receivables
Reinsurance recoveries against outstanding claims Salvage recoveries accrued
Deferred commission expense / acquisition cost Prepayments
Bank deposits subject to encumbrances Cash and bank
2025 2024 2023 ----------------(Rupees in thousand)----------------(Restated) (Restated)
4,484,725 | 4,234,751 | 4,191,853 |
200,807 | 148,272 | 115,974 |
3,703,511 | 3,343,498 | 2,914,435 |
2,223,110 | 2,396,166 | 2,396,166 |
42,956,396 | 36,876,497 | 24,865,243 |
9,264,527 | 4,527,260 | 1,774,347 |
19,489,155 | 11,281,778 | 7,003,102 |
1,210,300 | 1,763,936 | 1,124,695 |
7,244,625 | 7,992,721 | 7,555,082 |
15,595,938 | 15,361,295 | 20,601,648 |
592,776 | 400,039 | 300,921 |
4,709,982 | 3,116,714 | 2,133,671 |
5,792,350 | 8,575,791 | 8,452,203 |
4,746,983 | 3,040,688 | 3,129,193 |
5,888,736 | 3,982,563 | 2,123,583 |
128,103,921 | 107,041,969 | 88,682,116 | |
Total assets of Window Takaful Operations - Operator's Fund and Participants' Takaful Fund | 6,203,138 | 5,453,830 | 3,964,778 |
TOTAL ASSETS | 134,307,059 | 112,495,799 | 92,646,894 |
EQUITY AND LIABILITIES | |||
Capital and reserves attributable to the Company's equity holders | |||
Ordinary share capital | 3,500,000 | 3,500,000 | 3,500,000 |
Reserves | 19,243,865 | 14,941,400 | 7,963,751 |
Unappropriated profit | 26,071,003 | 22,183,838 | 19,156,318 |
Total equity | 48,814,868 | 40,625,238 | 30,620,069 |
Surplus on revaluation of fixed assets | 30,566 | 30,390 | 30,754 |
LIABILITIES | |||
Underwriting provisions | |||
Outstanding claims including IBNR | 27,477,462 | 24,345,048 | 26,395,403 |
Unearned premium reserves | 30,898,217 | 24,971,654 | 19,343,851 |
Unearned reinsurance commission | 396,196 | 439,530 | 507,332 |
Retirement benefit obligations | 271,805 | 192,073 | 175,627 |
Deferred taxation | 11,808,630 | 8,602,150 | 3,692,563 |
Premium received in advance | 1,011,611 | 1,130,715 | 785,284 |
Insurance / reinsurance payables | 4,420,186 | 3,739,632 | 3,952,563 |
Lease liabilities | 39,295 | 31,693 | 38,475 |
Other creditors and accruals | 3,624,005 | 3,452,617 | 3,406,567 |
Deposits against cash margin | 438,864 | 436,620 | 462,374 |
Taxation - provision less payments | 449,355 | 354,188 | 230,426 |
80,835,626 | 67,695,920 | 58,990,465 | |
Total liabilities of Window Takaful Operations - Operator's Fund and | 4,625,999 | 4,144,251 | 3,005,606 |
Participants' Takaful Fund | |||
TOTAL EQUITY AND LIABILITIES | 134,307,059 | 112,495,799 | 92,646,894 |
CONTINGENCIES AND COMMITMENTS |
ADAMJEE INSURANCE COMPANY LIMITED UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 (Rupees in thousand)
Net insurance premium | 39,554,406 | 26,982,765 | |
Net insurance claims | (26,080,046) | (17,677,066) | |
Net commission and other acquisition costs | (6,393,819) | (3,990,680) | |
Insurance claims and acquisition expenses | (32,473,865) | (21,667,746) | |
Management expenses | (6,680,876) | (5,163,047) | |
Underwriting results | 399,665 | 151,972 | |
Investment income | 6,664,068 | 5,150,931 | |
Rental income | 217,594 | 198,729 | |
Other income | 586,363 | 481,512 | |
Fair value adjustment to investment property | 358,093 | 432,507 | |
Other expenses | (306,285) | (274,961) | |
Results of operating activities | 7,919,498 | 6,140,690 | |
Finance cost | (6,357) | (7,061) | |
Profit before tax from Window Takaful Operations - Operator's fund | 441,226 | 574,914 | |
Profit before tax | 8,354,367 | 6,708,543 | |
