ASIA INSURANCE COMPANY LIMITED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2024
2024 | 2023 |
Rupees | Rupees |
177,761,210 | 155,998,471 |
40,827,320 | 40,827,320 |
240,290,722 | 85,430,962 |
79,616,506 | 135,053,472 |
411,000,000 | 100,000,000 |
730,907,228 | 320,484,434 |
96,627,961 | 88,613,502 |
724,169,804 | 557,524,093 |
175,704,619 | 156,115,608 |
122,842,406 | 140,105,642 |
- | 11,792,792 |
- | 2,167,185 |
99,397,201 | 118,573,010 |
61,560,249 | 399,942,738 |
2,229,797,998 | 1,992,144,795 |
156,773,408 | 108,668,589 |
2,386,571,406 | 2,100,813,384 |
Capital and Reserves Attributable to Company's Equity Holders | |
730,082,430 | 730,082,430 |
69,917,570 | 69,917,570 |
2,500,000 | 2,500,000 |
234,702,442 | 102,819,333 |
1,037,202,442 | 905,319,333 |
309,940,175 | 254,913,907 |
546,499,077 | 538,157,690 |
- | 6,642,836 |
20,990,654 | 14,034,468 |
9,453,090 | - |
11,180,329 | - |
1,391,511 | 992,124 |
110,531,151 | 111,726,246 |
149,522,136 | 122,693,450 |
138,088,357 | 107,253,271 |
1,297,596,480 | 1,156,413,992 |
51,772,484 | 39,080,059 |
2,386,571,406 | 2,100,813,384 |
- | - |
Note
ASSETS
Property and Equipment 8
Investment Property 9 Investments
Equity Securities 10
Debt Securities 11
Term Deposits 12
Loans and Other Receivables 13
Insurance / Reinsurance Receivables 14
Reinsurance Recoveries Against Outstanding Claims 28
Deferred Commission Expense / Acquisition Cost 29
Deferred Taxation 16
Taxation & Levies - Payments Less Provision 15
Prepayments 17
Cash and Bank 18
Total Assets of Window Takaful Operations - OPF 19 TOTAL ASSETS
EQUITY AND LIABILITIES
Ordinary Share Capital 20
Share Premium - Capital Reserve 20.4
Reserves - Revenue 21 Unappropriated Profit - Revenue Reserve
TOTAL EQUITY
LIABILITIES Underwriting Provisions
Outstanding Claims Including IBNR 28
Unearned Premium Reserves 27 Premium Deficiency Reserve
Unearned Reinsurance Commission 29
Deferred Taxation 16
Taxation & Levies - Payments Less Provision 15
Retirement Benefit Obligations 22
Lease Liabilities 23
Insurance / Reinsurance Payables 24
Other Creditors and Accruals 25 TOTAL LIABILITIES
Total Liabilities of Window Takaful Operations - OPF 19 TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS 26
The annexed notes 1 To 53 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED DECEMBER 31, 2024
Note | 2024 | 2023 | |
RUPEES | RUPEES | ||
Net Insurance Premium | 27 | 990,880,067 | 827,145,816 |
Net Insurance Claims | 28 | (365,787,492) | (278,741,525) |
Premium Deficiency | 6,642,836 | (4,528,661) | |
Net Commission and Other Acquisition Costs | 29 | (246,879,229) | (194,996,897) |
Insurance Claims and Acquisition Expenses | (606,023,885) | (478,267,083) | |
Management Expenses | 30 | (368,904,560) | (341,606,715) |
Underwriting Results | 15,951,622 | 7,272,018 | |
Investment Income | 31 | 151,570,302 | 53,804,241 |
Other Income | 32 | 61,765,702 | 82,025,719 |
Other Expenses | 33 | (8,634,663) | (6,310,212) |
Results of Operating Activities | 220,652,963 | 136,791,766 | |
Finance Cost | 34 | (12,981,366) | (14,529,391) |
Profit from Window Takaful Operations - OPF | 19 | 35,412,394 | 35,144,561 |
Profit Before Tax & tax levies | 243,083,991 | 157,406,936 | |
Taxation | 35 | (74,696,761) | (71,707,640) |
Profit After Tax & tax levies | 168,387,230 | 85,699,296 | |
Earnings Per Share - Basic & Diluted | 36 | 2.31 | 1.17 |
The annexed notes 1 To 53 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED DECEMBER 31, 2024 |
Operating Cash Flows |
2024 | 2023 | |
RUPEES | RUPEES | |
1,179,471,297 | 1,176,818,222 | |
