Financial Results for the period ended 2025-09-30

ASIA INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT SEPTEMBER 30, 2025

Unaudited Audited

30-Sep-25 31-Dec-24

Rupees Rupees

ASSETS

Loans and Other Receivables

66,314,859

96,627,961

Insurance / Reinsurance Receivables

13

1,023,616,378

724,169,804

Reinsurance Recoveries Against Outstanding Claims

283,068,988

175,704,619

Deferred Commission Expense / Acquisition Cost

141,615,075

122,842,406

Prepayments

124,614,513

99,397,201

Cash and Bank

15

50,355,543

61,560,249

2,786,245,795

2,229,797,998

Total Assets of Window Takaful Operations - OPF

16

213,799,522

156,773,408

TOTAL ASSETS

3,000,045,317

2,386,571,406

Property and Equipment

8

152,387,579

Investment Property

9

40,827,320

Investments

Equity Securities

10

422,625,410

Debt Securities

11

123,820,130

Term Deposits

12

357,000,000

903,445,540

177,761,210

40,827,320

240,290,722

79,616,506

411,000,000

730,907,228

Capital and Reserves Attributable to Company's Equity Holders

Ordinary Share Capital

17

730,082,430

730,082,430

Share Premium - Capital Reserve

17.2.2

69,917,570

69,917,570

Reserves - Revenue

2,500,000

2,500,000

Unappropriated Profit - Revenue Reserve

385,182,507

234,702,442

TOTAL EQUITY

1,187,682,507

1,037,202,442

LIABILITIES

Underwriting Provisions

Outstanding Claims Including IBNR

21

450,870,573

309,940,175

546,499,077

-20,990,654

9,453,090

11,180,329

1,391,511

110,531,151

-

149,522,136

138,088,357

Unearned Premium Reserves

20

804,877,305

Premium Deficiency Reserve

-

Unearned Reinsurance Commission

22

27,402,566

Deferred Taxation

4,208,131

Taxation & Levies - Payments Less Provision

12,940,639

Retirement Benefit Obligations

1,523,116

Lease Liabilities

18

100,420,289

Premiums Received in Advance

-

Insurance / Reinsurance Payables

146,066,211

Other Creditors and Accruals

192,137,905

TOTAL LIABILITIES

1,740,446,735

1,297,596,480

Total Liabilities of Window Takaful Operations - OPF

16

71,916,075

51,772,484

TOTAL EQUITY AND LIABILITIES

3,000,045,317

2,386,571,406

CONTINGENCIES AND COMMITMENTS

19

-

-

ASIA INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

For the Quarter Ended

30-Sep-25

30-Sep-24

Note

Rupees

Rupees

For The Nine Months Ended

30-Sep-25

30-Sep-24

RUPEES

RUPEES

Net Insurance Premium

20

287,675,350

270,603,364

776,865,299

741,326,068

Net Insurance Claims

21

(131,143,404)

(98,522,103)

(294,749,485)

(270,762,262)

Premium Deficiency

-

-

-

6,642,836

Net Commission and Other Acquisition Costs

22

(57,158,368)

(65,118,298)

(160,877,948)

(190,792,926)

Insurance Claims and Acquisition Expenses

Management Expenses

(188,301,772)

(94,351,987)

(163,640,401)

(96,710,344)

(455,627,433)

(292,559,618)

(454,912,352)

(272,950,252)

Finance Cost

(2,648,965)

(3,406,992)

(8,159,810)

(9,865,806)

Profit from Window Takaful Operations - OPF

16

21,346,242

8,235,410

36,882,523

27,206,919

Profit Before Tax & tax levies

Taxation & tax levies

24

116,121,479

(35,350,415)

47,973,892

(7,966,892)

207,411,464

(56,931,399)

168,144,000

(40,345,304)

