Igi Holdings LimitedPSX: IGIHL

Transmission of Quarterly Report for the Quarter Ended March 31, 2026

Apr 30, 2026 at 4:20 AM UTC · Issued by IGI Holdings Limited

IGI Holdings Limited

ARCHITECTS

OF THE FUTURE

FIRST QUARTER REPORT MARCH 31, 2026

Contents

2 Company Information

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

4 Unconsolidated Condensed Interim Financial Statements

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

21 Consolidated Condensed Interim Financial Statements

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

Directors' Report to the Shareholders on Unconsolidated Condensed Interim financial statements

The Directors of your Company take pleasure in presenting the report for the first quarter ended March 31, 2026 together with the unconsolidated condensed interim financial information (un-audited).

Company performance review

---- Rupees in thousands ---
	Quarter ended March 31, 2026	Quarter ended March 31, 2025
Operating revenue	-	-
Loss before taxation	(93,817)	(78,062)
Taxation	(152)	(156)
Loss after taxation	(96,969)	(78,218)
Loss per share (in rupees)	(0.66)	(0.55)

The Company incurred loss after tax of Rs 97 million as compared to loss after tax of Rs 78 million during corresponding period of 2025. The reason for loss is due to timing difference of dividend income from the Company's subsidiaries. Loss per share for the period stood at Rs 0.66 compared to that of Rs 0.55 for corresponding period of 2025.

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

___________________ Syed Babar Ali Chairman

Karachi: April 27, 2026

____________________ Syed Hyder Ali

Chief Executive Officer Karachi: April 27, 2026

Unconsolidated

Condensed Interim Financial Statements for the quarter ended March 31, 2026

‌IGI HOLDINGS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2026
		(Un-audited)	(Audited)
		March 31,	December 31,
	Note	2026	2025
ASSETS		--------- Rupees in 000 ---------
Non - current assets
Property and equipment	8	20	20
Investments - net	9	18,497,524	18,497,524
Long - term deposits		1,972	1,972
Deferred taxation - net		45,073	45,073
		18,544,589	18,544,589
Current assets
Loans and advances	10	-	-
Deposits and prepayments		7,966	7,361
Other receivables	11	198,971	198,971
Taxation recoverable - net		54,290	54,442
Bank balances	12	50,916	51,098
		312,143	311,872
Total assets		18,856,732	18,856,461
EQUITY AND LIABILITIES
Share capital and reserves
Authorised share capital
200,000,000 ordinary shares of Rs. 10 each
(December 31, 2025: 200,000,000 ordinary shares of Rs. 10 each)		2,000,000	2,000,000

Issued, subscribed and paid up share capital		1,426,305	1,426,305
Reserves		7,788,690	7,788,690
Unappropriated profit		7,411,310	7,505,279
Total equity		16,626,305	16,720,274
Current liabilities
Short term loan	13	1,926,772	1,833,869
Unclaimed dividend		35,244	35,428
Trade and other payables	14	268,411	266,890
Total liabilities		2,230,427	2,136,187
TOTAL EQUITY AND LIABILITIES		18,856,732	18,856,461
CONTINGENCIES AND COMMITMENTS	15
The annexed notes from 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.
_______________________ _______________________ _______________________
Chief Executive Officer Chief Financial Officer Director

‌IGI HOLDINGS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE QUARTER ENDED MARCH 31, 2026
Quarter ended
March 31,
	Note	2026	2025
----------- Rupees in 000 ----------
Other income	16	1,348	1,559
Total income		1,348	1,559
General and administrative expenses		(45,414)	(28,133)
Finance costs		(49,751)	(51,488)
Total expenses		(95,165)	(79,621)
Loss before taxation		(93,817)	(78,062)
Taxation
- Current		(152)	(156)
- Deferred		-	-
		(152)	(156)
Loss after taxation		(93,969)	(78,218)
-------------- Rupees -----------------
Loss per share - basic and diluted	18	(0.66)	(0.55)
The annexed notes from 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.
_______________________ _______________________ ____________________
Chief Executive Officer Chief Financial Officer Director

‌IGI HOLDINGS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE QUARTER ENDED MARCH 31, 2026
Quarter ended
March 31,
	2026		2025
Loss after taxation	(93,969)		(78,218)
Other comprehensive (loss )/ 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	-		-
	-		-
Total comprehensive loss for the period	(93,969)		(78,218)
The annexed notes from 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.
_______________________	_______________________	___________________
Chief Executive Officer	Chief Financial Officer	Director

‌IGI HOLDINGS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE QUARTER ENDED MARCH 31, 2026
			Capital reserves		Revenue reserves
	Issued, subscribed and paid-up share capital	Premium on issue of shares	Other capital reserves	Net surplus on revaluation of financial assets at fair value through other comprehensive income	General reserve	Unappropriated profit	Total
------------------------------------------------------------- (Rupees in 000) -------------------------------------------------------------
Balance as at January 1, 2025 (audited)	1,426,305	434,051	33,267	-	7,297,545	6,620,485	15,811,653
Loss after taxation for the quarter ended March 31, 2025	-	-	-	-	-	(78,218)	(78,218)
Other comprehensive income for the quarter ended
March 31, 2025	-	-	-	-	-	-	-
Total comprehensive income / (loss) for the
quarter ended March 31, 2025	-	-	-	-	-	(78,218)	(78,218)
Balance as at March 31, 2025 (un-audited)	1,426,305	434,051	33,267	-	7,297,545	6,542,267	15,733,435


Balance as at January 1, 2026 (audited)	1,426,305	434,051	33,267	23,827	7,297,545	7,505,279	16,720,274
Loss after taxation for the quarter ended March 31, 2026	-	-	-	-	-	(93,969)	(93,969)
Other comprehensive income for the quarter ended
March 31, 2026	-	-	-	-	-	-	-
Total comprehensive loss for the quarter ended
ended March 31, 2026	-	-	-	-	-	(93,969)	(93,969)
Balance as at March 31, 2026 (un-audited)	1,426,305	434,051	33,267	23,827	7,297,545	7,411,310	16,626,305
The annexed notes from 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.
_______________________	_______________________			_______________________
Chief Executive Officer	Chief Financial Officer			Director

‌IGI HOLDINGS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE QUARTER ENDED MARCH 31, 2026
Quarter ended
	Note	March 31,	March 31,
		2026	2025
------- Rupees in 000 -------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation		(93,817)	(78,062)
Adjustments for :
Finance costs		49,751	51,488
Profit on savings accounts and term finance certificates	16	(1,348)	(1,559)
		48,403	49,929
		(45,414)	(28,133)
Changes in working capital
Increase in assets
Deposits and prepayments and other receivables		(605)	(789)
		(605)	(789)
Increase / (decrease) in liabilities
Trade and other payables		1,521	(1,585)
		1,521	(1,585)
Financial charges paid		(62,723)	(19,027)
Tax paid - net		-	(31)
Net cash used in operating activities		(107,221)	(49,565)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in associate		-	(2,635,405)
Profit received on savings accounts and term finance certificates		1,348	1,558
Net cash generated from / (used in) investing activities		1,348	(2,633,847)
CASH FLOWS FROM FINANCING ACTIVITIES
Short term loan		105,875	2,684,825
Dividend paid		(184)	(509)
Net cash generated from financing activities		105,691	2,684,316
Net (decrease) / increase in cash and cash equivalents		(182)	904
Cash and cash equivalents at beginning of the period		51,098	52,527
Cash and cash equivalents at end of the period	12.2	50,916	53,431
The annexed notes from 1 to 21 form an integral part of these unconsolidated condensed interim financial statements.
_______________________ _______________________ _______________________
Chief Executive Officer Chief Financial Officer Director

