Transmission of Quarterly Report for the Nine Months Period Ended 30 September 2025

Holdings

IGI Holdings Limited

NURTURING

GROWTH

Third Quarter Report September 30, 2025

Contents

2 Company Information

3 Directors' Report to the Shareholders on Unconsolidated Condensed Interim Financial Statements

4 Unconsolidated Condensed Interim Financial Statements

20 Directors' Report to the Shareholders on Consolidated Condensed Interim Financial Statements

22 Consolidated Condensed Interim Financial Statements

1. Directors' Report to the Shareholders on Consolidated Condensed Interim Financial Statements (Urdu)

2. Directors' Report to the Shareholders on Unconsolidated Condensed Interim Financial Statements (Urdu)

Company Information

Board of Directors

Syed Babar Ali (Chairman)

Syed Hyder Ali (Chief Executive Officer) Mr. Shamim Ahmad Khan

Syed Yawar Ali

Syed Shahid Ali Shah Mr. Ali Ahsan

Ms. Saima Amin Khawaja

Chief Executive Officer

Syed Hyder Ali

Chief Financial Officer

Syed Awais Amjad

Company Secretary

Ms. Saniya Saeed Khan

Head of Internal Audit

Mr. Feroze Polani

Audit Committee

Mr. Ali Ahsan (Chairman) Mr. Shamim Ahmad Khan Syed Yawar Ali

Ms. Saniya Saeed Khan (Secretary)

Human Resources & Remuneration Committee

Ms. Saima Amin Khawaja (Chairperson) Mr. Shamim Ahmad Khan

Syed Shahid Ali Shah Syed Hyder Ali

Ms. Hadia Tariq (Secretary)

Bankers

Allied Bank Limited Bank Al Habib Limited Bank Alfalah Limited Faysal Bank Limited Habib Bank Limited MCB Bank Limited

National Bank of Pakistan Soneri Bank Limited

Standard Chartered Bank (Pakistan) Limited Bank Makramah Limited

State Bank of Pakistan United Bank Limited

Auditors

A.F. Ferguson & Co. Chartered Accountants

Legal Advisors

Access World Law Company Altaf and Altaf Advocates.

Fazleghani Advocates Haidermota & Co.

Hassan & Hassan Advocates

Jurists & Arbitrators Advocates & Consultants Lexicon Law Firm

Mohsin Tayebaly & Co. Mughees Law Associates Orr, Dignam & Co.

Share Registrar

FAMCO Share Registration Services (Pvt.) Limited 8-F, Next to Hotel Faran,

Nursery, Block-6, P.E.C.H.S Shahrah-e-Faisal, Karachi.

Registered & Head Office

7th Floor, The Forum, Suite Nos.701-713,

G-20, Block 9,

Khayaban-e-Jami, Clifton, Karachi-75600, Pakistan https://www.igiholdings.com.pk

Contact

UAN: 111-308-308

Fax: 92-21-35301706

The Directors of your Company take pleasure in presenting report for the nine months period ended September 30, 2025 together with the unconsolidated condensed interim financial statements (un-audited).

During the nine months ended September 30, 2025, IGI Holdings Limited recorded an operating revenue of Rs. 1,362 million, reflecting a 16% growth compared to Rs. 1,178 million in the corresponding period last year. The Company posted a profit after tax of Rs. 997 million, up from Rs. 949 million in the same period of 2024, primarily driven by improved dividend income and stable returns on investments.

Earnings per share stood at Rs. 6.99 (2024: Rs. 6.65), reflecting sustained profitability across the investment portfolio.

IGI Holdings is operating as a holding company, its performance would be determined by the financial performance of its subsidiaries, which in turn, would be influenced by the general economic environment and performance of the investee companies.

We value the support and patronage received from our business partners and all stakeholders . For and on behalf of the Board

Condensed Interim Financial Statements

for the nine months ended September 30, 2025

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2025

The annexed notes from 1 to 22 form an integral part of these unconsolidated condensed interim financial statements.

______________________

Chief Financial Officer

Director

_

Chief Executive Officer

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE NINE MONTHS AND QUARTER ENDED SEPTEMBER 30, 2025

Nine months ended Quarter ended

September 30, September 30,

Note 2025 2024 2025 2024

--------------------------------- Rupees in 000 ---------------------------------

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

Earnings per share - basic and diluted 19 6.99 6.65 4.19 3.85

The annexed notes from 1 to 22 form an integral part of these unconsolidated condensed interim financial statements.

____________________

______________________

Chief Financial Officer

_ _

Chief Executive Officer Director

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED SEPTEMBER 30, 2025

Note

Nine months ended Quarter ended September 30, September 30,

2025 2024 2025 2024

---------------------------------- Rupees in '000 ------------------------------

Profit after taxation 997,016 948,631 597,275 548,892

Other comprehensive income

Items that will not be subsequently reclassified to the unconsolidated condensed interim statement of profit or loss

Surplus on remeasurement of financial

assets at fair value through other comprehensive income

Related deferred tax

- 19,554 8,514 11,040

Total comprehensive income for the period 997,015 968,185 605,789 559,932

The annexed notes from 1 to 22 form an integral part of these unconsolidated condensed interim financial statements.