Underwriting Results

Investment Income

23

5,021,591

94,633,698

10,252,619

26,223,432

28,678,248

151,648,422

13,463,464

86,059,408

Other Income

2,571,041

8,450,935

6,534,177

58,071,742

Other Expenses

(4,802,128)

(1,781,512)

(8,172,096)

(6,791,727)

Results of Operating Activities

97,424,202

43,145,474

178,688,751

150,802,887

Earnings Per Share - Basic & Diluted

25

1.11

0.55

2.06

1.75

ASIA INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

For the Quarter Ended

30-Sep-25

30-Sep-24

Rupees

Rupees

For The Nine Months Ended

30-Sep-25

30-Sep-24

RUPEES

RUPEES

Other Comprehensive Income:

Item that may be re-classified to profit and loss account:

Item that may not be re-classified to profit and loss account:

-

-

-

-

-

-

-

-

-

-

-

-

80,771,064

40,007,000

150,480,065

127,798,696

ASIA INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

Share Capital

Reserves

Un-appropriated profit

Total share capital and reserves

Issued,

subscribed and paid up

Share Premium reserve

Revenue reserves

--------------------------------------------RUPEES------------------------------

Balance As At January 1, 2024 (Audited)

730,082,430

69,917,570

2,500,000

102,819,333

905,319,333

Total comprehensive income for the period

Profit after tax

Other comprehensive income

-

-

-

127,798,696

127,798,696

-

-

-

-

-

-

-

-

127,798,696

127,798,696

-

-

-

(36,504,121)

(36,504,121)

Balance As At September 30, 2024 (Un-Audited)

730,082,430

69,917,570

2,500,000

194,113,908

996,613,908

Balance As At January 1, 2025 (Audited)

730,082,430

69,917,570

2,500,000

234,702,442

1,037,202,442

Total comprehensive profit for the period

Profit after tax

Other comprehensive income

-

-

-

150,480,065

150,480,065

-

-

-

-

-

-

-

-

150,480,065

150,480,065

-

-

-

-

-

730,082,430

69,917,570

2,500,000

385,182,507

1,187,682,507

ASIA INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

30-Sep-25

RUPEES

30-Sep-24

RUPEES

a)

Underwriting Activities

Insurance Premium Received

901,350,073

Reinsurance Premiums Paid

(194,226,357)

Claims Paid

(395,792,688)

Reinsurance and Other Recoveries Received

134,609,232

Commission Paid

(187,856,514)

Commission Received

45,138,303

Management Expenses Paid

(250,960,380)

Other Underwriting Receipts / (Payments)

(4,526,332)

Net Cash Flow from Underwriting Activities

47,735,337

952,625,130

(241,361,715)

(338,441,360)

84,932,667

(182,573,397)

24,742,352

(249,423,040)

14,482,079

64,982,716

Income Tax Paid

(60,416,048)

(37,324,803)

Finance Charges Paid

(8,159,810)

(9,865,806)

Other Operating Receipts

-

2

Other Receipts in Respect of Operating Assets

6,534,177

41,350,204

Net Cash Flow From Other Operating Activities

(62,041,681)

(5,840,403)

Total Cash Flow From All Operating Activities

(14,306,344)

59,142,313

Profit / Return Received

121,679,366 58,568,035

Dividend Received

15,086,572 16,144,518

Decrease in Net Assets in Window Takaful Operations

(36,882,523) (27,206,919)

Payments for Investments / Investment Properties

(136,960,607) 1,614,367

Investment (made) / matured

54,000,000 (286,000,000)

Fixed Capital Expenditure

(4,281,880) (2,135,218)

Proceeds from Sale of Property and Equipment

571,572 18,479,815

Total Net Cash Flow from Investing Activities

13,212,500 (220,535,402)

Financing Activities

Dividend Paid

-

(36,504,121)

Repayments of Lease

(10,110,862)

(19,924,513)

Total Cash Flow from Financing Activities

(10,110,862)

(56,428,634)

