Estd. 1957
April 03, 2026
The General Manager Pakistan Stock Exchange 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 April 03, 2026 at
11.30 am, at 2nd Floor, Nadir House, 1. I. Chundrigar Road, Karachi recommended the following:
Cash Dividend:
Bonus Share:
Right Issue:
Any Other Entitlement / Corporate Action:
NIL NIL NIL NIL
The Financial results of the Company are as per Annexure "A" attached along with the following documents.
Statement of Financial Position.
Statement of Change in Equity.
Statement of Cash Flow
Any Other Price Sensitive Information: NIL
The Annual General Meeting of the Company will be held on April 30, 2026 at 9:00 am, at 2nd Floor, Nadir House, I. I. Chundrigar Road, Karachi.
The Share "Iransfer Books of the Company shall remain closed from April 24, 2026 to April 30, 2026 (both days inclusive). Transfers received at our registrar office M/s F. D. Registrar Services (SMC-Pvt.) Limited 17th Floor, Saima Trade Tower-A, I. I. Chundrigar Road Karachi by the close of business on April 23, 2026 will be treated in time for the entitlement of the transferees.
The Annual Report of the Company will be transmitted through PUCARS atleast 21 days before holding of Annual General Meeting.
Yours Sincerely,
For an n behalf of Crescent Star Insurance Limited
Malik Mehdi Muhammad
Chief Financial Officer/Company Secretary
Head Office: 2nd Floor, Nadir House, I.I Chundrigar Road, Karachi - 74000, Pakistan
UAN : +92-21-111-274-000 PABX: +92-21-32415471-3 Fax : +92-21-32415474 E-mail : info@cstarinsurance.com
UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2025
2025 2024
Rupees
ASSETS | |||
Property and equipment | 32,893,568 | 17,018,213 | |
Investments in subsidiaries | 313,071,700 | 213,071,700 | |
Investments in equity securities | 261,811,828 | 192,600,406 | |
Loans and other receivables | 985,312,730 | 896,083,416 | |
Insurance / reinsurance receivables | 141,120,224 | 173,693,950 | |
Deferred commission expense / acquisition cost Deferred taxation | 1,477,533 | 3,335,750 | |
Cash and bank balances | 2,686,386 | 26,720,305 | |
Total Assets | 1,638,373,959 | 1,522,523,740 | |
EQUITY AND LIABILITIES | |||
Capital and Reserves Attributable to the Company's Equityholders | |||
Ordinary share capital | 1,076,950,410 | 1,076,950,410 | |
Discount on issue of right shares | (199,650,000) | (199,650,000) | |
Reserves | 460,380,540 | 391,862,675 | |
Total Equity | 1,337,680,950 | 1,269,163,085 | |
Liabilities | |||
Underwriting provisions | |||
Outstanding claims including IBNR | 51,957,318 | 57,702,853 | |
Unearned premium reserves | 13,470,304 | 31,968,305 | |
Premium deficiency reserves | 4,951,529 | 6,861,318 | |
Premium received in advance | 1,870,463 | 3,203,907 | |
Other creditors and accruals | 220,527,561 | 151,616,602 | |
Provision for taxation | 7,915,834 | 2,007,670 | |
Total Liabilities | 300,693,009 | 253,360,655 | |
Total Equity and Liabilities | 1,638,373,959 | 1,522,523,740 | |
CONTINGENCIES AND COMMITMENTS | |||
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED DECEMBER 31, 2025
2025 2024
Rupees
Net insurance premium | 97,785,688 | 224,369,263 |
Net insurance claims | 1,262,367 | 3,021,101 |
Premium deficiency | 1,909,789 | 15,551,338 |
Net commission expense and other acquisition costs | (6,928,573) | (21,421,900) |
Insurance claims and acquisition expenses | (3,756,417) | (2,849,461) |
Management expenses | (143,489,479) | (155,758,745) |
Underwriting results | (49,460,208) | 65,761,057 |
Investment income | 68,174,759 | 29,487,522 |
Other income | 22,150,944 | 4,864,814 |
Other expenses | (6,591,839) | (5,320,340) |
Results of operating activities | 34,273,656 | 94,793,053 |
Profit before taxation | 34,273,656 | 94,793,053 |
Taxation | (13,337,885) | (7,634,334) |
Profit after taxation | 20,935,771 | 87,158,719 |
Earnings per share - basic and dilluted | 0.19 | 0.81 |
UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2025
2025 2024
------------- Rupees ------- --
Net profit for the year