____________________

_

Chief Executive Officer Chief Financial Officer Director

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS AND QUARTER ENDED SEPTEMBER 30, 2025

------------------------------------------------------------- (Rupees in 000) -------------------------------------------------------------

Balance as at January 1, 2024 (audited) 1,426,305 434,051 33,267 58,659 7,297,545 6,041,221 15,291,048

19,554

-

-

19,554

-

-

-

948,631

- 948,631

-

-

-

-

Profit after taxation for the nine months ended September 30, 2024

Other comprehensive income for the nine months ended September 30, 2024

Total comprehensive income for the

nine months ended September 30, 2024 - - - 19,554 - 948,631 968,185

Transactions with owners directly recorded in equity

The annexed notes from 1 to 22 form an integral part of these unconsolidated condensed interim financial statements.

____________________

______________________

Chief Financial Officer

Director

_

_

Chief Executive Officer

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Nine months ended

Note September 30, September 30,

2025 2024

------- Rupees in 000 -------

The annexed notes from 1 to 22 form an integral part of these unconsolidated condensed interim financial statements.

Chief Executive Officer

_

______________________

Chief Financial Officer

Director

NOTES TO AND FORMING PART OF THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED SEPTEMBER 30, 2025

1. STATUS AND NATURE OF BUSINESS

   1. IGI Holdings Limited ("the Company"), a Packages Group Company, was incorporated as a public limited company in 1953 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The shares of the Company are quoted on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at 7th floor, The Forum, Suite No. 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi. The objects of the Company include to act as an investment holding company and for that purpose invest, acquire, sell and hold the securities and financial instruments subject to compliance by the relevant laws prevailing in Pakistan from time to time.

2. BASIS OF PREPARATION

   1. Statement of compliance

      These unconsolidated condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS 34), Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

      Where provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

   2. These unconsolidated condensed interim financial statements do not include all the information and disclosures required in the annual unconsolidated financial statements and should be read in conjunction with the annual audited unconsolidated financial statements of the Company for the year ended December 31, 2024.

   3. These unconsolidated condensed interim financial statements are unaudited and are being submitted to shareholders in accordance with the Pakistan Stock Exchange Limited Regulations and section 237 of the Companies Act, 2017.

   4. Standards, interpretations and amendments to published accounting and reporting standards that are effective in the current period:

      There are certain new and amended standards, interpretations and amendments that are mandatory for the Company's accounting periods beginning on or after January 1, 2025 but are considered not to be relevant or do not have any significant effect on the Company's operations and therefore, have not been detailed in these unconsolidated condensed interim financial statements.

   5. Standards, interpretations and amendments to published accounting and reporting standards that are not yet effective:

      There are certain new and amended standards and interpretations that are mandatory for the Company's accounting year beginning on or after January 1, 2026. However, these are not considered to be relevant or will not have any material effect on the Company's unconsolidated condensed interim financial statements except for:

      • the new standard - IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18) (published in April 2024) with applicability date of January 1, 2027 by IASB. IFRS 18 is yet to be adopted in Pakistan. IFRS 18 when adopted and applicable shall impact the presentation of 'Statement of Profit or Loss and Other Comprehensive Income' with certain additional disclosures in the financial statements.

      • amendments to IFRS 9 'Financial Instruments' with applicability date of January 1, 2026 which clarify the date of recognition and derecognition of a financial asset or financial liability including settlement of liabilities through banking instruments and channels including electronic transfers. The amendment when applied may impact the timing of recognition and derecognition of financial liabilities.

   6. These unconsolidated condensed interim financial statements include the unconsolidated condensed interim statement of financial position as at September 30, 2025 and the unconsolidated condensed interim statement of profit or loss, the unconsolidated condensed interim statement of profit or loss and other comprehensive income, the unconsolidated condensed interim statement of changes in equity, the unconsolidated condensed interim statement of cash flows and notes thereto for the nine months then ended which have been subjected to a review but have not been audited. These unconsolidated condensed interim financial statements also include the unconsolidated condensed interim statement of profit or loss and the unconsolidated condensed interim statement of profit or loss and other comprehensive income for the quarter ended September 30, 2025 which are not subject to review.

   7. The comparative statement of financial position presented in these unconsolidated financial statements as at December 31, 2024 has been extracted from the audited unconsolidated financial statements of the Company for the year ended December 31, 2024. The comparative unconsolidated condensed interim statement of profit or loss, the unconsolidated condensed interim statement of profit or loss and other comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows for the nine months ended September 30, 2024 have been extracted from the unconsolidated condensed interim financial statements of the Company for the half year then ended which were subject to review but not audited. The comparative unconsolidated condensed interim statement of profit or loss, the unconsolidated condensed interim statement of profit or loss and other comprehensive income for the quarter ended September 30, 2024 are also included in these unconsolidated condensed interim financial statements which were not subject to review.