Net cash (used in) / generated from all activities

Cash and Cash Equivalents at the Beginning of the period

Cash and Cash Equivalents at the End of the period

(11,204,706)

(217,821,723)

61,560,249

399,942,738

50,355,543

182,121,015

ASIA INSURANCE COMPANY LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2025

30-Sep-25

RUPEES

30-Sep-24

RUPEES

Reconciliation to Statement of Profit or Loss

Operating Cash Flows

(14,306,344)

Depreciation Expense

(29,083,939)

Profit on disposal of fixed assets

-

Dividend Income

15,086,572

Other Investment Income / (Loss)

136,561,850

Profit from Window Takaful Operations

36,882,523

Increase / (Decrease) in Assets Other than Cash

458,300,520

(Increase) / Decrease in Liabilities Other than Borrowings

(458,206,076)

Deferred Taxation

5,244,959

59,142,313

(25,346,308)

16,721,538

16,144,518

69,914,890

27,206,919

125,116,601

(168,595,316)

7,493,541

30-Sep-25

Un-Audited

31-Dec-24

Audited

30-Sep-25

Un-Audited

31-Dec-24

Audited

---------------------------Rupees------------------------------

Note

ASSETS

Loans and Other Receivables

6

1,237,808

1,178,030

29,805,527

-

Takaful / Retakaful Receivables

7

-

-

161,526,533

117,596,819

Deferred Wakala Fee

18

-

-

41,768,124

27,491,425

Receivable from PTF

22,181,976

81,269,561

-

-

Accrued Investment Income

2,915,068

8,174,658

-

-

Retakaful Recoveries Against Outstanding Claims

-

-

38,281

38,281

Deferred Commission Expense

17

20,773,591

13,061,131

-

-

Prepayments

8

-

-

14,950,695

15,237,337

Investments

Equity Securities

9

110,461,873

-

-

-

Term Deposits

50,000,000

50,000,000

Cash and Bank

10

6,229,206

3,090,028

39,053,658

125,956,312

TOTAL ASSETS

213,799,522

156,773,408

287,142,818

286,320,174

FUND AND LIABILITIES

OPERATOR'S FUND (OPF)

Statutory Fund

12

50,000,000

50,000,000

-

-

Qard-E-Hasna

(78,411,000)

(78,411,000)

-

-

Accumulated Profit

170,294,447

133,411,924

-

-

Total Operator's Funds

141,883,447

105,000,924

-

-

WAQF / PARTICIPANTS' TAKAFUL FUND

(PTF)

Seed Money

11

-

-

500,000

500,000

Qard-E-Hasna

-

-

78,411,000

78,411,000

Accumulated Surplus / (Deficit)

-

-

(14,130,631)

3,591,153

Balance of Waqf / PTF

-

-

64,780,369

82,502,153

LIABILITIES

PTF Underwriting Provisions

Outstanding Claims Including IBNR

16

-

-

47,708,537

32,288,199

Unearned Contribution Reserve

-

-

104,420,311

68,728,554

Contribution Deficiency Reserves

-

-

24,075,512

5,849,042

-

-

176,204,360

106,865,795

Retirement Benefit Obligations

12,722

16,294

-

-

Contributions Received In Advance

-

-

717,772

208,826

Unearned Wakala Fee

41,768,124

27,491,425

-

-

Takaful / Retakaful Payables

-

-

21,975,629

11,143,610

Other Creditors and Accruals

13

30,135,229

24,264,765

1,282,712

4,330,229

Payable to PTF / OPF

-

-

22,181,976

81,269,561

TOTAL LIABILITIES

71,916,075

51,772,484

222,362,449

203,818,021

TOTAL FUND AND LIABILITIES

213,799,522

156,773,408

287,142,818

286,320,174

CONTINGENCIES AND COMMITMENTS

14

-

-

-

-

For The Quarter Ended

For The Nine Months Ended

30-Sep-25 30-Sep-24

30-Sep-25 30-Sep-24

Participants' Takaful Fund (PTF)