Income tax expense | (3,221,649) | (2,658,341) | |
Profit after tax | 5,132,718 | 4,050,202 |
Earnings (after tax) per share - basic and diluted 14.66 11.57
ADAMJEE INSURANCE COMPANY LIMITED UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 (Rupees in thousand)
PROFIT AFTER TAX | 5,132,718 | 4,050,202 | |||||
OTHER COMPREHENSIVE INCOME: | |||||||
Items that will not be reclassified to profit and loss account: | |||||||
Re-measurement of retirement benefit obligations | (20,553) | 27,318 | |||||
Surplus on revaluation of fixed assets - net of tax | 176 | (364) | |||||
Items that may be reclassified subsequently to profit and loss account: | |||||||
Unrealized gain on available-for-sale investments - net of tax | 4,975,360 | 7,253,805 | |||||
Reclassification adjustment for net gain on sale of available-for-sale | |||||||
investments included in profit and loss account - net of tax | (679,800) | (249,597) | |||||
4,295,560 | 7,004,208 | ||||||
Other comprehensive income of Window Takaful Operations - Operator's Fund | |||||||
Unrealized gain on available-for-sale investments - net of tax | 36,649 | 32,813 | |||||
Reclassification adjustment for net gain on sale of available-for-sale | |||||||
investments included in profit and loss account - net of tax | (37,759) | (31,625) | |||||
(1,110) | 1,188 | ||||||
Net effect of translation of foreign branches | 8,015 | (27,747) | |||||
Other comprehensive income for the year | 4,282,088 | 7,004,603 | |||||
Total comprehensive income for the year | 9,414,806 | 11,054,805 |
ADAMJEE INSURANCE COMPANY LIMITED UNCONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024
(Rupees in thousand)
Operating cash flows | |||
Underwriting activities | |||
Insurance premium received | 64,327,170 | 54,550,413 | |
Reinsurance premium paid | (14,125,545) | (21,850,290) | |
Claims paid | (37,897,039) | (29,080,716) | |
Reinsurance and other recoveries received | 13,847,627 | 14,140,236 | |
Commission paid | (8,989,341) | (5,948,527) | |
Commission received | 1,025,483 | 1,083,850 | |
Other underwriting payments | (5,747,509) | (5,758,849) | |
Net cash generated from underwriting activities | 12,440,846 | 7,136,117 | |
Other operating activities | |||
Income tax paid | (2,493,788) | (1,877,398) | |
Other operating payments | (78,383) | (168,838) | |
Loans advanced | (77,882) | (69,686) | |
Loans repayments received | 82,572 | 75,122 | |
Other operating receipts | 54,969 | 28,516 | |
Net cash used in other operating activities | (2,512,512) | (2,012,284) | |
Total cash generated from all operating activities | 9,928,334 | 5,123,833 | |
Cash flows from investing activities | |||
Profit received on bank deposits | 840,801 | 873,209 | |
Income received from Pakistan Investment Bonds and | |||
foreign debt securities | 255,581 | 311,277 | |
Income from Treasury Bills | 24,262 | 81,179 | |
Bank deposits subject to encumbrances | (1,706,295) | 88,505 | |
Dividends received | 3,699,502 | 3,549,592 | |
Rentals received | 221,390 | 208,735 | |
Payments made for investments | (36,562,325) | (20,069,850) | |
Proceeds from disposal of investments | 26,670,924 | 13,010,015 | |
Investment related expenses | (16,282) | (1,061) | |
Fixed capital expenditure - operating assets | (505,397) | (247,340) | |
Fixed capital expenditure - intangible assets | (113,878) | (66,286) | |
Proceeds from disposal of operating assets | 400,533 | 56,750 | |
Total cash used in investing activities | (6,791,184) | (2,205,275) | |