(300,891,061) | (344,701,392) | |
(452,525,768) | (543,533,646) | |
122,175,533 | 226,696,814 | |
(235,790,682) | (232,723,583) | |
37,334,919 | 34,270,319 | |
(334,303,897) | (318,826,289) | |
25,169,131 | (37,411,292) | |
40,639,472 | (39,410,847) | |
b) Other Operating Activities | ||
Income Tax Paid | (40,103,365) | (19,660,324) |
Finance Charges Paid | (12,981,366) | (14,529,391) |
Other Operating Receipts | 2 | 27,778,777 |
Other Receipts in Respect of Operating Assets | 44,934,321 | 73,869,309 |
Net Cash Flow From Other Operating Activities | (8,150,408) | 67,458,371 |
Total Cash Flow From All Operating Activities | 32,489,064 | 28,047,524 |
Investment Activities | ||
Profit / Return Received | 69,090,120 | 32,766,013 |
Dividend Received | 18,762,908 | 8,757,778 |
Decrease in Net Assets in Window Takaful Operations | (35,412,394) | (35,144,561) |
Payments for Investments / Investment Properties | (33,875,384) | 63,483,339 |
Investment (made) / matured | (311,000,000) | (100,000,000) |
Fixed Capital Expenditure | (5,219,318) | (4,057,896) |
Proceeds from Sale of Property and Equipment | 18,714,974 | 9,126,257 |
Total Net Cash Flow from Investing Activities | (278,939,094) | (25,069,070) |
Financing Activities | ||
Dividend Paid | (36,504,121) | - |
Repayments of Lease | (55,428,338) | (40,457,211) |
Total Cash Flow from Financing Activities | (91,932,459) | (40,457,211) |
Net cash (used in) / generated from all activities | (338,382,489) | (37,478,757) |
Cash and Cash Equivalents at the Beginning of the year | 399,942,738 | 437,421,495 |
Cash and Cash Equivalents at the End of the year | 61,560,249 | 399,942,738 |
a) Underwriting Activities
Insurance Premium Received Reinsurance Premiums Paid Claims Paid
Reinsurance and Other Recoveries Received Commission Paid
Commission Received Management Expenses Paid
Other Underwriting Receipts / (Payments)
Net Cash Flow from Underwriting Activities
ASIA INSURANCE COMPANY LIMITED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2024
31-Dec-24 | 31-Dec-23 | |
RUPEES | RUPEES | |
Reconciliation to Statement of Profit or Loss | ||
Operating Cash Flows | 32,489,064 | 28,047,524 |
Depreciation Expense | (35,806,229) | (32,115,769) |
Profit on disposal of fixed assets | 16,831,381 | 8,156,410 |
Dividend Income | 18,762,908 | 8,757,778 |
Other Investment Income / (Loss) | 132,807,394 | 45,046,463 |
Profit from Window Takaful Operations | 35,412,394 | 35,144,561 |
Increase / (Decrease) in Assets Other than Cash | 122,060,693 | 34,742,642 |
(Increase) / Decrease in Liabilities Other than Borrowings | (132,924,493) | 4,516,832 |
Deferred Taxation | (21,245,882) | (46,597,145) |
Profit After Taxation for the year | 168,387,230 | 85,699,296 |
The annexed notes 1 To 53 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2024
Balance As At January 1, 2023
Total comprehensive income for the year
Profit after tax
Other comprehensive income Qard-e-Hasna contribution to PTF Balance As At December 31, 2023
Balance As At January 1, 2024
Total comprehensive profit for the year Profit after tax
Other comprehensive income
Final dividend for the year ended
December 31, 2023 @ 5% i.e. Rs 0.50 per share
Qard-e-Hasna Contribution to PTF
Balance As At December 31, 2024
Share Capital
Issued, subscribed and paid up
Reserves | |||
Un- | Total share | ||
Share Premium | Revenue | appropriated | capital and |
reserve | reserves | profit | reserves |
730,082,430
- - -
- 730,082,430
730,082,430
- - -
- -
730,082,430
The annexed notes 1 To 53 form an integral part of these Financial Statements.