3. BASIS OF MEASUREMENT

   These unconsolidated condensed interim financial statements have been prepared under the historical cost convention except for certain investments which are carried at fair value and an investment in a subsidiary company which has been carried at cost less accumulated impairment. The details in respect of valuation techniques under IFRS 13 'Fair Value Measurement' used for the fair valuation of financial assets has been disclosed in note 20.

4. FUNCTIONAL AND PRESENTATION CURRENCY

   Items included in the unconsolidated condensed interim financial statements are measured using the currency of the primary economic environment in which the Company operates. The unconsolidated condensed interim financial statements are presented in Pakistani Rupees, which is the Company's functional and presentation currency.

5. MATERIAL ACCOUNTING POLICIES INFORMATION

   The material accounting policies applied in the preparation of these unconsolidated condensed interim financial statements are same as those applied in the preparation of the annual audited consolidated financial statements of the Company for the year ended December 31, 2024 except for the following policy which has been adopted during the current period:

   1. Investment in associate

      Associates are all entities over which the Company has significant influence but not control. Investment in associates is carried at cost less accumulated impairment losses, if any.

6. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

   The preparation of these unconsolidated condensed interim financial statements in conformity with the accounting and reporting standards applicable in Pakistan requires the management to make estimates, assumptions and use judgments that affect the application of accounting policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision. In preparing the unconsolidated condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those applied to the annual audited unconsolidated financial statements as at and for the year ended December 31, 2024.

7. FINANCIAL RISK MANAGEMENT

   The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited unconsolidated financial statements of the Company for the year ended December 31, 2024.

   (Un-audited) (Audited)

   Note

   September 30, 2025

   December 31, 2024

8. PROPERTY AND EQUIPMENT ------ Rupees in 000 ------

   Motor vehicle - owned 8.1 20 143

   1. Movement in property and equipment

      Opening written down value 143 147

      Ad Additions during the period / year - -

      143 147

      -

      4

Les Net book value of assets disposed of / transferred during the period / year

Depreciation for the period / year

123 4

Closing written down value* 20 143

*This represents residual value of motor vehicle owned by the Company.

1. 1. The cost of fully depreciated property and equipment still in use at the end of the period amounts to Rs. 3.759 million (December 31, 2024: Rs. 20.956 miillion)

      (Un-audited) (Audited)

      Note

      September 30, 2025

      December 31, 2024

2. INVESTMENTS - NET ------ Rupees in 000 ------

   • Investments in subsidiaries 9.1 15,714,937 15,714,937

   • Investments in associate 9.2 2,635,405 -

   • Investments at fair value through other comprehensive income 9.3 - -

   18,350,342 15,714,937

   1. Investments in subsidiaries

      (Un-audited)				(Audited)
      September 30, 2025				December 31, 2024
      Number of shares	Cost	Impairment / provision (note 9.1.1)	Carrying amount	Number of shares	Cost	Impairment / provision (note 9.1.1)	Carrying amount

      ----------------------Rupees in 000 ------------------ ----------------------Rupees in 000------------------

      Quoted
      IGI Life Insurance Limited (notes 9.1.2 and 9.1.3)	141,048,278	1,690,854	-	1,690,854	141,048,278	1,690,854	-	1,690,854
      Unquoted IGI Finex Securities Limited	52,000,000	441,883	(218,279)		52,000,000	441,883	(218,279)
      (notes 9.1.1 and 9.1.4)				223,604				223,604
      IGI General Insurance Limited (note 9.1.5)	191,838,400	1,918,384	-	1,918,384	191,838,400	1,918,384	-	1,918,384
      IGI Investments (Pvt.) Limited (note 9.1.6)	118,820,950	11,882,095	-	11,882,095	118,820,950	11,882,095	-	11,882,095
      Total		15,933,216	(218,279)	15,714,937		15,933,216	(218,279)	15,714,937

      (Un-audited) (Audited)

      September 30, 2025

      December 31, 2024

      1. Movement in impairment ------ Rupees in 000 ------

         Opening balance	218,279		239,397
         Reversal during the period / year	-		(21,118)
         Closing balance	218,279		218,279

      2. This represents 82.694% (December 31, 2024: 82.694%) holding in IGI Life Insurance Limited (IGI Life) having market value of Rs. 20.00 (December 31, 2024: Rs. 15.90) per share. IGI Life is engaged in life insurance, carrying on both participating and non-participating business. IGI Life is also engaged in providing Shariah Compliant family takaful products as an approved window takaful operator. IGI Life's principal place of business is in Pakistan.