Cash flows from financing activities | |||
Payments against lease liability | (16,465) | (15,348) | |
Finance cost paid on lease liability | (6,357) | (7,061) | |
Dividends paid | (1,208,155) | (1,037,169) | |
Total cash used in financing activities | (1,230,977) | (1,059,578) | |
Net cash flow from all activities | 1,906,173 | 1,858,980 | |
Cash and cash equivalent at beginning of the year | 3,982,563 | 2,123,583 | |
Cash and cash equivalent at end of the year | 5,888,736 | 3,982,563 | |
2025 (Rupees in | 2024 thousand) | |
Reconciliation to profit and loss account | ||
Operating cash inflows | 9,928,334 | 5,123,833 |
Depreciation | (204,082) | (185,373) |
Provision for retirement benefit obligations | (68,281) | (58,324) |
Finance cost | (6,357) | (7,061) |
Provision for doubtful balances against insurance / reinsurance receivables | (99,898) | - |
Other income - bank and term deposits | 1,043,053 | 964,593 |
Gain on disposal of operating assets | 319,670 | 35,243 |
Rental income | 221,381 | 201,727 |
Fair value adjustment to investment property | 358,093 | 432,507 |
Decrease in assets other than cash | (2,154,113) | (3,116,659) |
(Increase) / decrease in liabilities | (3,758,399) | 1,928,386 |
Net realized gains on investments | 1,331,371 | 409,176 |
Investment related expenses | (16,282) | (1,061) |
Amortization | (61,534) | (33,493) |
Increase in unearned premium | (5,926,563) | (5,627,803) |
Decrease in loans | (4,690) | (5,436) |
Income tax paid | 2,493,788 | 1,877,398 |
Increase in tax liabilities | (3,221,649) | (2,658,341) |
Provision of impairment of 'available-for-sale' investments | (12,981) | (3,653) |
Dividend income | 3,699,502 | 3,549,633 |
Income from Treasury Bills | 573,293 | 333,177 |
Income from Pakistan Investment Bonds and foreign debt securities | 257,836 | 316,819 |
Profit from Window Takaful Operations - Operator's fund | 441,226 | 574,914 |
Profit after taxation | 5,132,718 | 4,050,202 |
Cash and bank for the purposes of the cash flow statement consists of: | ||
Cash and cash equivalents | 53,174 | 13,680 |
Current and saving accounts | 5,835,562 | 3,968,883 |
Total cash and cash equivalents | 5,888,736 | 3,982,563 |
ADAMJEE INSURANCE COMPANY LIMITED UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
Attributable to equity holders of the Company | ||||||||
Share capital | Capital reserves | Revenue reserve | Unappropriated profit | Total equity | ||||
Issued, subscribed and paid up | Reserve for exceptional losses | Investment fluctuation reserve | Exchange translation reserve | Fair value reserve | Surplus on revaluation of fixed assets | General reserve | ||
Balance as at 31 December 2023 Transaction with owners - Final dividend for the year ended | 3,500,000 | 22,859 | 3,764 | 2,165,419 | 4,835,209 | 30,754 | 936,500 | 19,156,318 | 30,650,823 | |
31 December 2023 at the rate of Rupees 1.50 (15%) per share | - | - | - | - | - | - | - | (525,000) | (525,000) | |
Transaction with owners - First interim dividend for the half year ended 30 June 2024 at the rate of Rupees 1.50 (15%) per share | - | - | - | - | - | - | - | (525,000) | (525,000) | |
Profit for the year | - | - | - | - | - | - | - | 4,050,202 | 4,050,202 | |
Other comprehensive income | - | - | - | (27,747) | 7,005,396 | (364) | - | 27,318 | 7,004,603 | |
Total comprehensive income | - | - | - | (27,747) | 7,005,396 | (364) | - | 4,077,520 | 11,054,805 | |