‌IGI HOLDINGS LIMITED

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

FOR THE QUARTER ENDED MARCH 31, 2026

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. These unconsolidated financial statements are the separate financial statements of IGI Holdings Limited. In addition to these unconsolidated financial statements, consolidated financial statements of IGI Holdings Limited and its subsidiary companies namely, IGI Finex Securities Limited, IGI General Insurance Limited, IGI FSI (Pvt.) Limited, IGI Life Insurance Limited and IGI Investments (Pvt.) Limited (the Group) have also been prepared. As allowed by International Financial Reporting Standards (IFRSs), the Company has opted to present the segment information only in the consolidated financial statements of the Group.
BASIS OF PREPARATION
1. Statement of compliance
  These unconsolidated financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. Accounting and reporting standards applicable in Pakistan comprise of:
  - IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
  - Provisions of, directives and notifications issued under the Companies Act, 2017.
  Where provisions of, directives and notifications issued under the Companies Act, 2017 differ from the IFRS Accounting Standards, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.
2. Standards, interpretations and amendments to published accounting and reporting standards that are effective in the current year:
  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 financial statements.
3. Standards, interpretations and amendments to published accounting and reporting standards that are not yet effective in the current year:
  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, 2026. However, these are not considered to be relevant or will not have any material effect on the Company's unconsolidated 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. IFRS 18 when 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 assets and financial liabilities.
  The management is currently in the process of assessing the impact of these standards and amendments on the unconsolidated financial statements of the Company.
BASIS OF MEASUREMENT
These unconsolidated financial statements have been prepared under the historical cost convention except for certain investments which are carried at fair value. 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 19.
‌2
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the unconsolidated financial statements are measured using the currency of the primary economic environment in which the Company operates. The unconsolidated financial statements are presented in Pakistani Rupees, which is the Company's functional and presentation currency.
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of these unconsolidated condensed interim financial statements in conformity with the accounting and reporting standards, as applicable in Pakistan, requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience, including expectations of future events that are believed to be reasonable under the circumstances. The areas where various assumptions and estimates are material to the Company's unconsolidated financial statements or where judgment was exercised in application of accounting policies are the same as those applied to the annual audited unconsolidated financial statements for the year ended December 31, 2025.
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 unconsolidated financial statements of the Company for the year ended December 31, 2025.
1. Investments in subsidiaries
  Subsidiary company is the entity in which the Company directly or indirectly controls or beneficially owns or holds more than 50% of the voting securities or otherwise controls the composition of the Board. Investments in subsidiaries are stated at cost less accumulated impairment losses, if any.
2. 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.
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, 2025.
(Un-audited) (Audited)
Note
March 31,
2026
December 31, 2025
PROPERTY AND EQUIPMENT ------ Rupees in 000 ------
Motor vehicle - owned 8.1 20 20
1. Movement in property and equipment
  Opening written down value 20 143
  Add: Additions during the period / year - -
  20 143
  123
  -

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

Depreciation for the period / year

- 123

Closing written down value* 20 20

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

1. The cost of fully depreciated property and equipment still in use at the end of the period amounts to Rs. 0.098 million (December 31, 2025: Rs. 0.098 miillion)
  3
  (Un-audited) (Audited)
  Note
  March 31,
  2026
  December 31, 2025

INVESTMENTS - NET ------ Rupees in 000 ------

	- Investments in subsidiaries	9.1	15,835,644	15,835,644
	- Investments in associate	9.2	2,635,405	2,635,405
	- Investments at fair value through other comprehensive income	9.3	26,475	26,475
			18,497,524	18,497,524
9.1	Investments in subsidiaries

(Un-audited)

(Audited)

March 31, 2026

December 31, 2025

Number of shares

Cost

Impairment /

provision (note 9.1.1)

Carrying amount

Number of shares

Cost

Impairment /

provision (note 9.1.1)

Carrying amount

Quoted

IGI Life Insurance Limited (notes 9.1.2 and 9.1.3)

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

141,048,278 1,690,854 - 1,690,854 141,048,278 1,690,854 - 1,690,854

Unquoted

52,000,000	441,883	(97,572)	344,311	52,000,000	441,883	(97,572)	344,311
191,838,400	1,918,384	-	1,918,384	191,838,400	1,918,384	-	1,918,384
118,820,950	11,882,095	-	11,882,095	118,820,950	11,882,095	-	11,882,095
15,933,216 (97,572) 15,835,644 15,933,216 (97,572) 15,835,644

IGI Finex Securities Limited (notes 9.1.1 and 9.1.4)

IGI General Insurance Limited (note 9.1.5)

IGI Investments (Pvt.) Limited (note 9.1.6)

Total

(Un-audited) (Audited)

March 31,

2026

December 31, 2025

Movement in impairment ------ Rupees in 000 ------

Opening balance	97,572	218,279
Reversal during the period / year	-	(120,707)
Closing balance	97,572	97,572

This represents 82.694% (2025: 82.694%) holding in IGI Life Insurance Limited (IGI Life) having market value of Rs.
19.71 (2025: Rs. 21.91) per share as at December 31, 2025. 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.
During the year ended December 31, 2017, 824,910 shares (having a market value of Rs. 16.259 million as at March 31, 2026) 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 in fact is an asset and not income, therefore, income tax is not payable. Accordingly, 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 subject to submission of 50% of the tax liability pertaining to the bonus shares. Accordingly, the Company deposited an amount of Rs. 6.53 million based on the directions 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, 2025: 100%) holding in IGI Finex Securities Limited (IGI Finex) having break - up value of Rs. 20.87 per share on the basis of the audited financial statements for the year ended December 31, 2025. 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.
This represents 100% (December 31, 2025: 100%) holding in IGI General Insurance Limited (IGI General) having break -up value of Rs. 19.65 per share on the basis of the audited financial statements for the year ended December 31, 2025. The objective of IGI General is to carry on general insurance business and General Takaful (Islamic Insurance) as Window Takaful Operator. IGI General's principal place of business is in Pakistan.
This represents 100% (December 31, 2025: 100%) holding in IGI Investments (Pvt.) Limited (IGI Investments) having break - up value of Rs. 454.20 per share on the basis of the audited financial statements for the year ended December 31, 2025. 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.

Investment in associate

(Un-audited)

(Audited)

March 31, 2026

December 31, 2025

Number of

Cost

Impairment /

provision

Carrying

amount

Number of

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
	5,396,650 2,635,405	-	2,635,405	5,396,650 2,635,405	- 2,635,405

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 on February 7, 2025. 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 dated January 31, 2025. 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

March 31,

2026

December 31, 2025

9.3 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	26,475 26,475
		26,475 26,475
9.3.1 These term finance certificates have been fully impaired.