      3. During the year ended December 31, 2017, 824,910 shares (having a market value of Rs. 16.50 million as at September 30, 2025) were withheld by IGI Life in respect of issuance of bonus shares as issuance of bonus shares had been made taxable through Finance Act, 2014. The Finance Act, 2014 introduced amendments to the Income Tax Ordinance 2001. As a result of these amendments, companies were liable to withhold bonus shares at the rate of 5 percent. In accordance with the requirements of the Ordinance these shares shall only be released if the Company deposits tax equivalent to 5 percent of the value of the bonus shares issued. The value of tax is computed on the basis of day-end price on the first day of book closure. In this regard, a suit was filed by the Company in the Honourable High Court of Sindh, challenging the applicability of withholding tax provisions on bonus shares received by the Company based on the contention that bonus shares are not income in the hands of a tax payer and a stay order was granted by the Honourable High Court of Sindh in favour of the Company. During the year ended December 31, 2019, the above suit was dismissed by the single bench of the Honourable High Court of Sindh on account of decisions made by the single bench in similar cases earlier and vacated the stay order earlier granted by the Court. The Company had filed an appeal on June 27, 2019 before division bench of the Honourable High Court of Sindh against the above judgment issued by the single bench and has also obtained a stay order against initiation of any recovery proceedings on the basis of judgment made by the single bench of the Honourable High Court of Sindh. The Company has included these shares in its portfolio, as the management believes that the decision of the constitutional petition will be in favour of the Company.

      4. This represents 100% (December 31, 2024: 100%) holding in IGI Finex Securities Limited (IGI Finex) having break -up value of Rs. 16.68 per share on the basis of the audited financial statements for the year ended December 31, 2024. The principal activities of this Company include shares and commodities brokerage, money market and foreign exchange brokerage and advisory and consulting services. IGI Finex's principal place of business is in Pakistan.

      5. This represents 100% (December 31, 2024: 100%) holding in IGI General Insurance Limited (IGI General) having break - up value of Rs. 18.87 per share on the basis of the audited financial statements for the year ended December 31, 2024. The objective of IGI General is to carry on general insurance business (excluding life insurance) and General Takaful (Islamic Insurance) as Window Takaful Operator. IGI General's principal place of business is in

      6. This represents 100% (December 31, 2024: 100%) holding in IGI Investments (Pvt.) Limited (IGI Investments) having break - up value of Rs. 411.48 per share on the basis of the audited financial statements for the year ended December 31, 2024. The objective of IGI Investments is to act as an investment holding company and to invest, acquire, sell and hold investments. IGI Investments principal place of business is in Pakistan.

   2. Investment in associate

      (Un-audited)				(Audited)
      September 30, 2025				December 31, 2024
      Number of shares	Cost	Impairment / provision	Carrying amount	Number of shares	Cost	Impairment / provision	Carrying amount

      -----------------------Rupees in 000 ------------------ -----------------------Rupees in 000-------------------

      Quoted
      Packages Limited (note 9.2.1)	5,396,650 2,635,405	-	2,635,405	-	-	-	-
      	5,396,650 2,635,405	-	2,635,405	-	-	-	-

      1. During the period, IGI Holdings Limited completed the acquisition of a 6.04% shareholding in Packages Limited (an associate) by purchasing 5,396,650 ordinary shares at the rate of Rs. 487.5 per share. The transaction, initially notified to the Pakistan Stock Exchange (PSX) on November 11, 2024, has been finalised following approval from the Competition Commission of Pakistan under the Competition Act, 2010. The Company already held 29.88% shareholding in Packages Limited through its wholly owned subsidiary company IGI Investments (Pvt.) Limited. Accordingly, investment in Packages Limited has been classified as investment in associate.

         (Un-audited) (Audited)

         Note

         September 30, 2025

         December 31, 2024

   3. Investments at fair value through other comprehensive income ------ Rupees in 000 ------

      Debt instrument - term finance certificates	9.3.1	-	-
      Equity instruments	9.3.2	-	-
      Debt instrument - unlisted redeemable preference shares	9.3.3	-	-
      		-	-

      1. These term finance certificates have been fully impaired.

         Number of certificates		Particulars	Issue date	----------Rupees in '000----------
         (Un-audited)	(Audited)			(Un-audited)	(Audited)
         September 30, 2025	December 31, 2024			September 30, 2025	December 31, 2024

         5,000	5,000	Listed term finance certificates Azgard Nine Limited II	September 20, 2005	-	-
         		Unlisted term finance certificates
         4,000	4,000	Agritech Limited I* (note 9.3.3.1)	November 30, 2007	-	-
         861	861	Agritech Limited IV* (note 9.3.3.1)	July 01, 2011	-	-
         13,000	13,000	Azgard Nine Limited IV	December 04, 2007	-	-
         10,000	10,000	Eden Housing Limited	December 31, 2007	-	-
         10,000	10,000	New Allied Electronics Industries (Private) Limited	December 03, 2007	-	-
         				-	-
         				-	-
         		Less: provision for impairment		-	-
         				-	-

         *Pursuant to the issue of Preference Shares (note 9.3.3), the existing TFCs of Agritech Limited are reflected as "to be revoked" in the CDC account of the Company and shall stand revoked subsequent to the period end.