Other comprehensive income / (loss)
Items that may be reclassified to the statement of profit and loss subsequently
Unrealized gain/(loss) on available for sale investments net of deferred tax
Items that will not be reclassified to the statement of profit and loss subsequently
Other comprehensive income / (loss) for the year Total comprehensive income for the year
20,935,771
47,582,094 | (1,650,060) |
47,582,094
87,158,719
(1,650,060)
85,508,659
CRESCENT STAR INSURANCE LIMITED
UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2025
Description | Attributable to equity holders of the Company | ||||||||
Ordinary share capital | Discount on issue of right shares | Capital Reserves | | | Revenue Reserves | Total equity | ||||
Reserve for exceptional losses | Surplus on remeasurement of available for sale investments | General reserve | Unappropriated profit | ||||||
-- | Rupees - | - | -- | --- | |||||
Balance as at January 01, 2024 Total Comprehensive Income | 1,076,950,410 | (199,650,000) | 1,767,S68 | 16,036,700 | 24,497,265 | 264,052,482 | 1,183,654,425 |
Profit after taxation | 87,158,720 | 87,158,720 | |||||
Other comprehensive loss for the year | (1,650,060) | (1,650,060) | |||||
(1,650,060) | 87,158,720 | 85,508,660 | |||||
Balance as at December 31, 2024 | 1,076,950,410 | (199,650,000) | 1,767,568 | 14,386,640 | 24,497,265 | 351,211,202 | 1,269,163,085 |
Total Comprehensive Income | |||||||
Profit after taxation | 20,935,771 | 20,935,771 | |||||
Other comprehensive income for the year | 47,582,094 | 47,582,094 | |||||
47,582,054 | 20,935,771 | 68,517,865 | |||||
Balance as at December 31, 2025 | 1,076,950,410 | (199,650,000) | 1,767,568 | 61,968,734 | 24,497,265 | 372,146,973 | 1,337,680,950 |
UNCONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED DECEMBER 31, 2025
2025 2024
Rupees
Operating Cash Flows
(a) Underwriting activities
Insurance Premium received | 110,527,969 | 135,333,160 | |
Reinsurance premium adjusted / (paid) | 49,402 | ||
Claims paid | (4,483,168) | (4,276,376) | |
Commission paid | (5,070,356) | (6,489,621) | |
Management expenses paid | (77,980,337) | (144,485,913) | |
Net cash generated from / (used) in underwriting activities | 22,994,108 | (19,869,348) | |
(b) Other operating activities | |||
Income taxes paid | (7,429,721) | (8,334,776) | |
Other operating (payments) / receipts | (67,202,425) | 6,301,013 | |
Net cash (used) in other operating activities | (74,632,146) | (2,033,763) | |
Total cash (used) in all operating activities | (51,638,038) | (21,903,111) | |
Investment Activities | |||
Profit on saving account | 124,065 | 486,947 | |
Dividend received | 18,893,498 | 32,198,122 | |
Payments for investments | (1,011,818,848) | (303,386,982) | |
Proceeds from disposal of investments | 1,039,470,782 | 322,962,318 | |
Fixed capital expenditures | (19,182,980) | (10,153,644) | |
Proceeds from sale of property and equipment | 117,601 | 2,076,000 | |
Total cash generated from investing activities | 27,604,119 | 44,182,761 | |
Financing Activities | |||
Net cash (used) in / generated from all activities | (24,033,919) | 22,279,650 | |
Cash and cash equivalents at the beginning of year | 26,720,305 | 4,440,655 | |
Cash and cash equivalents at the end of year | 2,686,386 | 26,720,305 |
UNCONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED DECEMBER 31, 2025
Note
2025 2024
-------------- Rupees --------------
Reconciliation to Profit and Loss Account | |||
Operating cash flows | (51,638,038) | (21,903,111) | |
Depreciation expense | (3,176,585) | (1,703,924) | |
(Loss) / gain on disposal of property and equipments | (13,439) | 1,710,249 | |
Gain / (Loss) on disposal of investments | 49,281,Z61 | (2,710,600) | |
Dividend income | 18,893,498 | 32,685,069 | |
Other investment income | 124,065 | 700,442 | |
Provision for taxation | (5,908,164 | ) | |
Increase / (decrease) in assets other than cash | 54,797,363 | (72,345,912) | |
(Increase) / decrease in liabilities other than borrowings and taxation | (41,424,190) | 150,726,507 | |