Number of certificates

Particulars

Issue date

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

(Un-audited)

(Audited)

(Un-audited)

(Audited)

March 31,

2026

December

31, 2025

March 31,

2026

December

31, 2025

		Unlisted term finance certificates
5,000	5,000	Azgard Nine Limited II	September 20, 2005	-	-
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 - -

- -

9.3.1.1 The investee companies had defaulted on its obligation on account of principal and profit payments and accordingly the term finance certificates are 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 at nil fair value.

Equity instruments

(Un-audited)				(Audited)
Financial assets at fair value through other comprehensive income				Financial assets at fair value through other comprehensive income
March 31, 2026				December 31, 2025
Number of shares	Cost	Surplus on remeasur e-ment	Market value	Number of shares	Cost	Deficit on remeasurement	Market value

Unquoted

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

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

DHA Cogen Limited

7,600,000 - - - 7,600,000

- - -

The Company acquired these equity instruments as a part of Scheme of Amalgamation from IGI Investment Bank Limited at nil fair value.

Unlisted redeemable preference shares

Name of the Investee Company

Note

As at Jan 1, 2026

issued during

As at

March 31,

2026

As at March 31, 2026

Carrying

value

Market

value

Unrealised

appreciation

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

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

Agritech Limited - Class A 9.3.3	2,647,503		2,647,503	-	26,475	26,475
Total as at March 31, 2026	2,647,503	-	2,647,503	-	26,475	26,475
Total as at December 31, 2025	2,647,503	-	2,647,503	-	26,475	26,475

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 SoA.

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 held by the Company as on that date.

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 March 31, 2026, AGL has not exercised this option.

These cumulative redeemable Class A Preference Shares have been carried at par value of Rs. 10 each.

(Un-audited) (Audited)

Note

March 31,

2026

December 31, 2025

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	- -	- -
		-	-

These loans pertain to Ex. IGI Investment Bank Limited which had been transferred to the Company under the scheme of amalgamation.
6
(Un-audited) (Audited)

Movement of provision for doubtful loans and

March 31,

2026

December 31, 2025

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

Opening balance	10,200	10,200
Charge for the period / year	-	-
Closing balance	10,200	10,200

This represents loan converted from term finance certificates which were transferred from Ex. IGI Investment Bank Limited under the Scheme of Arrangement at nil fair value.
(Un-audited) (Audited)
Note
March 31,
2026
December 31, 2025

OTHER RECEIVABLES ------ Rupees in 000 ------

Net investment in finance lease	11.1	207,031	207,031
Provision for net investment in finance lease	11.2	(14,590)	(14,590)
Net investment in finance lease - considered good		192,441	192,441
Withholding tax on bonus shares	11.3	6,530	6,530
		198,971	198,971

This balance represents outstanding amount of old lease portfolio acquired by the Company as part of amalgamation of Ex. IGI Investment Bank Limited with effect from 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 deposit are payable.
(Un-audited) (Audited)

Movement of provision for net investment in

March 31,

2026

December 31, 2025

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

Opening balance	14,590	14,590
Provision for the year	-	-
Closing balance	14,590	14,590

This represents 50% of the amount paid by the Company under instructions of High Court of Sindh to revenue authority in relation to the charge and collection of income tax on issuance of bonus shares by IGI Life Insurance Limited. 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.
(Un-audited) (Audited)
Note
March 31,
2026
December 31, 2025

BANK BALANCES

Cash at bank

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

Savings accounts	12.1	36,120	36,120
Current accounts		14,796	14,978
		50,916	51,098

These savings accounts carry profit at the rate of 9.00% (December 31, 2025: 9.50%) per annum.
(Un-audited) (Audited)
Cash and cash equivalents for the purpose
Note
March 31,
2026
December 31, 2025
of unconsolidated statement of cash flows: ------ Rupees in 000 ------
Bank balances 12 50,916 51,098
7

SHORT TERM LOAN
This represents short term credit facility from Habib Bank Limited under a mark-up arrangement amounting to Rs. 4,000 million (December 31, 2025: Rs. 4,000 million). The unutilised amount as at March 31, 2026 amounts to Rs. 2,073.23 million (December 31, 2025: Rs. 2,166.13 million). The rate of mark-up on this facility is 1-month KIBOR + 0.25% per annum (December 31, 2025: 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
March 31,
2026
December 31, 2025

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		37,021	49,152
Payable to related parties		10,499	5,627
Stale cheques		5,522	5,522
Others		22,334	13,554
		268,411	266,890

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, 2025: 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, 2025: 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 NBP Money Market Fund 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).
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.

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, 2025.

(Un-audited) Quarter ended

March March

31, 2026 31, 2025

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

16	OTHER INCOME
	From financial assets
	Profit on savings accounts and term finance certificates	1,348 1,559
		1,348 1,559

TRANSACTIONS WITH RELATED PARTIES

Related parties comprise of subsidiaries, associates, related group companies, directors of the Company, key management personnel, major shareholders, post employment benefit plans of the Company 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 else where in these unconsolidated financial statements, are as follows:

------------------------------------- For the quarter ended -----------------------------------

---------------------------------------------(Un-audited) -----------------------------------------

Subsidiaries

Key management

personnel (including directors)

Other related parties

March 31,

2026

March 31,

2025

March 31,

2026

March 31,

2025

March 31,

2026

March 31,

2025

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

Transactions Commission expense / paid	3,860	3,588	-	-	-	-
Dividend income	-	-	-	-	-	-
Dividend paid Director fee for attending board meetings	-	-	- 875	- 875	-	-
Key management personnel compensation	-	-	12,966	13,865	- -
Investment in Shares	-	-	-	-	- 2,635,405
Brokerage	-	3,946
Expenses incurred under Group	8,323	7,008	-	-	12,272 8,744
Shared Services	-	-	-	-	-	-
Expenses paid by the Company on behalf of	-	-	-	-	-	-
other companies under Group Shared Servic	-	-	-	-	-	-
Payment against Group Shared Services	3,452	122	-	-	10,270	5,272

-------------------------------------------------------------------------- As at -------------------
(Un-audited)	(Audited)	(Un-audited)	(Audited)	(Un-audited)	(Audited)
Subsidiaries		Key management personnel (including directors)		Other related parties
March 31, 2026	December 31, 2025	March 31, 2026	December 31, 2025	March 31, 2026	December 31, 2025

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

Balances
Investment in shares	15,835,644 15,714,937	-	- 2,635,405	2,635,405
Group shared service payable	7,336 2,461	-	- 4,205	3,166

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	Subsidiary	82.69%
2 IGI General Insurance Limited	Subsidiary	100.00%
3 IGI Investments (Pvt.) Limited	Subsidiary	100.00%
4 IGI Finex Securities Limited	Subsidiary	100.00%
5 Industrial Technical and Educational Institute	Associate / Shareholder	16.81%
6 Babar Ali Foundation	Associate / Shareholder	11.90%
7 Packages Limited	Associate / Shareholder	10.54%
8 Syed Babar Ali	Chairman	0.00%
9 Packages Convertors Limited	Subsidiary of Associate	0.00%

(Un-audited)

Quarter ended

March

31, 2026

March

31, 2025

LOSS PER SHARE
Basic / diluted earnings per share
---- (Rupees in '000) ----
Loss for the period (93,969) (78,218)
---- Number of shares ----
Weighted average number of ordinary shares 142,630,500 142,630,500
-------- Rupees --------
Loss per share - basic and diluted (0.66) (0.55)
9
FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
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 significance 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); and
  - Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).
    As at March 31, 2026 and December 31, 2025, the Company does not hold any financial instruments which are measured at fair value.
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.
DATE OF AUTHORISATION FOR ISSUE

Chief Financial Officer

These unconsolidated condensed interim financial statements were authorised for issue on 27-April-2026 by the Board of Directors of the Company.