--------------------------------------------RUPEES----------------------------------------
69,917,570
2,500,000
35,120,037
837,620,037
- - - - - -
85,699,296 - 85,699,296
85,699,296 - 85,699,296
-
-
(18,000,000)
(18,000,000)
69,917,570
2,500,000
102,819,333
905,319,333
69,917,570
2,500,000
102,819,333
905,319,333
- - - - - -
168,387,230 - 168,387,230
168,387,230 - 168,387,230
- -
- -
(36,504,121)
(36,504,121)
69,917,570
2,500,000
234,702,442
-
- 1,037,202,442
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS STATEMENT OF FINANCIAL POSITION OF OPF AND PTF
AS AT DECEMBER 31, 2024
Operators' Fund
Participants' Takaful Fund
2024
2023
2024
2023
---------------------------Rupees------------------------------
Note
ASSETS | |||||
Loans and Other Receivables | 7 | 1,178,030 | 556,414 | - | 973,896 |
Takaful / Retakaful Receivables | 8 | - | - | 117,596,819 | 86,288,870 |
Deferred Wakala Fee | 22 | - | - | 27,491,425 | 24,136,262 |
Receivable from PTF | 16 | 81,269,561 | 32,213,898 | - | - |
Accrued Investment Income | 8,174,658 | 1,867,740 | - | - | |
Retakaful Recoveries Against Outstanding Claims | 20 | - | - | 38,281 | 2,998,991 |
Deferred Commission Expense | 21 | 13,061,131 | 11,184,193 | - | - |
Prepayments | 9 | - | - | 15,237,337 | 14,968,200 |
Short term investments | 10 | 50,000,000 | 50,000,000 | - | - |
Cash and Bank | 11 | 3,090,028 | 12,846,344 | 125,956,312 | 78,153,709 |
TOTAL ASSETS | 156,773,408 | 108,668,589 | 286,320,174 | 207,519,928 | |
FUND AND LIABILITIES | |||||
OPERATOR'S FUND (OPF) | |||||
Statutory Fund | 13 | 50,000,000 | 50,000,000 | - | - |
Qard-E-Hasna | 6 | (78,411,000) | (78,411,000) | - | - |
Accumulated Profit | 133,411,924 | 97,999,530 | - | - | |
Total Operator's Funds | 105,000,924 | 69,588,530 | - | - | |
WAQF / PARTICIPANTS' TAKAFUL FUND (PTF) | |||||
Seed Money | 12 | - | - | 500,000 | 500,000 |
Qard-E-Hasna | 6 | - | - | 78,411,000 | 78,411,000 |
Accumulated Surplus / (Deficit) | - | - | 3,591,153 | (1,880,249) | |
Balance of Waqf / PTF | - | - | 82,502,153 | 77,030,751 | |
LIABILITIES | |||||
PTF Underwriting Provisions | |||||
Outstanding Claims Including IBNR | 20 | - | - | 32,288,199 | 24,942,209 |
Unearned Contribution Reserve | - | - | 68,728,554 | 59,892,520 | |
Contribution Deficiency Reserves | - | - | 5,849,042 | 2,634,320 | |
- | - | 106,865,795 | 87,469,049 | ||
Retirement Benefit Obligations | 17 | ||||
Contributions Received In Advance | |||||
Unearned Wakala Fee | 22 | ||||
Takaful / Retakaful Payables | 14 | ||||
Other Creditors and Accruals | 15 | ||||
Payable to PTF / OPF | 16 | ||||
TOTAL LIABILITIES | 51,772,484 | 39,080,059 | 203,818,021 | 130,489,177 | |
TOTAL FUND AND LIABILITIES | 156,773,408 | 108,668,589 | 286,320,174 | 207,519,928 | |
CONTINGENCIES AND COMMITMENTS | 18 | - | - | - | - |
16,294 - 27,491,425 - 24,264,765 - | 18,324 - 24,136,262 - 14,925,473 - |
The annexed notes from 1 to 41 form an integral part of these Financial Statements.