Note

Rupees Rupees

Rupees Rupees

Contributions Earned

15

29,760,323 19,182,936

79,911,539 61,786,085

Less: Contributions Ceded to Retakaful (10,913,645) (10,674,528) (32,986,531) (32,367,628)

Net Contributions Revenue

18,846,678

8,508,408

46,925,008

29,418,457

Retakaful Rebate Earned

-

-

- -

Net Underwriting Income

18,846,678

8,508,408

46,925,008 29,418,457

(16,492,502)

(12,565,899)

(53,103,143)

(35,786,170)

(1,431,056)

(3,816,796)

(18,226,470)

(4,465,021)

(Deficit) / Surplus Before Investment Income

920,800

(7,874,383)

(24,409,974)

(10,838,184)

Investment Income

19

-

-

2,711,200

-

Other Income

232,878

4,667,832 3,976,990 10,517,297

(Deficit) / Surplus Transferred to Accumulated Surplus

1,153,678

(3,206,551)

(17,721,784)

(320,887)

Operator's Fund (OPF)

Wakala Fee

18

19,840,214

12,788,630

53,274,366

41,489,483

Commission Expense

17

(10,079,591)

(6,377,498)

(27,062,331)

(20,623,741)

General, Adminstration and Management Expenses (2,071,092) (822,082) (5,657,732) (2,619,730)

Operating Results

7,689,531

5,589,050

20,554,303

18,246,012

Other Income

8,392

2,646,360

462,232

9,085,282

Investment Income

19

13,714,249

-

16,003,654

-

Other Expenses

(65,930)

-

(137,666) (124,375)

Profit for the period

21,346,242

8,235,410

36,882,523 27,206,919

ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

PARTICIPANT'S TAKAFUL FUND (PTF)

Note

30-Sep-25

30-Sep-24

Rupees

Rupees

30-Sep-25

30-Sep-24

Rupees

Rupees

(Deficit) / Surplus during the period

1,153,678

(3,206,551)

(17,721,784)

(320,887)

Other Comprehensive Income for the period

-

-

-

-

Total Comprehensive (Deficit) / Income for the period

1,153,678 (3,206,551)

(17,721,784)

(320,887)

OPERATOR'S FUND (OPF)

Profit during the period

21,346,242

8,235,410

36,882,523

27,206,919

Other Comprehensive Income for the period

-

-

-

-

Balance As at January 1, 2024 (Audited)

Total Comprehensive Income for the period

50,000,000

(78,411,000)

97,999,530

69,588,530

Profit for the period

-

-

27,206,919

27,206,919

Other Comprehensive Income for the period

-

-

-

-

- - 27,206,919

27,206,919

Qard-e-Hasna to Participants' Takaful Fund (PTF)

-

-

-

Balance as at September 30, 2024 (Un-Audited)

50,000,000

(78,411,000)

125,206,449

96,795,449

Balance as at January 1, 2025 (Audited)

50,000,000

(78,411,000)

133,411,924

105,000,924

Total Comprehensive Income for the period

Profit for the period

-

-

36,882,523

36,882,523

Other Comprehensive Income for the period

-

-

-

-

- - 36,882,523

36,882,523

Qard-e-Hasna to Participants' Takaful Fund (PTF)

-

-

-

-

Balance as at September 30, 2025 (Un-Audited)

50,000,000

(78,411,000)

170,294,447

141,883,447

Balance as at January 1, 2024 (Audited)

Total Comprehensive Income for the period

500,000

78,411,000

(1,880,249)

77,030,751

Deficit for the period

-

-

(320,887)

(320,887)

Other Comprehensive Income for the period

-

-

-

-

-

-

(320,887)

(320,887)

Qard-e-Hasna from Operator's Fund (OPF)