____________________

Chief Executive Officer

_______________________

Director

Directors' Report to the Shareholders on Consolidated Condensed Interim financial statements

The Directors of your Company take pleasure in presenting the report for the first quarter ended March 31, 2026 along with the consolidated condensed interim financial information (un-audited).

Group performance review

---- Rupees in thousands ---
	Three months' period ended March 31, 2026	Three months' period ended March 31, 2025
Profit before tax	597,243	840,297
Taxation	(241,181)	(332,978)
Profit after tax	356,052	507,319
Earnings per share (in rupees)	2.40	3.47

During this period, the group achieved profit after tax of Rs 356 million compared to that of Rs 507 million earned during corresponding period of 2025, the decline is attributable to the lower investment income.

The group achieved earnings per share of Rs 2.40 compared to Rs 3.47 earned during corresponding period of 2025.

Financial Highlights of the subsidiaries are hereunder:

IGI GENERAL INSURANCE LIMITED

During the current period, the IGI General achieved gross written premium (including Takaful contribution) of Rs 5,349 million as compared to Rs 4,781 million during the corresponding period of last year. IGI General has earned profit after tax of Rs 98 million during the current period compared to Rs 284 million in the corresponding period of last year, the decline is attributable to lower investment income.

IGI INVESTMENTS (PRIVATE) LIMITED

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. IGI Investments has reported profit after tax of Rs 173 million compared to Rs 157 million in the corresponding period of 2025.

IGI LIFE INSURANCE LIMITED

During the period ended March 31, 2026, IGI Life wrote gross premium of Rs 2,644 million compared to Rs 3,956 million in the corresponding period of 2025. IGI Life has reported profit after tax of Rs 80 million as compared to Rs 70 million in the corresponding period of 2025.

IGI FINEX SECURITIES LIMITED

During the current period, IGI Securities has generated operating revenues of Rs 192 million compared to Rs 167 million in the corresponding period of 2025. IGI Securities reported profit after tax of Rs 46 million during the period as compared to Rs 48 million earned during the corresponding period of 2025.

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

___________________ Syed Babar Ali Chairman

Karachi: April 27, 2026

____________________ Syed Hyder Ali

Chief Executive Officer Karachi: April 27, 2026

Consolidated

Condensed Interim Financial Statements for the quarter ended March 31, 2026

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT MARCH 31, 2026 ASSETS	Note	March 31, 2026 - Rupees	December 31, 2025 in '000 ---------------
Non-current assets
Fixed assets
- Property and equipment		1,201,929	1,257,421
- Intangible assets		533,971	512,415
Investments	4	114,143,523	109,230,682
Long term deposits		5,827	5,827
		115,885,250	111,006,345
Current assets
Insurance / takaful / reinsurance / retakaful receivables		9,533,694	7,732,186
Reinsurance recoveries against outstanding claims		7,138,332	7,151,335
Current maturity of investments		1,106,308	10,316,308
Loans secured against life insurance policies		182,018	184,056
Deferred commission expense		539,776	574,706
Accrued income		217,673	352,069
Deposits, prepayments, loans, advances and other receivables	5	7,023,118	5,384,670
Wakalah fees receivable		962,267	691,078
Taxation recoverable		1,297,043	1,237,844
Cash and bank balances		3,552,698	3,874,107
		31,552,927	37,498,359
TOTAL ASSETS		147,438,177	148,504,704
EQUITY AND LIABILITIES
Share capital and reserves
Authorised share capital 200,000,000 (2025: 200,000,000) ordinary shares of Rs. 10 each		2,000,000	2,000,000

1,426,305

46,565,162

21,674,999

1,426,305

43,827,600

22,017,300

Issued, subscribed and paid up capital Reserves

Unappropriated profit

Equity attributable to the equity holders of the parent 67,271,205 . 69,666,466

Non-controlling interest		447,064	442,807
TOTAL EQUITY		67,718,269	70,109,273
Non-current liabilities
Insurance liabilities [including policyholders' liabilities and ledger account A & B]		36,383,087	37,811,850
Lease liabilities against right-of-use assets		101,358	75,460
Retirement benefit obligation		91,000	87,292
Deferred taxation - net		8,458,684	8,677,722
		45,034,129	46,652,324
Current liabilities
Provision for outstanding claims (including IBNR)		11,409,146	11,391,271
Provision for unearned premium		7,004,028	5,982,373
Premium deficiency reserve		52,359	52,359
Commission income unearned		651,324	359,906
Amounts due to other insurers / reinsurers		3,891,301	3,022,314
Unearned wakalah fee		962,266	458,349
Premium received in advance		502,225	574,469
Short term loans		3,639,574	3,431,749
Current portion of lease liabilities against right-of-use assets		5,149	20,561
Unclaimed dividend		37,373	37,557
Trade and other payables	6	6,531,034	6,412,199
		34,685,779	31,743,107
TOTAL LIABILITIES		79,719,908	78,395,431
TOTAL EQUITY AND LIABILITIES		147,438,177	148,504,704
CONTINGENCIES AND COMMITMENTS	7

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

Chief Financial Officer

Chief Executive Officer Director

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2026

Quarter ended

Note

March 31,

2026

March 31,

2025

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

Operating revenue	8	4,771,413	6,385,516
Operating expenses	9	(5,763,377)	(4,317,599)
		(991,964)	2,067,917
Other income	10	100,278	148,611
General and administrative expenses		(196,131)	(211,374)
Other expenses		(142,895)	(98,875)
		(1,230,712)	1,906,279
Change in insurance liabilities (other than outstanding claims) Share of profit from the associates and the joint venture under equity accounting - net		1,291,951 536,004	(1,456,267) 390,285
Profit before levies and income tax		597,243	840,297
Levies		(1,669)	(1,720)
Profit before income tax		595,574	838,577
Taxation		(239,512)	(331,258)
Profit after taxation		356,062	507,319
Profit attributable to:
Equity holders of the parent		342,301	495,206
Non-controlling interest		13,761	12,113
		356,062	507,319

Earnings per share - basic and diluted	11	2.40	3.47

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

Chief Financial Officer

Chief Executive Officer Director

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2026

Quarter ended

March 31,

2026

March 31,

2025

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

Profit after taxation	356,062	507,319
Other comprehensive loss - reclassifiable to statement of profit or loss
- Surplus on revaluation of available for sale investments - net of tax	501,748	93,448
- Change in insurance liabilities - net	(584,011)	(100,601)
- Share of other comprehensive loss of associate - net of tax	(222,871)	(76,056)
	(305,134)	(83,209)
Other comprehensive income / (loss) - not reclassifiable to statement of profit or loss
- Unrealised loss on remeasurement of financial assets
classified as 'fair value through other comprehensive income'	(2,441,932)	(644,033)
Total comprehensive loss	(2,391,004)	(219,923)
Total comprehensive loss attributable to:
Equity holders of the parent	(2,381,500)	(230,799)
Non-controlling interest	(9,504)	10,876
	(2,391,004)	(219,923)