Profit aher taxation | 20,935,771 | 87,158,719 | |
Cash and cash equivalents include the following for the purpose of the | |||
cash flow statement: | |||
Cash and other equivalents | |||
Cash in hand | 72,154 | 23,726 | |
Policy and revenue stamps, bond papers | 8,770 | 41,370 | |
80,924 | 65,096 | ||
Current and other accounts | |||
Current accounts | 1,673,468 | 1,387,096 | |
Savings accounts | 931,994 | 25,268,113 | |
2,605,462 | 26,655,209 | ||
2,686,386 | 26,720,305 | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2025
2025 2024
Rupees
ASSETS | |||
Property and equipment | 37,856,918 | 22,890,828 | |
Intangible assets | 28,742,850 | 28,742,850 | |
Investments in equity securities | 261,811,828 | 192,600,406 | |
Loans and other receivables | 741,388,623 | 654,563,148 | |
Insurance / reinsurance receivables | 141,120,224 | 173,693,950 | |
Deferred commission expense / acquisition cost | 1,477,533 | 3,33S,750 | |
Stock-in-trade | 8,183,247 | 8,183,247 | |
Deferred taxation | 8,551,133 | 10,278,332 | |
Cash and bank balances | 3,121,445 | 27,155,364 | |
Total Assets | 1,232,253,801 | 1,121,443,875 | |
EQUITY AND LIABILITIES | |||
Capital and Reserves Attributable to the Company's Equityholders | |||
Ordinary share capital | 1,076,950,410 | 1,076,950,410 | |
Discount on issue of right shares | (199,650,000) | (199,650,000) | |
Reserves | 95,573,082 | 30,696,058 | |
Equity attributable to equity holders of the Parent | 972,873,492 | 907,996,468 | |
Non-controlling interest | (136,493,051) | (135,836,492) | |
Total shareholders' equity | 836,380,441 | 772,159,976 | |
Liabilities | |||
Underwriting provisions | |||
Outstanding claims including IBNR | 51,957,318 | 57,702,8S3 | |
Unearned premium reserves | 13,470,304 | 31,968,305 | |
Premium deficiency reserves | 4,951,529 | 6,861,318 | |
Premium received in advance | 1,870,463 | 3,203,907 | |
Other creditors and accruals | 316,568,294 | 248,400,229 | |
Provision for taxation | 7,055,452 | 1,147,287 | |
Total Liabilities | 395,873,360 | 349,283,899 | |
Total Equity and Liabilities | 1,232,253,801 | 1,121,443,875 | |
CONTINGENCIES AND COMMITMENTS |
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED DECEMBER 31, 20252025 2024
------------ Rupees --------------
Net insurance premium | 97,785,688 | 224,369,263 | |
Net insurance claims | 1,262,367 | 3,021,101 | |
Premium deficiency | 1,909,789 | 15,551,339 | |
Net commission expense and other acquisition costs | (6,928,573) | (21,421,900) | |
Insurance claims and acquisition expenses | (3,756,417) | (2,849,460) | |
Management expenses | (143,489,479) | (155,7S8,745) | |
Underwriting results | (49,460,208) | 65,761,058 | |
Investment income | 68,174,759 | 29,487,522 | |
Other income | 22,150,944 | 4,864,814 | |
Other expenses | (9,162,040) | (58,421,483) | |
Results of operating activities | 31,703,455 | 41,691,911 | |
Profit before taxation | 31,703,455 | 41,691,911 | |
Taxation | (15,065,084) | (7,992,046) | |
Profit after taxation | 16,638,371 | 33,699,865 | |
Attributable to: | |||
Owners of the Holding Company | 17,294,930 | 45,808,026 | |
Non-controlling interest | (656,559) | (12,108,161) | |
16,638,371 | 33,699,865 |
Earnings per share - basic and dilluted
0.15
0.31
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2025
Note
2025 2024
----------- Rupees -----------
Net profit for the year
Other comprehensive income / (loss)
Items that may be reclassified to the statement of profit and loss
subsequently
Unrealized gain/(loss) on available for sale investments net of deferred tax
Items that will not be reclassified to the statement of profit and loss subsequently
Other comprehensive Income / (loss) for the year Total comprehensive Income for the year
16,638,371
47,582,094
47,582,094
64,220,465
33,699,865
(1,650,060)
(1,650,060)
32,049,805
CRESCENT SFAR INSURANCE LIMITED
CoNsouoxTzo sznzEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2025 . _ ._ _ . ._ .