         1. The investee companies had defaulted on its obligation on account of principal and profit payments and accordingly the Company classified the term finance certificates as fully impaired and carried this at book value of Rs Nil. The Company acquired these term finance certificates as a part of Scheme of Amalgamation from IGI Investment Bank Limited which were fully impaired.

      2. Equity instruments

         (Un-audited)				(Audited)
         Financial assets at fair value through other comprehensive income				Financial assets at fair value through other comprehensive income
         September 30, 2025				December 31, 2024
         Number of shares	Cost	Surplus on remeasur e-ment	Market value	Number of shares	Cost	Deficit on remeasurement	Market value

         ---------------- Rupees in 000 ----------- ------------------- Rupees in 000 ---------------

         Unquoted
         DHA Cogen Limited	7,600,000	-	-	-	7,600,000	-	-	-
         		-	-	-		-	-	-

      3. Unlisted redeemable preference shares

         Name of the Investee Company	As at Jan 1, 2025	Shares issued during the period	As at September 30, 2025	As at September 30, 2025
         				Carrying value	Market value	Unrealised appreciation / (diminution)
         	--------------------Number of shares--------------------			----------------------Rupees in '000----------------------

         Agritech Limited - Class A (note 9.3.3.1)	2,647,503	-	2,647,503	-	-	-
         Total as at September 30, 2025	2,647,503	-	2,647,503	-	-	-
         Total as at December 31, 2024	2,647,503	-	2,647,503	-	-	-

         1. The Honourable Lahore High Court approved Agritech Limited's (AGL) Scheme of Arrangement (SoA) on July 5, 2022, which took effect retrospectively from December 31, 2013. With respect to non-performing outstanding principal sukuks and term finance certificates issued by AGL, including the accrued profit portion, AGL, after correspondence with the creditors, has agreed in principle on the terms and conditions which are enumerated in the

            As a result of the above arrangement, on December 23, 2024, 2,647,503 cumulative redeemable Class A Preference Shares with limited voting rights of AGL, having face value amounting to Rs. 26,475,030 were issued to the Company in compliance with the SoA in settlement of the Principal and mark-up portion outstanding in relation to the term finance certificates of AGL as disclosed in note 9.3.1.1.

            The preference shareholders have a preferred right of dividend at the rate of 1 Year KIBOR + 4% per annum on cumulative basis.

            AGL shall have the option to redeem these preference shares plus any accumulated unpaid dividends in full or in part, within ninety days after the expiry of first anniversary from the date of issue i.e. December 31, 2013 and subsequently, every anniversary thereafter, by giving at least thirty days notice. As at September 30, 2025, AGL has not exercised this option.

            These cumulative redeemable Class A Preference Shares have been carried at nil value, as they lack a reliable measure of fair value in an active market.

            (Un-audited) (Audited)

            Note

            September 30, 2025

            December 31, 2024

3. LOANS AND ADVANCES ------ Rupees in 000 ------

   Loans and advances	10.1	10,200		10,200
   Provision for doubtful loans and advances	10.2	(10,200)		(10,200)
   Others	10.3	- -		- -
   		-		-

   1. These loans pertain to Ex. IGI Investment Bank Limited which had been transferred to the Company under the scheme of amalgamation and have been fully provided for during the year.

      (Un-audited) (Audited)

   2. Movement of provision for doubtful loans and

      September 30, 2025

      December 31, 2024

      advances is as follows: ------ Rupees in 000 ------

      Opening balance 10,200 -

      Charge for the period / year - 10,200

      Closing balance 10,200 10,200

   3. This represents loan converted from term finance certificates were transferred from IGI Investment Bank Limited under the Scheme of Arrangement at nil fair value.

      (Un-audited) (Audited)

      Note

      September 30, 2025

      December 31, 2024

4. OTHER RECEIVABLES ------ Rupees in 000 ------

   Net investment in finance lease - considered good	11.1	207,031		207,031
   Provision for net investment in finance lease	11.2	(14,590)		(14,590)
   		192,441		192,441
   Withholding tax on bonus shares	11.3	6,530		6,530
   Others	11.4	33,142		33,142
   		232,113		232,113

   1. This balance represents outstanding amount of old lease portfolio acquired by the Company as part of amalgamation of Ex. IGI Investment Bank Limited w.e.f December 31, 2016 that has been retained by the Company as part of scheme of arrangement and carried at fair value at the time of acquisition against which security deposits are payable as disclosed in note 14 of these unconsolidated condensed interim financial statements.