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

Chief Financial Officer

Chief Executive Officer Director

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2026

Issued, subscribed and paid-up share capital

Reserves

Unappropriated profit

Equity attributable to equity holders of the parent

Non-controlling interest

Total

Capital reserves

Revenue

reserve

Premium on issue of shares

Other capital reserve

Surplus on revaluation of available-for-sale investments -net

Surplus /

(deficit) on remeasurement of financial assets at fair value through other comprehensive income

General reserve

Balance as at January 01, 2025 (audited)	1,426,305	434,051	33,267	91,823	37,226,496	7,297,545	17,215,423	63,724,910	370,155	64,095,065
Profit after taxation for the quarter ended March 31 2025	-	-	-	-	-	-	495,206	495,206	12,113	507,319
Other comprehensive income / (loss) - reclassifiable to statement of profit or loss for the quarter ended March 31, 2025	-	-	-	-	-	-	-	-	-	-
- Surplus on revaluation of available for sale investments - net of tax	-	-	-	77,276	-	-	-	77,276	16,172	93,448
- Change in Insurance liabilities	-	-	-	(83,191)	-	-	-	(83,191)	(17,410)	(100,601)
- Share of other comprehensive loss of associate - net of tax	-	-	-	-	-	-	(76,056)	(76,056)	-	(76,056)
Other comprehensive income / (loss) - not reclassifiable to statement of profit or loss for the quarter ended March 31, 2025	-	-	-	-	-	-	-	-	-	-
- Surplus on remeasurement of financial assets at fair value through other comprehensive income - net of tax	-	-	-	-	(644,033)	-	-	(644,033)	-	(644,033)
- remeasurement of retirement benefits liability - net of tax	-	-	-	-	-	-	-	-	-	-
Total comprehensive (loss)/ income for the quarter ended March 31, 2025	-	-	-	(5,915)	(644,033)	-	419,150	(230,798)	10,875	(219,923)
Balance as at March 31, 2025 (un-audited)	1,426,305	434,051	33,267	85,908	36,582,463	7,297,545	17,634,573	63,494,112	381,030	63,875,142
Balance as at January 01, 2026 (audited)	1,426,305	434,051	33,267	93,421	38,706,878	7,297,545	21,674,999	69,666,466	442,807	70,109,273
Profit after taxation for the quarter ended March 31, 2026	-	-	-	-	-	-	342,301	342,301	13,761	356,062
Other comprehensive income / (loss) - reclassifiable to statement
of profit or loss for the quarter ended March 31, 2026
- Surplus on revaluation of available for sale investments - net of tax	-	-	-	410,181	-	-	-	410,181	91,566	501,747
- Change in insurance liabilities	-	-	-	(482,941)	-	-	-	(482,941)	(101,070)	(584,011)
- Share of other comprehensive loss of associate - net of tax - Other comprehensive income / (loss) - not reclassifiable to		-	-	-	(222,871)	-		(222,871)	-	(222,871)
- Deficit on remeasurement of financial assets at fair value through other comprehensive income - net of tax -		-	-	-	(2,441,931)	-	-	(2,441,931)	-	(2,441,931)
Total comprehensive (loss)/ income for the quarter ended March 31, 2026	-	-	-	(72,760)	(2,664,802)	-	342,301	(2,395,261)	4,257	(2,391,004)
Balance as at March 31, 2026 (un-audited)	1,426,305	434,051	33,267	20,661	36,042,076	7,297,545	22,017,300	67,271,205	447,064	67,718,269

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

statement of profit or loss for the quarter ended March 31, 2026

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

Chief Financial Officer

Chief Executive Officer Director

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2026

Quarter ended

Note

March 31,

2026

March 31,

2025

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

CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation	595,574	840,297
Adjustments for :
Depreciation and amortisation	(13,775)	109,165
Financial charges	102,942	96,461
Gain on disposal of assets - net	(3,179)	(4,395)
Profit on savings accounts, term deposits, debt and government securities	(58,217)	(1,117,894)
Change in insurance liabilities	(2,748,218)	1,456,267
Share of profit from associates and joint venture under equity accounting - net	(526,658)	(368,466)
(Gain) / loss on sale of investments	(140,489)	104
Unrealised loss on investments	265,849	38,204
Dividend income	(14,938)	(16,125)
	(3,136,683)	193,321
Changes in working capital	(2,541,109)	1,033,618
Increase in current assets Deposit, loans, advances and other receivables	(1,638,448)	(1,211,908)
Increase in current liabilities Trade and other payables	5,414,695	3,076,315
	1,235,138	2,898,025
Income tax paid	(285,455)	(112,977)
Net cash generated from operating activities	949,683	2,785,048
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure	(50,755)	(79,278)
Proceeds on disposal of assets	(6,051)	12,389
Profit received on saving account, term deposits, government and debt securities	353,928	1,119,874
Investments - net	(1,160,934)	(3,963,390)
Dividend received	13,635	16,116
Net cash used in investing activities	(850,177)	(2,894,289)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(184)	(509)
Financial charges paid	(102,942)	(68,192)
Repayment of liability against right-of-use assets	(1,157)	(12,878)
Net cash used in financing activities	(104,283)	(81,579)
Net decrease in cash and cash equivalents	(4,777)	(190,820)
Cash and cash equivalent at beginning of the period	4,592,846	5,659,559
Cash and cash equivalents at end of the period	4,588,069	5,468,739

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

Chief Financial Officer

Chief Executive Officer Director

IGI HOLDINGS LIMITED AND ITS SUBSIDIARY COMPANIES

NOTES TO AND FORMING PART OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2026

STATUS AND NATURE OF BUSINESS

The "Group" consists of:

Holding company

- IGI Holdings Limited

Subsidiary companies:	Percentage shareholding
- IGI Life Insurance Limited	82.69%
- IGI Finex Securities Limited	100%
- IGI General Insurance Limited	100%
- IGI Investments (Pvt.) Limited	100%
- IGI FSI (Pvt.) Limited	100%

Holding company
IGI Holdings Limited ("Holding Company or IGI Holdings"), a Packages Group Company, was incorporated as a public limited company in 1953 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) and is quoted on the Pakistan Stock Exchange Limited. The registered office of the Holding 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 Holding Company include to act as an investment holding company and to invest, acquire, sell and hold the securities and financial instruments subject to compliance by relevant laws prevailing in Pakistan from time to time.
Subsidiary companies
1. IGI Life Insurance Limited ("IGI Life") was incorporated in Pakistan on October 9, 1994 as a public limited company under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). Its shares are quoted on the Pakistan Stock Exchange Limited. IGI Life commenced its operations on May 25, 1995 after registration with the Controller of Insurance on April 30, 1995. 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.
2. IGI Finex Securities Limited ("IGI Finex") was incorporated in Pakistan on June 28, 1994 as a public limited company under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). IGI Finex has a Trading Right Entitlement Certificate (TREC) of Pakistan Stock Exchange Limited and is a corporate member of Pakistan Mercantile Exchange Limited. The principal activities of IGI Finex include shares and commodities brokerage, money market and foreign exchange brokerage and advisory and consulting services.
3. IGI General Insurance Limited ("IGI General"), was incorporated as a public limited company on November 18, 2016 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The objects of IGI General include providing general insurance services (mainly Fire, Marine, Motor, Health and Miscellaneous) and general takaful services (mainly Fire, Marine, Motor, Health and Miscellaneous).
4. IGI Investments (Pvt.) Limited ("IGI Investments"), was incorporated as a private limited company on October 31, 2016 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The objects of IGI Investments include investing, acquiring, selling and holding of debt / equity securities.
5. IGI FSI (Pvt.) Limited ("IGI FSI"), was incorporated as a private limited company on July 6, 2020 under the Companies Act, 2017 with an authorized capital of Rs 7 million. IGI FSI is engaged in providing technology led business solutions including training services in the market.
The Holding Company has three associates namely Packages Limited, Dane Foods Limited, Packages Real Estate (Private) Limited and a joint venture namely S.C. Johnson & Son of Pakistan (Private) Limited respectively.