- 208,826 - 11,143,610 4,330,229 81,269,561 | - 4,227,752 - 2,256,490 4,321,988 32,213,898 |
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS STATEMENT OF PROFIT AND LOSS
FOR YEAR ENDED DECEMBER 31, 2024
2024 | 2023 | ||
Participants' Takaful Fund (PTF) | Note | Rupees | Rupees |
Contributions Earned | 19 | 81,860,097 | 69,181,804 |
Less: Contributions Ceded to Retakaful | 19 | (42,746,863) | (32,067,925) |
Net Contributions Revenue | 39,113,234 | 37,113,879 | |
Retakaful Rebate Earned | 20 | - | - |
Net Underwriting Income | 39,113,234 | 37,113,879 | |
Net Claims - Reported / Settled - IBNR | 20 | (44,933,831) | (49,200,790) |
Charge of Contribution Deficiency Reserve | (3,214,722) | (2,424,538) | |
(48,148,553) | (51,625,328) | ||
Other Direct Expenses | 25 | (5,517) | (1,088,337) |
(Deficit) / Surplus Before Investment Income | (9,040,836) | (15,599,786) | |
Other Income | 24 | 14,512,238 | 12,380,415 |
(Deficit) / Surplus Transferred to Accumulated Surplus | 5,471,402 | (3,219,371) | |
Operator's Fund (OPF) | |||
Wakala Fee | 22 | 54,872,158 | 49,211,813 |
Commission Expense | 21 | (27,343,513) | (23,256,917) |
General, Adminstration and Management Expenses | 23 | (3,293,666) | (2,638,346) |
Operating Results | 24,234,979 | 23,316,550 | |
Other Income | 24 | 11,529,890 | 12,078,585 |
(352,475) | (250,574) | ||
Other Expenses | 26 | ||
Profit for the year | 35,412,394 | 35,144,561 |
The annexed notes from 1 to 41 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS STATEMENT OF CHANGES IN FUNDS
FOR YEAR ENDED DECEMBER 31, 2024
OPERATOR'S FUND Note Statutory fund Qard-e-Hasna Accumulated
Surplus Total
--------------------------------------------Rupees----------------------------------------
Balance As at January 1, 2023 | 50,000,000 | (60,411,000) | 62,854,969 | 52,443,969 |
Total Comprehensive Income for the year | ||||
Profit for the year | - | - | 35,144,561 | 35,144,561 |
Other Comprehensive Income for the year | - | - | - | - |
- | - | 35,144,561 | 35,144,561 | |
Qard-e-Hasna to Participants' Takaful Fund (PTF) | - | (18,000,000) | - | (18,000,000) |
Balance as at December 31, 2023 | 50,000,000 | (78,411,000) | 97,999,530 | 69,588,530 |
Balance as at January 1, 2024 | 50,000,000 | (78,411,000) | 97,999,530 | 69,588,530 |
Total Comprehensive Income for the year | ||||
Profit for the year | - | - | 35,412,394 | 35,412,394 |
Other Comprehensive Income for the year | - | - | - | - |
- | - | 35,412,394 | 35,412,394 | |
Qard-e-Hasna to Participants' Takaful Fund (PTF) | - | - | - | - |
Balance as at December 31, 2024 | 50,000,000 | (78,411,000) | 133,411,924 | 105,000,924 |
Seed money | Total |
PARTICIPANTS' FUND
Accumulated
Qard-e-Hasna Surplus/ (Deficit)
--------------------------------------------Rupees----------------------------------------
Balance as at January 1, 2023 | 500,000 | 60,411,000 | 1,339,122 | 62,250,122 |
Total Comprehensive Income for the year | ||||
Deficit for the year | - | - | (3,219,371) | (3,219,371) |
Other Comprehensive Income for the year | - | - | - | - |
- | - | (3,219,371) | (3,219,371) | |
Qard-e-Hasna from Operator's Fund (OPF) | - | 18,000,000 | - | 18,000,000 |
Balance as at December 31, 2023 | 500,000 | 78,411,000 | (1,880,249) | 77,030,751 |
Balance as at January 1, 2024 | 500,000 | 78,411,000 | (1,880,249) | 77,030,751 |
Total Comprehensive Income for the year | ||||
Surplus for the year | - | - | 5,471,402 | 5,471,402 |
Other Comprehensive Income for the year | - | - | - | - |
- | - | 5,471,402 | 5,471,402 | |
Qard-e-Hasna from Operator's fund (OPF) | - | - | - | - |
Balance as at December 31, 2024 | 500,000 | 78,411,000 | 3,591,153 | 82,502,153 |
The annexed notes from 1 to 41 form an integral part of these Financial Statements.