Descripti0n | Attributable to equity holders of the Company | ||||||||
Discount on issue of right shares | Capital Reserves | Revenue Reserves | Attributable to the owners of the Holding Company | Non-controlling | Total equity | ||||
Reserve for exceptional losses | Surplus on remeasurement of available for sale investment | General reserve | Unappropriated profit | ||||||
Rupees | |||||||||
Balance as at January 01, 2024 | 1,076,950,410 | {199,6S0,£D0) | 1,767,568 | 16,036,700 | 24,497,265 | (55,763,441) | 863,838,502 | (123,728,331) | 740,110,171 |
Total Comprehensive Income | |||||||||
Profit after taxation | 45,808,026 | 45,808,026 | (12,108,161) | 33,699,865 | |||||
Other comprehensive income for the year | (1,650,060) | (1,650,060) | (1,650,060) | ||||||
(1,650,060) | 45,808,026 | 44,157,966 | {l2,l08,l61J | 32,049,805 | |||||
Balance as at December 31, 2024 | 1,076,9S0,410 | (I99,650,QXI) | 1,767,568 | 24,497,265 | (9,955,415) | 907,996,468 | (135,836,492) | 772,159,976 | |
Total Comprehensive Income | |||||||||
Owner's share of Profit Other comprehensive income for the year | 47,582,054 | 17,294,930 | 17,294,930 47,582,094 | 16,6d8,371 47,S82,094 | |||||
47,582,094 | 17,294,930 | 64,877,024 | 64,220,465 | ||||||
1,076,950,410 | 1,767,568 | 24,497,26S | 7,339,515 | 972,873,492 | (136,493,051) | 836,380,441 | |||
Operating Cash Flows
110,527,969 | 135,333,160 | |
49,402 | ||
(4,483,168) | (4,276,376) | |
(5,070,356) | (6,489,621) | |
(80,384,168) | (194,136,624) |
(a) Underwriting activities Insurance Premium received
Reinsurance premium adjusted / (paid) Claims paid
Commission paid Management expenses paid
Net cash generated from / (used) in underwriting activitles | 20,590,277 | (69,520,059) | |
(b) Other operating activities | |||
Income taxes paid | (7,429,720) | (8,334,776) | |
Provision for impairment | 41,472,187 | ||
Other operating (payments) / receipts | (64,798,596) | 14,478,132 | |
Net cash (used) in other operating activities | (72,228,316) | 47,615,543 | |
Total cash (used) in all operating activities | (51,638,039) | (21,904,516) | |
Investment Activities |
124,065 | 486,947 | |
18,893,498 | 32,198,122 | |
(1,011,818,848) | (303,386,981) | |
1,039,470,783 | 322,962,318 | |
(19,182,980) | (10,153,644) | |
117,601 | 2,076,000 |
Profit on saving account Dividend received Payments for investments
Proceeds from disposal of investments Fixed capital expenditures
Proceeds from sale of property and equipment
Total cash generated from investing activities | 27,604,120 | 44,182,762 | |
Financing Activities | |||
Net cash (used) in / generated from all activities | (24,033,919) | 22,278,246 | |
Cash and cash equivalents at the beginning of year | 27,155,364 | 4,877,118 | |
Cash and cash equivalents at the end of year | 3,121,445 | 27,155,364 |
Reconciliation to Profit and Loss Account | |||
Operating cash flows | (51,638,039) | (21,904,516) | |
Depreciation expense | (4,085,849) | (3,374,207) | |
Amortization expense | (1,806,374) | ||
Provision for impairment | (41,472,187) | ||
(Loss) / gain on disposal of property and equipments | (13,439) | 1,710,249 | |
Gain / (Loss) on disposal of investments | 49,281,262 | (2,710,600) | |
Dividend income | 18,893,498 | 32,198,122 | |
Other investment income | 124,065 | 486,947 | |
Provision for taxation | (5,908,165) | 624,502 | |
Increase / (decrease) in assets other than cash | (80,804,802) | ||
(Increase) / decrease in liabilities other than borrowings and taxation | (40,681,296) | 150,752,732 | |
Profit after taxation _ | 6 6 371 | 33,699,865 | |
Cash and cash equivalents Include the following for the purpose of the cash flow statement: | |||
Cash and other equivalents | |||
Cash in hand | 421,162 | 372,734 | |
Policy and revenue stamps, bond papers | 8,770 | 41,370 | |
429,932 | 414,104 | ||
Current and other accounts
Current accounts Savings accounts
1,759,519 | 1,473,147 |
931,994 | 25,268,113 |
2,691,513
26,741,260
27,155,364