BASIS OF PREPARATION

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.
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, 2025.

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:

Fair value of financial assets as at March 31, 2026 and change in the fair values during the quarter ended March 31, 2026:

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

Government securities- available for sale (refer note 4)

(Rupees in '000)

Opening fair value	14,733,027
Deletions during the period	(3,584,581)
Decrease in fair value	(127,136)
Closing fair value	11,021,310

Debt Securities - available for sale (refer note 4)

Opening fair value 291,019

Additions during the period 6,751

Closing fair value 297,770

Financial assets that do not meet the SPPI criteria

Mutual funds - available for sale (refer note 4)

Opening fair value	23,361,526
Additions during the period	4,270,179
Decrease in fair value	(1,984,501)
Closing fair value	25,647,204

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, 2025.

Note		(Un-audited) March 31, 2026	(Audited) December 31, 2025
4 INVESTMENTS		--- (Rupees		in '000) ---
The investments comprise of the following:
Investments in associates	4.1	28,682,145		28,430,440
Investment in joint venture		-		-
Fair value through profit or loss
- Equity securities		675,567		840,820
- Mutual funds		2,403,364		2,082,856
- Government securities		2,445,880		2,829,189
- Debt securities		200,665		211,458
		5,725,476		5,964,323
Fair value through other comprehensive income
- Quoted equity securities		41,674,971		44,565,700
- Unquoted equity securities		2,113,811		2,113,811
- Seed preference shares		60,669		60,669
- Preference shares		26,475		26,475
		43,875,926		46,766,655
Held to maturity
- Government Securities		-		-
Available for sale
- Mutual funds		25,647,204		23,361,526
- Government securities		11,021,310		14,733,027
- Debt securities		297,770		291,019
		36,966,284		38,385,572
		115,249,831		119,546,990
Less: current maturity of investments		(1,106,308)		(10,316,308)
		114,143,523		109,230,682
4.1 Investments in associates
- Quoted
Packages Limited
*32,103,851 (December 31, 2025: 32,103,851) fully paid ordinary
shares of Rs. 10 each		24,656,271		24,556,235
Equity held 35.92% (December 31, 2025: 35.92%)

* During the period ended June 30, 2025, IGI Holdings Limited completed the acquisition of a 6.04% shareholding in Packages Limited (Associated Company) by purchasing 5,396,650 ordinary shares at Rs. 487.5 per share. The transaction, initially notified to the Pakistan Stock Exchange (PSX) on November 11, 2024, has been finalized following approval from the Competition Commission of Pakistan under Competition Act, 2010.

- Unquoted
Dane Foods Limited
2,643,161 (December 31, 2025: 2,643,161) fully paid ordinary shares of Rs. 10 each	-		-
Equity held 30.62% (December 31, 2025: 30.62%)
Cost	26,432		26,432
Provision for diminution in value of investment	(26,432)		(26,432)
Packages Real Estate (Private) Limited
100,000,000 (December 31, 2025: 100,000,000) fully paid ordinary
shares of Rs. 10 each	1,093,324		1,119,057
Equity held 24.84% (December 31, 2025: 24.84%)
Hoechst Pakistan Limited
2,408,171 (December 31, 2025: 2,408,171) fully paid ordinary
shares of Rs. 10 each
Equity held 24.97% (December 31, 2025: 24.97%)	2,932,550	2,755,148
	28,682,145	28,430,440

(Un-audited) (Audited)

March 31, December 31,

Note 2026 2025

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

5	DEPOSITS, PREPAYMENTS, LOANS, ADVANCES AND OTHER RECEIVABLES
	Advances
	Advances - unsecured considered good		89,670	45,293
	Advances / loans to agents - unsecured considered good		278	278
	Advances to employees against expenses - unsecured considered good - executives		105	264
	Other receivables
	Sales tax recoverable		239,698	241,881
	Salvage recoverable		525,646	410,522
	Receivable against claim administration services - unsecured considered good		76,101	80,781
	Net investment in finance lease - secured considered good	5.1	198,971	198,971
	Receivable from clients against purchase of marketable securities and commodity contracts - secured considered good		633,940	92,652
	Qard-e-hasan to Participant Takaful Fund		140,000	280,000
	Mudarib fee		27,311	22,094
	Deposits and prepayments
	Security deposits and prepayments		794,983	730,883
	Prepaid reinsurance premium ceded		3,283,448	2,477,330
	Exposure deposit with National Clearing Company of Pakistan Limited / Pakistan Stock Exchange Limited		701,543	683,481
	Others		311,424	120,240
			7,023,118	5,384,670
5.1 This also includes residual values relating to net investment in finance lease.
6 TRADE AND OTHER PAYABLES
Federal excise duty			142,876		150,740
Federal insurance fee			24,749		23,672
Agent commission payable			961,262		817,444
Cash margin			350,172		314,944
Certificates of deposit		6.1	594	594
Deposit under lease contracts		6.2	192,441	192,441
Payable against sale of marketable securities			410,035	1,387,151
Payable against profit on unutilized funds			4,880	16,203
Accrued expenses			522,302	664,187
Payable to National Clearing Company of Pakistan Limited (NCCPL)			-	25,030
Qard-e-hasan			140,000	140,000
Experience refund payable			36,669	181,741
Payable to customers			2,065,517	1,024,817
Others			1,679,537	1,473,235
			6,531,034	6,412,199

This represents certificates of deposit acquired by the Holding Company as part of the amalgamation of IGI Investment Bank Limited (the Investment Bank) with and into IGI Insurance Limited (now IGI Holdings Limited) as at December 31, 2016 that has been retained by the Holding Company as part of the Scheme of Arrangement.
This represents security deposits under lease contracts acquired as part of the amalgamation of IGI Investment Bank Limited with and into IGI Insurance Limited (now IGI Holdings) with effect from December 31, 2016 that has subsequently been retained by the Holding Company as part of the Scheme of Arrangement, against which an equivalent amount of residual value is receivable.