Balance as at 31 December 2024 | 3,500,000 | 22,859 | 3,764 | 2,137,672 | 11,840,605 | 30,390 | 936,500 | 22,183,838 | 40,655,628 | |
Transaction with owners - Final dividend for the year ended 31 December 2024 at the rate of Rupees 1.50 (15%) per share | - | - | - | - | - | - | - | (525,000) | (525,000) | |
Transaction with owners - First interim dividend for the half year ended 30 June 2025 at the rate of Rupees 2.00 (20%) per share | - | - | - | - | - | - | - | (700,000) | (700,000) | |
Profit for the year | - | - | - | - | - | - | - | 5,132,718 | 5,132,718 | |
Other comprehensive income | - | - | - | 8,015 | 4,294,450 | 176 | - | (20,553) | 4,282,088 | |
Total comprehensive income | - | - | - | 8,015 | 4,294,450 | 176 | - | 5,112,165 | 9,414,806 |
Balance as at 31 December 2025 3,500,000 22,859 3,764 2,145,687 16,135,055 30,566 936,500 26,071,003 48,845,434
ADAMJEE INSURANCE COMPANY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
2025 2024 2023
---------------- (Rupees in thousand) ----------------
(Restated) | (Restated) | ||||
ASSETS | |||||
Property and equipment | 6,057,557 | 5,734,813 | 5,385,484 | ||
Intangible assets | 221,638 | 170,102 | 141,880 | ||
Investment properties | 2,826,158 | 2,489,210 | 2,154,672 | ||
Investments | |||||
Equity securities | 68,998,726 | 59,506,210 | 38,403,345 | ||
Debt securities | 106,684,928 | 87,648,997 | 66,769,062 | ||
Term deposits | 19,489,155 | 11,281,778 | 7,078,102 | ||
Loan secured against life insurance policies | 5,977 | 8,389 | 35,975 | ||
Loans and other receivables | 2,634,735 | 3,309,457 | 2,406,313 | ||
Insurance / reinsurance receivables | 7,558,502 | 8,070,102 | 7,649,565 | ||
Reinsurance recoveries against outstanding claims | 15,595,938 | 15,361,295 | 20,601,648 | ||
Salvage recoveries accrued | 592,776 | 400,039 | 300,921 | ||
Deferred commission expense / acquisition cost | 4,709,982 | 3,116,714 | 2,133,671 | ||
Taxation - payment less provisions | 178,169 | 207,238 | 376,524 | ||
Prepayments | 5,901,984 | 8,647,219 | 8,507,372 | ||
Bank deposits subject to encumbrances | 4,746,983 | 3,040,688 | 3,129,193 | ||
Cash and bank | 12,301,207 | 10,228,477 | 6,050,179 | ||
258,504,415 | 219,220,728 | 171,123,906 | |||
Total assets of Window Takaful Operations - Operator's Fund and | |||||
Participants' Takaful Fund (Parent Company) | 6,203,138 | 5,453,830 | 3,964,778 | ||
Total assets | 264,707,553 | 224,674,558 | 175,088,684 | ||
EQUITY AND LIABILITIES | |||||
Capital and reserves attributable to the Parent Company's equity holders | |||||
Ordinary share capital | 3,500,000 | 3,500,000 | 3,500,000 | ||
Reserves | 19,339,357 | 14,933,612 | 7,963,020 | ||
Unappropriated profits | 27,981,060 | 23,595,589 | 19,849,188 | ||
50,820,417 | 42,029,201 | 31,312,208 | |||
Non-controlling interest | 994,145 | 543,268 | 441,756 | ||
Total equity | 51,814,562 | 42,572,469 | 31,753,964 | ||
Surplus on revaluation of fixed assets | 30,566 | 30,390 | 30,754 | ||
LIABILITIES | |||||
Insurance liabilities | 124,171,257 | 106,246,825 | 79,470,020 | ||
Underwriting provisions: | |||||
Outstanding claims including IBNR | 27,477,462 | 24,345,048 | 26,395,403 | ||
Unearned premium reserves | 30,898,217 | 24,971,654 | 19,343,851 | ||
Unearned reinsurance commission | 396,196 | 439,530 | 507,332 | ||
Retirement benefits obligations | 330,101 | 264,197 | 175,627 | ||
Deferred taxation | 13,175,275 | 9,819,967 | 4,349,859 | ||