ASIA INSURANCE COMPANY LIMITED - WINDOW TAKAFUL OPERATIONS CASH FLOW STATEMENT
FOR YEAR ENDED DECEMBER 31, 2024
OPERATING CASH FLOWS
a)Takaful activities
Operators' Fund
Participants' Takaful Fund
2024 2023 2024 2023 -------------------------------------- Rupees ------------------------------------
Contributions received | - | - | 146,973,626 | 126,933,940 |
Wakala fee received / (paid) | 58,227,321 | 52,249,610 | (58,227,321) | (52,249,610) |
Retakaful contribution ceded | - | - | (70,861,092) | (39,920,379) |
Claims Paid | - | - | (34,627,131) | (62,069,512) |
Retakaful and other recoveries received | - | - | - | - |
Commissions Paid | (20,899,225) | (22,709,947) | - | - |
Direct, management and other expenses (payments) / receipts | (2,630,105) | (3,792,801) | 49,319,259 | (18,236,825) |
Other takaful receipts / (payments) | (49,677,279) | 19,446,873 | 713,024 | (983,406) |
Net cash flow generated from / (used in) from Takaful activities | (14,979,288) | 45,193,735 | 33,290,365 | (46,525,792) |
b) Other operating activities | ||||
Income tax paid | - | - | - | - |
Direct expenses paid | - | - | - | - |
Other expenses paid | - | - | - | - |
Management expenses paid | - | - | - | - |
Other operating receipts | 5,222,972 | 12,078,585 | 14,512,238 | 12,380,415 |
Net cash flow generated from other operating activities | 5,222,972 | 12,078,585 | 14,512,238 | 12,380,415 |
Total cash flow from all operating activities | (9,756,316) | 57,272,320 | 47,802,603 | (34,145,377) |
INVESTMENT ACTIVITIES | ||||
Profit/ return received | - | - | - | - |
Qard-e-Hasna | - | (18,000,000) | - | 18,000,000 |
Payments for investments | - | - | - | - |
Fixed capital expenditure | - | - | - | - |
Total cash flow (used in) / generated from investing activities | - | (18,000,000) | - | 18,000,000 |
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 | (9,756,316) | 39,272,320 | 47,802,603 | (16,145,377) |
Cash and cash equivalents at beginning of the year | 12,846,344 | 23,574,024 | 78,153,709 | 94,299,086 |
Cash and cash equivalents at end of the year | 3,090,028 | 62,846,344 | 125,956,312 | 78,153,709 |
RECONCILIATION TO PROFIT AND LOSS ACCOUNT | ||||
Operating cash flows | (9,756,316) | 57,272,320 | 47,802,603 | (34,145,377) |
Increase / (Decrease) in assets other than cash | 57,861,135 | (17,395,203) | 30,997,643 | 17,412,059 |
(Increase) / decrease in liabilities | (12,692,425) | (4,732,556) | (73,328,844) | 13,513,947 |
Profit for the year | 35,412,394 | 35,144,561 | 5,471,402 | (3,219,371) |
Attributed to | ||||
Participants' Takaful Fund | - | - | 5,471,402 | (3,219,371) |
Operator's Fund | 35,412,394 | 35,144,561 | - | - |
35,412,394 | 35,144,561 | 5,471,402 | (3,219,371) |
The annexed notes from 1 to 41 form an integral part of these Financial Statements.