      (Un-audited) (Audited)

   2. Movement of provision for net investment in

      September 30, 2025

      December 31, 2024

      finance lease as follows: ------ Rupees in 000 ------

      Opening balance 14,590 -

      Charge for the period / year - 14,590

      Closing balance 14,590 14,590

   3. This represents 50% of the amount paid by the Company to revenue authority in relation to the charge and collection of income tax on issuance of bonus shares by IGI Life Insurance Limited (as more fully explained in note 9.1.3 to these unconsolidated condensed interim financial statements). The matter is already pending adjudication in the Honourable High Court of Sindh and the management, based on advice from legal advisors, is confident of a favourable outcome of the proceedings.

   4. This represents 50% of the amount paid by the Company to revenue authority in relation to the levy of super tax under the Income Tax Ordinance, 2001 for the tax years 2017 and 2018. The matter is already pending adjudication in the Honourable Supreme Court of Pakistan and the management, based on an advice from the legal advisors, is confident of a favourable outcome of the proceedings.

(Un-audited) (Audited)

Note

September 30, 2025

December 31, 2024

Note

September 30, 2025

December 31, 2024

of unconsolidated statement of cash flows: ------ Rupees in 000 ------

This represents short term credit facility from Habib Bank Limited under a mark-up arrangement amounting to Rs. 4,000 million (December 31, 2024: Rs. 4,000 million). The unutilised amount as at September 30, 2025 amounts to Rs. 1,470.333 million (December 31, 2024: Rs.4,000 million). The rate of mark-up on this facility is 1-month KIBOR + 0.25% per annum (December 31, 2024: 1-month KIBOR + 0.25% per annum). This facility is secured against pledge of shares held by wholly owned subsidiary IGI Investments (Pvt.) Limited against a commission at the rate of 0.2% of the market value of the pledged shares.

(Un-audited) (Audited)

Note

September 30, 2025

December 31, 2024

1. TRADE AND OTHER PAYABLES ------ Rupees in 000 ------

   Certificates of deposit	14.1	594	594
   Security deposits under lease contracts	14.2	192,441	192,441
   Accrued expenses		39,986	48,776
   Accrued interest		47,137	20,253
   Payable to related parties		11,063	2,191
   Others		15,203	13,387
   		306,424	277,642

   1. This represents certificates of deposit acquired by the Company as part of the amalgamation of Ex. IGI Investment Bank Limited (the Investment Bank) with and into IGI Insurance Limited as at December 31, 2016 that has been retained by the Company as part of the Scheme of Arrangement. The outstanding amount relates to two depositors with aggregate deposits amounting to Rs. 0.594 million (December 31, 2024: Rs. 0.594 million) as they are untraceable. These certificates of deposits have already matured and mark-up payable on these till maturity is Rs.

      0.034 million (December 31, 2024: Rs. 0.034 million). In order to secure the amount for repayment of such deposits till the time parties are traced or lien matter is settled, the Company has placed this amount in a money market fund of NBP Fund Management Limited with authority to Central Depository Company (CDC) to operate the said account on its behalf and to pay the depositors as and when traced in accordance with the directions of the Securities and Exchange Commission of Pakistan (SECP).

   2. This represents security deposits under lease contracts acquired as part of the amalgamation of Ex. IGI Investment Bank Limited with effect from December 31, 2016 that has subsequently been retained by the Company as part of the Scheme of Arrangement, against which an equivalent amount of residual value is receivable.

2. CONTINGENCIES AND COMMITMENTS

There are no material changes in contingencies and commitments as disclosed in the annual unconsolidated condensed interim financial statements for the year ended December 31, 2024.

(Un-audited) Nine months ended

September September 30,2025 30,2024

1. TRANSACTIONS WITH RELATED PARTIES

   Related parties comprise of subsidiaries, associates, related group companies, directors of the Group companies, key management personnel, major shareholders, post employment benefit plans of the Group companies and other related parties. The Company in the normal course of business carries out transactions with various related parties at agreed / commercial terms and conditions. Amounts due to / from and other significant transactions, other than those disclosed elsewhere in these unconsolidated condensed interim financial statements, are as follows:

   ------------------------------------------------------- For the nine months ended -----------------------------------------------------
   --------------------------------------------------------------------(Un-audited) ----------------------------------------------------------------
   Subsidiaries		Associates		Key management personnel (including directors)		Other related parties
   September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024

   ---------(Rupees in '000)--------- -------(Rupees in '000)------- -------(Rupees in '000)------- -------(Rupees in '000)-------

   Transactions
   Commission expense / paid	12,025	5,636	-	-	-	-	-	-
   Dividend income	1,275,000	1,150,000	80,950	-	-	-	-	-
   Dividend paid	-	-	97,715	90,198	230,191	181,034	263,524	238,829
   Key management personnel compensation	-	-	-	-	35,930	30,619	-	-
   Purchase of shares	-	-	2,635,405	-	-	-	-	-
   Expenses incurred under Group
   Shared Services	23,989	19,034	26,926	22,509	-	-	-	9,575
   Expenses paid by the Company on behalf of
   other companies under Group Shared Services	588	3,682	-	-	-	-	-	-
   Payment against Group Shared Services	14,531	18,028	26,461	-	-	-		-

