ASIA INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT MARCH 31, 2025
ASSETS
Unaudited Audited
31-Mar-25 31-Dec-24
Rupees Rupees
Property and Equipment | 8 | 168,309,416 | 177,761,210 | |
Investment Property Investments | 9 | 40,827,320 | 40,827,320 | |
Equity Securities | 10 | 239,667,108 | 240,290,722 | |
Debt Securities | 11 | 80,183,986 | 79,616,506 | |
Term Deposits | 12 | 270,000,000 | 411,000,000 | |
589,851,094 | 730,907,228 | |||
Loans and Other Receivables | 54,225,054 | 96,627,961 | ||
Insurance / Reinsurance Receivables | 13 | 844,103,658 | 724,169,804 | |
Reinsurance Recoveries Against Outstanding Claims | 187,652,411 | 175,704,619 | ||
Deferred Commission Expense / Acquisition Cost Deferred Taxation | 14 | 129,027,989 - | 122,842,406 - | |
Taxation & Levies - Payments Less Provision Prepayments | - 106,780,854 | - 99,397,201 | ||
Cash and Bank | 15 | 173,809,891 61,560,249 | ||
2,294,587,687 | 2,229,797,998 | |||
Total Assets of Window Takaful Operations - OPF | 16 | 171,117,523 156,773,408 | ||
TOTAL ASSETS | 2,465,705,210 2,386,571,406 | |||
EQUITY AND LIABILITIES | ||||
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 270,892,466 234,702,442 | ||||
TOTAL EQUITY | 1,073,392,466 | 1,037,202,442 | ||
LIABILITIES Underwriting Provisions | ||||
Outstanding Claims Including IBNR | 21 | 320,940,570 | 309,940,175 | |
Unearned Premium Reserves Premium Deficiency Reserve Unearned Reinsurance Commission | 20 22 | 543,727,793 -23,146,774 | 546,499,077 -20,990,654 | |
Deferred Taxation | 8,900,624 | 9,453,090 | ||
Taxation & Levies - Payments Less Provision | 4,042,860 | 11,180,329 | ||
Retirement Benefit Obligations | 1,224,583 | 1,391,511 | ||
Lease Liabilities Premiums Received in Advance Insurance / Reinsurance Payables | 18 | 104,564,042 -159,312,909 | 110,531,151 - 149,522,136 | |
Other Creditors and Accruals | 167,625,038 | 138,088,357 | ||
TOTAL LIABILITIES | 1,333,485,193 | 1,297,596,480 | ||
Total Liabilities of Window Takaful Operations - OPF | 16 | 58,827,551 51,772,484 | ||
TOTAL EQUITY AND LIABILITIES | 2,465,705,210 2,386,571,406 | |||
CONTINGENCIES AND COMMITMENTS | 19 | - - | ||
The annexed notes 1 To 35 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED March 31, 2025Note | 31-Mar-25 RUPEES | 31-Mar-24 RUPEES | ||
Net Insurance Premium | 20 | 240,946,721 | 221,392,886 | |
Net Insurance Claims | 21 | (66,286,603) | (67,870,667) | |
Premium Deficiency | - | 5,798,577 | ||
Net Commission and Other Acquisition Costs | 22 | (53,829,418) | (65,180,675) | |
Insurance Claims and Acquisition Expenses | (120,116,021) | (127,252,765) | ||
Management Expenses | (103,962,427) | (92,144,646) | ||
Underwriting Results | 16,868,273 | 1,995,475 | ||
Investment Income | 23 | 21,329,207 | 24,858,026 | |
Other Income | 2,864,160 | 18,810,918 | ||
Other Expenses | (1,565,782) | (3,373,913) | ||
Results of Operating Activities | 39,495,858 | 42,290,506 | ||
Finance Cost | (2,784,423) | (3,237,925) | ||
Profit from Window Takaful Operations - OPF | 16 | 7,289,048 | 9,708,263 | |
Profit Before Tax & tax levies | 44,000,483 | 48,760,844 | ||
Taxation | 24 | (7,810,459) | (16,979,865) | |
Profit After Tax & tax levies | 36,190,024 | 31,780,979 |
31-Mar-25 RUPEES | 31-Mar-24 RUPEES | ||
Operating Cash Flows | |||
a) Underwriting Activities | |||
Insurance Premium Received | 271,346,765 | 295,034,151 | |
Reinsurance Premiums Paid | (150,698,062) | (90,193,674) | |
Claims Paid | (100,825,916) | (147,602,648) | |
Reinsurance and Other Recoveries Received | 33,591,916 | 58,880,507 | |
Commission Paid | (39,027,472) | (76,712,258) | |
Commission Received | 12,576,449 | 8,976,789 | |
Management Expenses Paid | (95,911,755) | (85,944,667) | |
Other Underwriting Receipts / (Payments) | (10,813,344) | 33,805,160 | |