Premium received in advance | 1,621,499 | 2,478,126 | 1,031,565 | ||
Insurance / reinsurance payables | 4,690,695 | 3,903,885 | 4,054,711 | ||
Other creditors and accruals | 4,681,519 | 4,621,382 | 4,391,678 | ||
Lease liabilities | 355,341 | 400,214 | 115,940 | ||
Deposits against cash margin | 438,864 | 436,620 | 462,374 | ||
84,065,169 | 71,680,623 | 60,828,340 | |||
Total liabilities of Window Takaful Operations - Operator's Fund and | |||||
Participants' Takaful Fund (Parent Company) | 4,625,999 | 4,144,251 | 3,005,606 | ||
Total equity and liabilities | 264,707,553 | 224,674,558 | 175,088,684 | ||
Contingencies and commitments | |||||
Rupees in thousand
Net insurance premium / contribution | 74,942,305 | 57,231,074 |
Net insurance claims | (58,166,029) | (42,027,073) |
Net commission and other acquisition costs | (10,225,690) | (7,424,468) |
Insurance claims and acquisition expenses | (68,391,719) | (49,451,541) |
Management expenses | (8,053,360) | (6,426,570) |
Net change in insurance liabilities (other than outstanding claims) | (16,777,580) | (25,292,831) |
Underwriting results | (18,280,354) | (23,939,868) |
Investment income | 21,937,339 | 25,017,755 |
Net fair value gain on financial assets at fair value through profit or loss | 4,534,626 | 5,643,684 |
Rental income | 136,943 | 126,921 |
Other income | 1,086,325 | 1,199,013 |
Fair value adjustment to investment property | 335,028 | 337,982 |
Other expenses | (360,736) | (358,761) |
Results of operating activities | 9,389,171 | 8,026,726 |
Finance cost | (14,240) | (8,679) |
Profit from Window Takaful Operations - Operator's Fund (Parent Company) | 441,226 | 574,914 |
Profit before tax | 9,816,157 | 8,592,961 |
Income tax expense | (4,052,122) | (3,640,275) |
Profit after tax | 5,764,035 | 4,952,686 |
Profit attributable to: | ||
Equity holders of the Parent | 5,574,375 | 4,797,255 |
Non-controlling interest | 189,660 155,431 | |
5,764,035 4,952,686 | ||
-------------(Rupees)------------ | ||
Earnings (after tax) per share - basic and diluted | 15.93 13.71 | |
Profit for the year 5,764,035 4,952,686
(36,193) | (854) |
176 | (364) |
5,090,462 | 7,242,833 |
(679,800) | (249,597) |
(1,110) | 1,188 |
8,015 | (27,747) |
Re-measurement loss on retirement benefit obligations - net of tax
Surplus on revaluation of fixed assets - net of tax
Unrealized gain on 'available-for-sale'
investments - net of tax
Reclassification adjustment relating to 'available for sale' investments disposed off in the year - net of tax
Unrealized (loss) / gain on 'available for sale' investment from Window Takaful Operations - net of tax
Net effect of translation of foreign branches
Other comprehensive income for the year 4,381,550 6,965,459
Total comprehensive income for the year 10,145,585 11,918,145 Total comprehensive income attributable to:Equity holders of the Parent 9,942,578 11,766,629
Non-controlling interest 203,007 151,516
10,145,585 11,918,145
ADAMJEE INSURANCE COMPANY LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Rupees in thousand
Cash flows from operating activities Underwriting activities | ||
Insurance premiums received | 99,948,188 | 86,615,276 |
Reinsurance premiums paid | (14,355,317) | (22,040,244) |
Claims paid | (69,654,846) | (52,342,111) |
Reinsurance and other recoveries received | 13,847,627 | 14,140,236 |
Commissions paid | (11,514,761) | (7,840,059) |
Commissions received | 1,025,483 | 1,083,850 |