CONTINGENCIES AND COMMITMENTS
There are no material changes in contingencies and commitments as disclosed in the consolidated financial statements for the year ended December 31, 2025.
OPERATING REVENUE

(Un-audited) Quarter ended

March 31 March 31

2026 2025

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

Net premium income	4,085,667		5,218,055
Dividend income	14,938		16,125
Return on government and debt securities	407,740		780,193
Fee, commission and brokerage	161,823		231,415
Wakalah fee income	226,605		110,083
Unrealized loss on investments	(265,849)		(6,298)
Gain on sale of investments	140,489		35,943
	4,771,413		6,385,516
9 OPERATING EXPENSES
Net claims	4,276,294		3,066,003
Commission expense - net	636,293		403,939
Management expenses	850,790		847,657
	5,763,377		4,317,599
10 OTHER INCOME
From financial assets
Profit on savings accounts and term deposits	58,217		81,169
Reversal of provision for bad and doubtful
loans and advances / lease losses - specific -			-
58,217		81,169
From non-financial assets
Gain / (loss) on disposal of assets	3,719		4,358
Other	38,342		63,084
	42,061		67,442
	100,278		148,611
11 EARNINGS PER SHARE
11.1 Basic / diluted earnings per share
Profit for the period attributable to equity holders of the parent	342,301		495,206

(Number of shares)

Weighted average number of ordinary shares 142,630,550 142,630,550

(Rupees)

Earnings per share 2.40 3.47

12 TRANSACTIONS WITH RELATED PARTIES

Related parties comprise of associated companies, other related group companies, directors of the Group, key management personnel, major shareholders and post employment benefit plans. The Group 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 else where in these consolidated condensed interim financial statements, are as follows:

----------------------------------------------------------------------------------------------------- (Unaudited) -------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------- For the quarter ended ------------------------------------------------------------------------------------------------

Associate Joint Venture

Post Employement Benefit Plans

Directors

Key Management Personnel

Other Related Parties

31-Mar-26

31-Mar-25

31-Mar-26

31-Mar-25

31-Mar-26

31-Mar-25

31-Mar-26

31-Mar-25

31-Mar-26

31-Mar-25

----------------------------------------------------------------------------------------------------- (Rs. in '000') -------------------------------------------------------------------------------------------------------

Transactions
Premium underwritten	17,808	18,664	-	-	811	192	-	-	1,046,442	1,073,549
Claims expense	11,368	3,011	-	-	-	-	-	-	61,880	45,312
Expense incurred under Group Shared Scheme	31,786	-	-	-	-	-	-	-	9,016	-
Dividend Payment	-	-	-	-	-	-	-	-	-	-
Dividend Income	-	-	-	-	-	-	-	-	111,801	-
Charge in respect of gratuity fund	-	-	13,297	19,547	-	-	-	-	-	-
Charge in respect of provident fund	-	-	5,613	13,182	-	-	-	-	-	-
Contribution to gratuity fund	-	-	13,297	26,390	-	-	-	-	-	-
Contribution to provident fund	-	-	5,613	20,027	-	-	-	-	-	-
Key Management Personnel Compensation	-	-	-	-	2,375	4,115	213,866	300,835	-	-
Purchase of marketable securities
for and on behalf of	-	94,895	-	-	15,260	-	-	-	128,769	171,793
Investment in shares	-	2,635,405	-	-	-	-	-	-	-	-
Brokerage income earned	-	143	-	-	23	-	-	-	-	-
Donation paid	-	-	-	-	-	-	-	-	-	-
Rent paid	-	-	-	-	-	-	-	-	3,367	-

Associate Joint Venture

Post Employement Benefit Plans

Directors

Key Management Personnel

Other Related Parties

31-Mar-26

31-Dec-25

31-Mar-26

31-Dec-25

31-Mar-26

31-Dec-25

31-Mar-26

31-Dec-25

31-Mar-26

31-Dec-25

	Balances
	Investment in shares	28,682,145	28,430,440	-	-	-	-	-	- 671,767	577,377
	Other receivable	6,197	3,166	-	-	-	-	-	- 562,810	174,264
	Payable to the employee gratuity fund	-	-	68,146	66,171	-	-	-	- -	-
	Payable to employee provident fund	-	-	18,322	15,095	-	-	-	- -	-
13	OPERATING SEGMENT

The Group's business is organised and managed separately according to the nature of services provided with the following segments:
- Non-Life Insurance (Conventional and Takaful)
- Life Insurance (including Family Takaful)
- Brokerage business
- Investment business
  Assets and liabilities, wherever possible, have been assigned to the following segments based on specific identification or allocated on the basis of gross premium written by the segments.
Assets and liabilities, wherever possible, have been assigned to the following segments based on specific identification or allocated on the basis of gross premium written by the segments.
Un-audited

------------------------------------------------------------------------------------------------------------------------ March 31, 2026 ------------------------------------------------------------------------------------------------------------------------------------------------

Non-life Insurance

Life Insurance

Investment Business

Brokerage Business

Aggregate Total

Fire and property damage

Marine, aviation and transport

Motor

Health

Miscellaneous

Life (Participating)

Life (Non-Participating)

Invest-ment Linked Business

Accident and Health

Pension Business Fund

Takaful Window

Individual family

Accident &

Health Individual

Group family

Group health

Individual

Group

Individual

Group

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

Segment assets	9,261,149	2,076,806	3,074,840	2,254,601	3,289,462	2,601,688	7,347,176	1,286,355	15,049,167	51,054	1,414,406	727,979	10,859,816	12,724	62,870	149,458	56,286,085	3,544,172	119,349,808
Unallocated assets	-	-	-	-	-														28,088,369
Consolidated total assets																			147,438,177
Segment liabilities	10,583,887	1,744,009	3,932,541	2,481,179	3,436,393	1,544,389	7,106,420	1,087,920	14,833,445	35,565	1,122,131	707,010	10,788,138	6,626	(27,076)	24,160	7,213,333	2,342,763	68,962,833

Audited

Unallocated liabilities -		-	-	-	-	10,757,075
Consolidated total liabilities						79,719,908

------------------------------------------------------------------------------------------------------------------------ December 31, 2025 ------------------------------------------------------------------------------------------------------------------------------------------------

Non-life Insurance

Life Insurance

Investment Business

Brokerage Business

Aggregate Total

Fire and property damage

Marine, aviation and transport

Motor

Health

Miscellaneous

Life (Participating)

Life (Non-Participating)

Invest-ment Linked Business

Accident and Health

Pension Business Fund

Takaful Window

Individual family

Accident &

Health Individual

Group family

Group health

Individual

Group

Individual

Group

Segment assets	8,032,439	1,392,677	2,425,246	1,198,352	4,473,185	2,662,678	8,246,706	1,356,455	16,034,340	50,048	1,297,190	696,100	11,073,904	12,081	97,538	202,983	58,938,604	2,769,199	120,959,725
Unallocated assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27,544,979
Consolidated total assets																			148,504,704
Segment liabilities	9,813,569	1,170,865	3,548,675	1,601,379	3,663,772	1,586,337	7,975,896	1,172,825	15,861,041	35,511	988,763	675,726	11,001,413	6,147	8,807	90,644	7,444,371	1,586,606	68,232,348
Unallocated liabilities																			10,163,083
Consolidated total liabilities																			78,395,431

Segment-wise operating results of the Group are presented below:

----------------------------------------------------------------------------------------------------------------- Un-audited ----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------- March 31, 2026 ----------------------------------------------------------------------------------------

NON-LIFE INSURANCE

Life Insurance

Investment Business

Brokerage Business

Total

Fire and property damage

Marine, aviation and transport

Motor

Health

Miscellaneous

Window Takaful Operations

Life (Participating)

Life (Non-Participating)