Net Cash Flow from Underwriting Activities | (79,761,419) | (3,756,640) | |
b) Other Operating Activities | |||
Income Tax Paid | (15,500,394) | (9,342,373) | |
Finance Charges Paid | (2,784,423) | (3,237,925) | |
Other Operating Receipts | - | 2 | |
Other Receipts in Respect of Operating Assets | 2,856,366 | 18,375,244 | |
Net Cash Flow From Other Operating Activities | (15,428,451) | 5,794,948 |
Profit / Return Received | 76,537,149 | 34,819,785 | |
Dividend Received | 2,066,196 | 2,848,500 | |
Decrease in Net Assets in Window Takaful Operations | (7,289,048) | (9,708,263) | |
Payments for Investments / Investment Properties | 1,403,823 | 4,385,562 | |
Investment (made) / matured | 141,000,000 | (141,000,000) | |
Fixed Capital Expenditure | (322,000) | (311,850) | |
Proceeds from Sale of Property and Equipment | 10,501 | 518,864 | |
Total Net Cash Flow from Investing Activities | 213,406,621 | (108,447,402) | |
Financing Activities | |||
Dividend Paid | - | - | |
Repayments of Lease | (5,967,109) | (689,130) | |
Total Cash Flow from Financing Activities | (5,967,109) | (689,130) | |
Net cash (used in) / generated from all activities | 112,249,642 | (107,098,224) | |
Cash and Cash Equivalents at the Beginning of the period | 61,560,249 | 399,942,738 | |
Cash and Cash Equivalents at the End of the period | 173,809,891 | 292,844,514 |
31-Mar-25 RUPEES | 31-Mar-24 RUPEES | ||
Reconciliation to Statement of Profit or Loss | |||
Operating Cash Flows | (95,189,870) | 2,038,308 | |
Depreciation Expense | (9,771,087) | (7,624,046) | |
Profit on disposal of fixed assets | 7,794 | 435,674 | |
Dividend Income | 2,066,196 | 2,848,500 | |
Other Investment Income / (Loss) | 19,263,011 | 22,009,526 | |
Profit from Window Takaful Operations | 7,289,048 | 9,708,263 | |
Increase / (Decrease) in Assets Other than Cash | 154,380,754 | (95,496,481) | |
(Increase) / Decrease in Liabilities Other than Borrowings | (42,408,288) | 99,487,988 | |
Deferred Taxation | 552,466 | (1,626,753) | |
Profit After Taxation for the period | 36,190,024 | 31,780,979 |
The annexed notes 1 To 35 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED March 31, 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 Total comprehensive income for the period | 730,082,430 | 69,917,570 | 2,500,000 | 102,819,333 | 905,319,333 |
Profit after tax | - | - | - | 31,780,979 | 31,780,979 |
Other comprehensive income | - | - | - | - | - |
- | - | - | 31,780,979 | 31,780,979 | |
Qard-e-Hasna contribution to PTF | - | - | - | - | - |
Balance As At March 31, 2024 | 730,082,430 | 69,917,570 | 2,500,000 | 134,600,312 | 937,100,312 |
Balance As At January 1, 2025 | 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 | - | - | - | 36,190,024 | 36,190,024 |
Other comprehensive income | - | - | - | - | - |
- | - | - | 36,190,024 | 36,190,024 | |
Qard-e-Hasna Contribution to PTF | - | - | - | - | - |
Balance As At March 31, 2025 | 730,082,430 | 69,917,570 | 2,500,000 | 270,892,466 | 1,073,392,466 |
The annexed notes 1 To 35 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION OF OPF AND PTF (UNAUDITED) AS AT MARCH 31, 2025
Operators' Fund Participants' Takaful Fund 31-Mar-25 31-Dec-24 31-Mar-25 31-Dec-24
---------------------------Rupees------------------------------
ASSETS | Note | ||||
Loans and Other Receivables | 6 | 1,189,888 | 1,178,030 | 1,312,746 | - |
Takaful / Retakaful Receivables | 7 | - | - | 124,701,743 | 117,596,819 |
Deferred Wakala Fee | 19 | - | - | 31,106,940 | 27,491,425 |
Receivable from PTF | 98,460,377 | 81,269,561 | - | - | |
Accrued Investment Income Retakaful Recoveries Against Outstanding Claims Deferred Commission Expense | 18 | 533,562 -15,666,607 | 8,174,658 -13,061,131 | -38,281 - | - 38,281 - |