Other underwriting payments | (8,392,904) | (8,172,743) |
Net cash generated from underwriting activities | 10,903,470 | 11,444,205 |
Other operating activities | ||
Income tax paid | (3,305,121) | (2,228,261) |
Other operating payments | (78,383) | (168,838) |
Loans advanced | (77,882) | (69,686) |
Loans repayments received | 82,572 | 75,122 |
Other operating receipts | 54,969 | 28,516 |
Net cash used in other operating activities | (3,323,845) | (2,363,147) |
Total cash generated from all operating activities | 7,579,625 | 9,081,058 |
Cash flows from investing activities | ||
Profit / return received from bank deposits | 11,733,031 | 14,948,154 |
Income from debt securities | 279,843 | 392,456 |
Bank deposits subject to encumbrances - net | (1,706,295) | 88,505 |
Dividends received | 4,632,546 | 4,828,235 |
Rentals received | 224,490 | 211,548 |
Payments made for investments | (215,576,184) | (301,790,959) |
Loan to policy holder | 2,831 | 28,634 |
Proceeds from disposal of investments | 196,872,310 | 278,329,199 |
Investment related expenses | (16,282) | (1,061) |
Fixed capital expenditure - operating assets | (790,975) | (360,893) |
Fixed capital expenditure - intangible assets | (113,878) | (66,286) |
Proceeds from disposal of operating assets | 421,270 | 62,854 |
Total cash used in investing activities | (4,037,293) | (3,329,614) |
Cash flows from financing activities | ||
Payments against lease liability | (104,037) | (80,969) |
Finance cost paid | (89,073) | (30,073) |
Dividends paid | (1,276,492) | (1,537,104) |
Total cash used in financing activities | (1,469,602) | (1,648,146) |
Net cash flow from all activities | 2,072,730 | 4,103,298 |
Cash and cash equivalents at beginning of the year | 10,228,477 | 6,125,179 |
Cash and cash equivalents at end of the year | 12,301,207 | 10,228,477 |
2025 2024 Rupees in thousand
Reconciliation to profit and loss account | ||
Operating cash flows | 7,579,625 | 9,081,058 |
Depreciation and amortization | (458,041) | (336,093) |
Finance cost | (47,735) | (19,954) |
Provision for retirement benefit obligations | (139,814) | (101,055) |
Provision for doubtful balances against insurance / reinsurance receivables | (99,898) | - |
Other income - bank and term deposits | 1,618,465 | 1,690,971 |
Gain on sale of operating assets | 326,479 | 34,551 |
Loss on derecognition of ROU assets | (2,594) | - |
Rental income | 140,730 | 129,919 |
Surplus on revaluation of investment net of related investment expenses | 4,534,626 | 5,643,684 |
Fair value adjustment to investment property | 335,028 | 337,982 |
Decrease in assets other than cash | (1,897,200) | (3,123,370) |
Increase in liabilities | (24,965,786) | (30,017,829) |
Net realized gains on investments | 5,062,183 | 5,699,452 |
Investment related expenses on net realized gains on investments | (16,282) | (1,061) |
Increase in unearned premium | (5,926,563) | (5,627,803) |
Increase in loans | (4,690) | (5,436) |
Income tax paid | 3,305,121 | 2,228,261 |
Provision of impairment of 'available-for-sale' investments | (12,981) | (3,653) |
Dividend income | 4,632,546 | 4,369,822 |
Income from debt securities | 11,359,590 | 14,398,326 |
Profit for the year from Window Takaful Operations | ||
- Operator's fund (Parent Company) | 441,226 | 574,914 |
Profit for the year | 5,764,035 | 4,952,686 |
Cash and cash equivalents for the purpose of the cash flow statement consists of: | ||