   -------------------------------------------------------------------------- As at ------------------------------------------------------------------
   (Un-audited)	(Audited)	(Un-audited)	(Audited)	(Un-audited)	(Audited)	(Un-audited)	(Audited)
   Subsidiaries		Associates		Key management personnel (including directors)		Other related parties
   September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024

   ---------(Rupees in '000)--------- -------(Rupees in '000)------- -------(Rupees in '000)------- -------(Rupees in '000)-------

   Balances

   Investment in shares 15,714,937 15,714,937 2,635,405 - - - - -Group shared service payable 11,061 2,191 2,892 2,427 - - - -

   1. Following are the related parties with whom the Company had entered into transactions or have arrangement / agreement in place:

      S. No.

      Name of related party

      Basis of association / relationship

      Aggregate % of shareholding

      1. IGI Life Insurance Limited

      2. IGI General Insurance Limited

      3. IGI Investments (Pvt.) Limited

      4. IGI Finex Securities Limited

      5. Packages Limited

      6. Syed Babar Ali

      7. Babar Ali Foundation

      8. Industrial Technical and Educational Institute

      9. Packages Convertors Limited

         Subsidiary Subsidiary Subsidiary Subsidiary Associate Chairman

         Other related party Other related party Subsidiary of Associate

         82.69%

         100.00%

         100.00%

         100.00%

         6.04%

         N/A N/A N/A N/A

         (Un-audited) (Un-audited)

         Nine months ended
         September 30, 2025		September 30, 2024

         Quarter ended
         September 30, 2025		September 30, 2024

2. EARNINGS PER SHARE

   Basic / diluted earnings per share

   ---- (Rupees in '000) ----

   ---- (Rupees in '000) ----

   Profit for the period 997,016 948,631 597,275 548,892

   ----------------------------- Number of shares -----------------------------

   Weighted average number of ordinary shares 142,630,500 142,630,500 142,630,500 142,630,500

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

   Earnings per share - basic and diluted 6.99 6.65 4.19 3.85

3. FAIR VALUES OF FINANCIAL INSTRUMENTS

   Fair value is the price that would be received to sell an asset or paid to transfer liability in an orderly transaction between market participant at the measurement date. Consequently, difference can arise between carrying values and the fair value estimates.

   Underlying the definition of fair value is the presumption that the Company is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

   Financial assets which are tradable in an open market are revalued at the market prices prevailing on the reporting date. The estimated fair value of all other financial assets and liabilities is considered not to be significantly different from the respective book values.

   1. Fair Value hierarchy

      International Financial Reporting Standard 13, 'Fair Value Measurement' requires the Company to classify assets using a fair value hierarchy that reflects the significant of the inputs used in making the measurements. The fair value hierarchy has the following levels:

      • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

      • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

      • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

      The Company has no items to report in this level.

      As at September 30, 2025 and December 31, 2024, the Company does not hold any financial instruments which are measured at fair value.

4. GENERAL

   Figures in these unconsolidated condensed interim financial statements have been rounded off to the nearest thousand of rupees.

   Comparative information has been rearranged and reclassified in these unconsolidated condensed interim financial statements for the purpose of better presentation. There were no material reclassifications during the period.

5. DATE OF AUTHORISATION FOR ISSUE

These unconsolidated condensed interim financial statements were authorised for issue on October 27, 2025 by the Board of Directors of the Company.

____________________

_

Chief Executive Officer Chief Financial Officer Director

The Directors of your Company take pleasure in presenting the report for the nine months period ended September 30, 2025 along with the consolidated condensed interim financial statements (un-audited).

During this period, the group achieved profit after tax of Rs 2,080 million compared to Rs 1,529 million earned during corresponding period of 2024.

The group achieved earnings per share of Rs 14.29 compared to Rs 10.49 earned during corresponding period of 2024.

During the current period, IGI General achieved gross written premium (including Takaful contribution) of Rs 13,397 million as compared to Rs 12,408 million during the corresponding period of last year. IGI General has earned profit after tax of Rs 796 million during the current period compared to Rs 768 million in the corresponding period of last year.

Income stream of IGI Investments is primarily based on dividend income from its investment portfolio, accordingly, its income pattern follows dividend distribution pattern of its investments. During the current period, IGI Investments has earned dividend income of Rs 1,208 million compared to Rs 697 million in the corresponding period of 2024. IGI Investments has reported profit after tax of Rs 1,124 million compared to Rs 612 million in the corresponding period of 2024.