Prepayments Investments Equity Securities | 8 | - | - | 15,103,450 100,945,200 | 15,237,337 - |
Term Deposits | 50,000,000 | 50,000,000 | |||
Cash and Bank | 10 | 5,267,089 | 3,090,028 | 46,030,122 | 125,956,312 |
TOTAL ASSETS | 171,117,523 | 156,773,408 | 319,238,482 | 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 | 140,700,972 | 133,411,924 | - | - | |
Total Operator's Funds | 112,289,972 | 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) | - | - | (5,893,875) | 3,591,153 | |
Balance of Waqf / PTF | - | - | 73,017,125 | 82,502,153 | |
LIABILITIES PTF Underwriting Provisions | |||||
Outstanding Claims Including IBNR | 16 | - | - | 30,265,936 | 32,288,199 |
Unearned Contribution Reserve | - | - | 77,767,342 | 68,728,554 | |
Contribution Deficiency Reserves | - | - | 21,723,930 | 5,849,042 | |
- | - | 129,757,208 | 106,865,795 | ||
Retirement Benefit Obligations | 12,722 | 16,294 | - | - | |
Contributions Received In Advance | - | - | 659,619 | 208,826 | |
Unearned Wakala Fee | 31,106,940 | 27,491,425 | - | - | |
Takaful / Retakaful Payables | - | - | 10,055,045 | 11,143,610 | |
Other Creditors and Accruals | 13 | 27,707,889 | 24,264,765 | 7,289,108 | 4,330,229 |
Payable to PTF / OPF | - | - | 98,460,377 | 81,269,561 | |
TOTAL LIABILITIES | 58,827,551 | 51,772,484 | 246,221,357 | 203,818,021 | |
TOTAL FUND AND LIABILITIES | 171,117,523 | 156,773,408 | 319,238,482 | 286,320,174 | |
CONTINGENCIES AND COMMITMENTS | 14 | - | - | - | - |
The annexed notes from 1 to 27 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025Participants' Takaful Fund (PTF) | Note | 31-Mar-25 Rupees | 31-Mar-24 Rupees | |
Contributions Earned | 15 | 23,715,325 | 21,312,322 | |
Less: Contributions Ceded to Retakaful | (11,033,850) | (10,903,988) | ||
Net Contributions Revenue | 12,681,475 | 10,408,334 | ||
Retakaful Rebate Earned | - | - | ||
Net Underwriting Income | 12,681,475 | 10,408,334 | ||
Net Claims - Reported / Settled - IBNR | 16 | (10,096,068) | (5,630,743) | |
Charge of Contribution Deficiency Reserve | (15,874,888) | 117,336 | ||
(25,970,956) | (5,513,407) | |||
Other Direct Expenses | (151) | (4,423) | ||
(Deficit) / Surplus Before Investment Income | (13,289,632) | 4,890,504 | ||
Investment Income | 945,200 | - | ||
Other Income | 2,859,404 | 2,307,391 | ||
(Deficit) / Surplus Transferred to Accumulated Surplus | (9,485,028) | 7,197,895 | ||
Operator's Fund (OPF) Wakala Fee | 19 | 15,810,215 | 14,208,219 | |
Commission Expense | 18 | (8,028,514) | (7,102,770) | |
General, Adminstration and Management Expenses | (1,882,301) | (930,806) | ||
Operating Results | 5,899,400 | 6,174,643 | ||
Other Income | 1,389,648 | 3,533,620 | ||
Other Expenses | - | - | ||
Profit for the period | 7,289,048 | 9,708,263 |
The annexed notes from 1 to 27 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025
Operators' Fund Participants' Takaful Fund 31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24
-------------------------------------- Rupees ------------------------------------
OPERATING CASH FLOWS | |||||||
a)Takaful activities | |||||||
Contributions received | - | - | 51,322,630 | 30,967,283 | |||
Wakala fee received / (paid) | 19,425,730 | 13,716,726 | (19,425,730) | (13,716,726) | |||
Retakaful contribution ceded | - | - | (21,400,961) | (17,386,643) | |||
Claims Paid Retakaful and other recoveries received Commissions Paid | - -(6,424,451) | - -(4,903,788) | (12,118,331) - - | (7,114,513) - - | |||
Direct, management and other expenses (payments) / receipts | (2,652,288) | (933,659) | 20,450,829 | 13,043,485 | |||
Other takaful receipts / (payments) | (17,202,674) | (10,684,301) | (1,614,031) | 1,230,834 | |||
Net cash flow generated from / (used in) from Takaful activities | (6,853,683) | (2,805,022) | 17,214,406 | 7,023,720 | |||