Cash in hand and equivalents | 63,037 | 25,906 |
Current and other accounts | 12,238,170 | 10,202,571 |
12,301,207 | 10,228,477 |
ADAMJEE INSURANCE COMPANY LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital | Capital reserves | Revenue reserves | Unappropriated profits | Equity attributable to equity holders of the Parent | Non-controlling interest | Total equity | ||||
Issued, subscribed and paid up | Reserve for exceptional losses | Investment fluctuation reserve | Exchange translation reserve | Fair value reserve | Surplus on revaluation of fixed assets | General reserve | ||||
------------------------------------------------------------------------------------------------(Rupees in thousand)------------------------------------------------------------------------------------------------
Balance as at 31 December 2023 3,500,000 22,859 3,764 2,165,419 4,834,478 30,754 936,500 19,849,188 31,342,962 441,756 31,784,718
- - | - - | - - | - (27,747) | - 6,998,339 | - (364) | - - | 4,797,255 (854) | 4,797,255 6,969,374 | 155,431 (3,915) | 4,952,686 6,965,459 |
Profit for the year
Other comprehensive income
Total comprehensive income for the year ended 31 December 2024 - - - (27,747) 6,998,339 (364) - 4,796,401 11,766,629 151,516 11,918,145
3,500,000 22,859 3,764 2,137,672 11,832,817 30,390 936,500 24,645,589 43,109,591 593,272 43,702,863
Transactions with owners, recognized directly in equity
- | - | - | - | - | - | - | (525,000) | (525,000) | - | (525,000) |
- | - | - | - | - | - | - | (525,000) | (525,000) | - | (525,000) |
- | - | - | - | - | - | - | - | - | (25,002) | (25,002) |
- | - | - | - | - | - | - | - | - | (25,002) | (25,002) |
Final cash dividend at Rupees 1.5 per share - 31 December 2023 - Parent Interim cash dividend at Rupees 1.5 per share - 30 June 2024 - Parent Final cash dividend at Rupees 1 per share - 31 December 2023 - Subsidiary Interim cash dividend at Rupees 1 per share - 30 June 2024 - Subsidiary
- - - - - - - (1,050,000) (1,050,000) (50,004) (1,100,004)
Balance as at 31 December 2024 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
- | - | - | - | 1,525 | - | - | 72,289 | 73,814 | 316,186 | 390,000 |
Adjustment in non-controlling interest
- - - - 1,525 - - 72,289 73,814 316,186 390,000
- - | - - | - - | - 8,015 | - 4,396,205 | - 176 | - - | 5,574,375 (36,193) | 5,574,375 4,368,203 | 189,660 13,347 | 5,764,035 4,381,550 |
Profit for the year
Other comprehensive income
- | - | 8,015 | 4,396,205 | 176 | - | 5,538,182 | 9,942,578 | 203,007 | 10,145,585 |
22,859 | 3,764 | 2,145,687 | 16,230,547 | 30,566 | 936,500 | 29,206,060 | 52,075,983 | 1,062,461 | 53,138,444 |
Total comprehensive income for the year ended 31 December 2025 -
3,500,000
Transactions with owners, recognized directly in equity
- | - | - | - | - | - | - | (525,000) | (525,000) | - | (525,000) |
- | - | - | - | - | - | - | (700,000) | (700,000) | - | (700,000) |
- | - | - | - | - | - | - | - | - | (25,002) | (25,002) |
- | - | - | - | - | - | - | - | - | (43,314) | (43,314) |
Final cash dividend at Rupees 1.5 per share - 31 December 2024 - Parent Interim cash dividend at Rupees 2 per share - 30 June 2025- Parent
Final cash dividend at Rupees 1 per share - 31 December 2024 - Subsidiary Interim cash dividend at Rupees 1 per share - 30 June 2025 - Subsidiary
- - - - - - - (1,225,000) (1,225,000) (68,316) (1,293,316)
Balance as at 31 December 2025 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