During the period, IGI Life wrote gross premium/contribution of Rs 11,327 million compared to Rs 10,058 million in the corresponding period of 2024. IGI Life has reported profit after tax of Rs 239 million as compared to Rs 184 million in the corresponding period of 2024.

During the current period, IGI Securities has generated operating revenues of Rs 376 million compared to Rs 196 million in the corresponding period of 2024. It also earned markup income of Rs 175 million during the period as compared to Rs 217 million in corresponding period of 2024. IGI Securities reported profit after tax of Rs 199 million during the period as compared to profit after tax of Rs 164 million earned during the corresponding period of 2024.

We value the support and patronage extended by our business partners and all stakeholders . For and on behalf of the Board

Condensed Interim Financial Statements

for the nine months ended September 30, 2025

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2025

ASSETS

Non-current assets

Fixed assets

(Un-audited) (Audited)

September 30, December 31,

Note 2025 2024

------------------ Rupees in '000 -------------------

The annexed notes from 1 to 16 form an integral part of these condensed interim consolidated financial statements.

Chief Financial Officer

Director

Chief Executive Officer

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE NINE MONTHS AND QUARTER ENDED SEPTEMBER 30, 2025

Note

Nine Months ended September 30

Quarter ended September 30

2025 2024 2025 2024

----------------------------- Rupees in '000 -----------------------------

The annexed notes from 1 to 16 form an integral part of these condensed interim consolidated financial statements.

Chief Financial Officer

Director

Chief Executive Officer

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED SEPTEMBER 30, 2025

Nine months ended September 30

Quarter ended September 30

2025 2024 2025 2024

--- (Rupees in '000) ---

The annexed notes from 1 to 16 form an integral part of these condensed interim consolidated financial statements.

Chief Financial Officer

Director

Chief Executive Officer

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

-------------------------------------------------------------------- (Rupees in '000) --------------------------------------------------------------------

Balance as at December 31, 2023 (audited) 1,426,305 434,051 33,267 48,803 38,597,015 7,297,545

-

-

-

-

-

-

Profit after taxation for the nine months ended September 30, 2024

-

-

-

-

-

-

- Remeasurement of retirement benefits liability - net of tax Total comprehensive income / (loss) for the three months

ended December 31, 2024

Transactions with owners, recorded directly in equity

Balance as at December 31, 2024 (audited) 5

The annexed notes from 1 to 16 form an integral part of these condensed interim consolidated financial statements.

Chief Financial Officer

Director

Chief Executive Officer

IGI Holdings | Third Quarter Report September 2025 Page 26 of 39

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Nine months ended September 30

The annexed notes from 1 to 16 form an integral part of these condensed interim consolidated financial statements.

Chief Financial Officer

Director

Chief Executive Officer

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

NOTES TO AND FORMING PART OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

1. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim consolidated financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

      Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS Standards, the provisions of and directives issued under the Companies Act, 2017 have been followed.

   2. These condensed interim consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended December 31, 2024.

   3. Temporary exemption from application of IFRS 9

      IFRS 17 - 'Insurance contracts' has been notified by the International Accounting Standards Board (IASB) to be effective for annual periods beginning on or after January 1, 2027 but is yet to be notified by the Securities and Exchange Commission of Pakistan. The management of the Insurance Subsidiaries of the Group (i.e. IGI General and IGI Life) has opted temporary exemption from the application of IFRS 9 as allowed by the IASB for entities whose activities are predominantly connected with insurance. Accordingly, IFRS 9 has been applied in these condensed interim consolidated financial statements on assets and liabilities of the Group other than relating to the Insurance Subsidiaries.

      The additional disclosures, as required by the IASB, for Insurance Subsidiaries for being eligible to apply the temporary exemption from the application of IFRS 9 are given in note 2.3.1 below:

      1. Fair value of financial assets as at September 30, 2025 and change in the fair values during the nine month ended September 30, 2025:

         Financial assets with contractual cash flows that meet the SPPI criteria, excluding those held for trading

         Government securities - available for sale (refer note 5)

         (Rupees in '000)

         Opening fair value	23,399,602
         Deletions during the period	(3,540,370)
         Decrease in fair value	(111,758)
         Closing fair value	19,747,474
         Debt Securities - available for sale (refer note 5)
         Opening fair value	293,084
         Disposals during the period	(4)
         Closing fair value	293,080

         Financial assets that do not meet the SPPI criteria

         Mutual funds - available for sale (refer note 5)

         Opening fair value	10,948,753
         Additions during the period	7,310,354
         Decrease in fair value	(582,258)
         Closing fair value	17,676,849

         Equity securities - available for sale (refer note 5)

         Opening fair value	-
         Additions during the period	44,482
         Increase in fair value	14,667
         Closing fair value	59,149

2. MATERIAL ACCOUNTING POLICIES

The accounting policies and methods of computation adopted in the preparation of these condensed interim consolidated financial statements are the same as those applied in the preparation of the consolidated financial statements of the Group for the year ended December 31, 2024.