b) Other operating activities | |||||||
Income tax paid Direct expenses paid Other expenses paid Management expenses paid Other operating receipts | - - - -9,030,744 | - - - - 1,693,757 | - - - -2,859,404 | - - - -2,307,391 | |||
Net cash flow generated from other operating activities | 9,030,744 | 1,693,757 | 2,859,404 | 2,307,391 | |||
Total cash flow from all operating activities | 2,177,061 | (1,111,265) | 20,073,810 | 9,331,111 | |||
INVESTMENT ACTIVITIES | |||||||
Profit/ return received Qard-e-Hasna Payments for investments Fixed capital expenditure | - - - - | - - - - | - -(100,000,000) - | - - - - | |||
Total cash flow (used in) / generated from investing activities | - | - | (100,000,000) | - | |||
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 | 2,177,061 | (1,111,265) | (79,926,190) | 9,331,111 | |||
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 | 5,267,089 | 61,735,079 | 46,030,122 | 87,484,820 | |||
RECONCILIATION TO PROFIT AND LOSS ACCOUNT | |||||||
Operating cash flows | 2,177,061 | (1,111,265) | 20,073,810 | 9,331,111 | |||
Increase / (Decrease) in assets other than cash | 12,167,054 | 12,999,650 | 12,844,498 | 13,386,940 | |||
(Increase) / decrease in liabilities | (7,055,067) | (2,180,122) | (42,403,336) | (15,520,156) | |||
Profit for the period | 7,289,048 | 9,708,263 | (9,485,028) | 7,197,895 | |||
Attributed to | |||||||
Participants' Takaful Fund Operator's Fund | - 7,289,048 | - 9,708,263 | (9,485,028) - | 7,197,895 - | |||
7,289,048 | 9,708,263 | (9,485,028) | 7,197,895 | ||||
The annexed notes from 1 to 27 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS CONDENSED INTERIM STATEMENT OF CHANGES IN FUNDS (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025
OPERATOR'S FUND
Note Statutory fund Qard-e-Hasna Accumulated
Surplus
Total
---------------------------------------Rupees-----------------------------------
Balance As at January 1, 2024 Total Comprehensive Income for the period | 50,000,000 | (78,411,000) | 97,999,530 | 69,588,530 |
Profit for the period | - | - | 9,708,263 | 9,708,263 |
Other Comprehensive Income for the period | - | - | - | - |
- - 9,708,263 | 9,708,263 | |||
Qard-e-Hasna to Participants' Takaful Fund (PTF) | - | - | - | |
Balance as at March 31, 2024 | 50,000,000 | (78,411,000) | 107,707,793 | 79,296,793 |
Balance as at January 1, 2025 | 50,000,000 | (78,411,000) | 133,411,924 | 105,000,924 |
Total Comprehensive Income for the period | ||||
Profit for the period | - | - | 7,289,048 | 7,289,048 |
Other Comprehensive Income for the period | - | - | - | - |
- - 7,289,048 | 7,289,048 | |||
Qard-e-Hasna to Participants' Takaful Fund (PTF) | - | - | - - | |
Balance as at March 31, 2025 | 50,000,000 | (78,411,000) | 140,700,972 | 112,289,972 |
PARTICIPANTS' FUND
Accumulated
Seed money Qard-e-Hasna
Surplus/ (Deficit)
Total
---------------------------------------Rupees-----------------------------------
Balance as at January 1, 2024 Total Comprehensive Income for the period | 500,000 | 78,411,000 | (1,880,249) | 77,030,751 |
Surplus for the period | - | - | 7,197,895 | 7,197,895 |
Other Comprehensive Income for the period | - | - | - | - |
- - 7,197,895 | 7,197,895 | |||
Qard-e-Hasna from Operator's Fund (OPF) - - - -Balance as at March 31, 2024 500,000 78,411,000 5,317,646 84,228,646
Balance as at January 1, 2025 Total Comprehensive Income for the period | 500,000 | 78,411,000 | 3,591,153 | 82,502,153 |
(Deficit) for the period | - | - | (9,485,028) | (9,485,028) |
Other Comprehensive Income for the period | - | - | - | - |
- - (9,485,028) (9,485,028)
Qard-e-Hasna from Operator's fund (OPF) - - - -Balance as at March 31, 2025 500,000 78,411,000 (5,893,875) 73,017,125
The annexed notes from 1 to 27 form an integral part of these Financial Statements.