-

-

-

-

Balance as at September 30, 2024 (Un-Audited)

500,000

78,411,000

(2,201,136)

76,709,864

Balance as at January 1, 2025 (Audited)

500,000

78,411,000

3,591,153

82,502,153

Total Comprehensive Income for the period

(Deficit) for the period

-

-

(17,721,784)

(17,721,784)

Other Comprehensive Income for the period

-

-

-

-

- - (17,721,784)

(17,721,784)

Qard-e-Hasna from Operator's fund (OPF)

-

-

-

-

Balance as at September 30, 2025 (Un-Audited)

500,000

78,411,000

(14,130,631)

64,780,369

ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS

CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Operators' Fund Participants' Takaful Fund

30-Sep-25

30-Sep-24

30-Sep-25 30-Sep-24

-------------------------------------- Rupees ------------------------------------

OPERATING CASH FLOWS

a)Takaful activities

Contributions received

-

-

162,051,269

108,417,827

Wakala fee received / (paid)

67,551,065

42,641,013

(67,551,065)

(42,641,013)

Retakaful contribution ceded

-

-

(58,462,245)

(54,369,380)

Claims Paid

-

-

(37,682,805)

(25,741,391)

Retakaful and other recoveries received

-

-

-

-

Commissions Paid

(25,638,445)

(14,996,437)

-

-

Rebate on retakaful

-

-

-

-

Direct, management and other expenses (payments) / receipts

(9,064,852)

(2,119,368)

(62,929,591)

40,435,970

Other takaful receipts / (payments)

59,027,807

(35,384,639)

(29,016,407)

369,811

Net cash flow generated from / (used in) from Takaful activities

91,875,575

(9,859,431)

(93,590,844)

26,471,824

b) Other operating activities

Income tax paid

-

-

-

-

Direct expenses paid

-

-

-

-

Other expenses paid

-

-

-

-

Management expenses paid

-

-

-

-

Other operating receipts

5,721,822

4,983,844

3,976,990

10,517,297

Net cash flow generated from other operating activities

5,721,822

4,983,844

3,976,990

10,517,297

Total cash flow from all operating activities

97,597,397

(4,875,587)

(89,613,854)

36,989,121

INVESTMENT ACTIVITIES

Profit/ return received

16,319,320

-

2,711,200

-

Dividend received

565,160

Qard-e-Hasna

-

-

-

-

Payments for investments

(111,342,699)

-

-

-

Fixed capital expenditure

-

-

-

-

Total cash flow (used in) / generated from investing activities

(94,458,219)

-

2,711,200

-

FINANCING ACTIVITIES

Contribution to the operator's fund

-

-

-

-

Ceded money

-

-

-

-

Total cash flows from financing activities

-

-

-

-

Net cash flow generated from / (used in) all activities

3,139,178

(4,875,587)

(86,902,654)

36,989,121

Cash and cash equivalents at beginning of the period

3,090,028

62,846,344

125,956,312

78,153,709

Cash and cash equivalents at end of the period

6,229,206

57,970,757

39,053,658

115,142,830

RECONCILIATION TO PROFIT AND LOSS ACCOUNT

Operating cash flows

97,597,397

(4,875,587)

(89,613,854)

36,989,121

Dividend Income

565,160

-

-

Investment income/loss

15,438,494

-

2,711,200

-

Increase / (Decrease) in assets other than cash

(56,574,937)

40,165,701

87,725,298

24,536,462

(Increase) / decrease in liabilities

(20,143,591)

(8,083,195)

(18,544,428)

(61,846,470)

Profit for the period

36,882,523

27,206,919

(17,721,784)

(320,887)

Attributed to

Participants' Takaful Fund

-

-

(17,721,784)

(320,887)

Operator's Fund

36,882,523

27,206,919

-

-

36,882,523

27,206,919

(17,721,784)

(320,887)

The annexed notes from 1 to 27 form an integral part of these Financial Statements.