Investment Linked Business

Accident and Health

Pension Business Fund

Takaful Window

Fire and property damage

Marine, aviation and transport

Motor

Health

Miscellaneous

Individual

Group

Individual

Group

Individual family

Accident & Health Individual

Group family

Group health

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

Premium	209,496	39,579	599,282	651,429	61,129	-	-	-	-	-	5,012	127,844	249,780	656,667	2,448	847,789	20,706	506,297	978	(15,761)	98,122	-	-	4,060,797
Net claims	(21,615)	(44,874)	(215,040)	(456,557)	(54,591)	-	-	-	-	-	(75,866)	(746,674)	(188,692)	(1,412,852)	(136)	(494,559)	(70)	(419,344)	-	(9,220)	(136,203)	-	-	(4,276,293)
Fee, commission and brokerage	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,107	192,482	196,589
Net commission	60,047	19,751	(126,250)	(145,303)	(28,002)	(18,232)	(5,416)	(35,123)	1,993	(2,539)	-	-	-	-	-	-	-	-	-	-	-	-	-	(279,074)
Wakalah fee income	-	-	-	-	-	44,878	14,859	122,810	35,239	8,819	-	-	-	-	-	-	-	-	-	-	-	-	-	226,605
Net investment income	-	-	-	-	-	-	-	-	-	-	40,971	102,915	2,802	(74,017)	-	(16,543)	9,158	(158,036)	-	3,962	4,426	5,597	-	(78,765)
Expenses	(154,619)	(43,027)	(82,342)	(57,211)	(40,664)	(5,429)	(2,505)	(17,916)	(30,109)	(1,089)	(7,956)	(157,257)	(41,493)	(153,530)	(2,015)	(124,855)	-	(197,798)	(431)	(5,992)	(21,172)	(67,176)	(119,290)	(1,333,876)
Other income - net	-	-	-	-	-	-	-	-	-	-	1,978	5,076	1,885	12,550	19	9,760	2,371	2,554	5	37	397	-	-	36,632
Share of profit from associates	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	263,580	-	263,580
Add: Policyholders' liabilities at																								-
the beginning of year	-	-	-	-	-	-	-	-	-	-	1,510,430	7,545,458	455,000	15,364,063	20,850	789,539	675,700	10,705,389	2,350	(43,105)	77,387	-	-	37,103,061
Less: Policyholders' liabilities at																								-
the end of the year	-	-	-	-	-	-	-	-	-	-	(1,493,609)	(6,921,928)	(450,002)	(14,330,306)	(19,757)	(1,027,097)	(706,984)	(10,440,094)	(2,660)	71,109	(4,460)	-	-	(35,325,788)
(Surplus) / deficit taken to
statutory fund	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	93,309	(28,571)	175,650	(7,642)	(62,128)	21,217	6,938	69,771	7,123	5,191	(19,040)	(44,566)	29,280	62,575	1,409	(15,966)	881	(1,032)	242	1,030	18,497	206,108	73,192	593,469

Unallocated operating income - 57,224

Financial charges (53,450)

Profit for the year before levies and income tax 597,243

----------------------------------------------------------------------------------------------------------------- March 31, 2025----------------------------------------------------------------------------------------

NON-LIFE INSURANCE

Life Insurance

Investment Business

Brokerage Business

Total

Fire and property damage

Marine, aviation and transport

Motor

Health

Miscellaneous

Window Takaful Operations

Life (Participating)

Life (Non-Participating)

Investment Linked Business

Accident and Health

Pension Business Fund

Takaful Window

Fire and property damage

Marine, aviation and transport

Motor

Health

Miscellaneous

Individual

Group

Individual

Group

Individual family

Accident & Health Individual

Group family

Group health

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

Premium	202,147	81,937	548,313	434,950	118,196	-	-	-	-	-	2,731	702,187	229,610	1,396,324	1,611	697,792	18,491	661,510	129	19,041	102,331	-	-	5,217,299
Net claims	(43,105)	(33,119)	(271,551)	(274,316)	(49,849)	-	-	-	-	-	(66,651)	(688,852)	(162,354)	(661,251)	(79)	(333,326)	(1,753)	(368,799)	(40)	(14,099)	(96,856)	-	-	(3,066,001)
Fee, commission and brokerage	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,588	166,902	170,490
Net commission	105,200	20,584	(77,481)	(122,686)	(23,909)	(13,877)	(4,122)	(23,902)	5,578	(1,185)	-	-	-	-	-	-	-	-	-	-	-	-	-	(135,799)
Wakalah fee income	-	-	-	-	-	16,931	7,050	61,375	21,883	2,844	-	-	-	-	-	-	-	-	-	-	-	-	-	110,083
Net investment income	-	-	-	-	-	-	-	-	-	-	82,875	255,972	118	319,718	18	-	11,885	180,363	-	3,420	4,654	3,321	-	862,344
Expenses	(149,895)	(29,188)	(60,191)	(37,075)	(83,744)	(10,723)	(2,456)	(17,905)	(8,468)	(1,030)	(1,028)	(162,019)	(57,849)	(138,140)	(1,319)	(102,607)	-	(244,127)	(264)	(5,365)	(21,263)	(44,122)	(84,185)	(1,262,962)
Other income - net	-	-	-	-	-	-	-	-	-	-	2,744	7,551	1,327	15,525	39	2,617	1,091	8,861	4	244	1,094	-	-	41,097
Share of profit from associates	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	368,466	-	368,466
Add: Policyholders' liabilities at
the beginning of year -		-	-	-	-	-	-	-	-	-	1,533,191	8,529,974	254,177	12,542,307	18,215	569,387	531,784	9,282,668	1,529	(72,031)	121,015	-	-	33,312,216
Less: Policyholders' liabilities at
the end of the year -		-	-	-	-	-	-	-	-	-	(1,515,010)	(8,654,240)	(317,574)	(13,459,350)	(18,215)	(777,870)	(560,765)	(9,509,341)	(1,392)	68,631	(85,106)	-	-	(34,830,232)
(Surplus) / deficit taken to
statutory fund																								-
114,346		40,214	139,090	873	(39,306)	(7,669)	472	19,568	18,993	629	38,852	(9,427)	(52,545)	15,133	270	55,993	733	11,135	(34)	(159)	25,869	331,253	82,717	787,001

Unallocated operating income	150,053
Financial charges	(96,757)
Profit for the year before levies and income tax	840,297

CORRESPONDING FIGURES
Comparative information has been reclassified, rearranged or additionally incorporated in these condensed interim consolidated financial statements, where necessary.
GENERAL
Figures in these condensed interim consolidated financial statements have been rounded off to the nearest thousand of rupees.
DATE OF AUTHORISATION FOR ISSUE

These condensed interim consolidated financial statements were authorized for issue on April 27, 2026 by the Board of Directors of the Holding Company.

Chief Financial Officer

Chief Executive Officer Director

ی. مٹت ڈمیشایک2025ہکو.ح،ی. ک

ڈر رن.یملش. پزو,س.پافر پالتر آی.جتر آ

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۔اھت پن. وزی. . لم70ی. مٹت ڈمیشایک2025ہکو.ح،ا.نکٹر زو. پزع. فا.نمشک. ٹر ز. اڈع. پن. وزی. . لم80ن. فر پالتر آی.جتر آ۔اھت پن. وزی. . لم3,956

ڈر رن.یملٹ. . ریزو. تک. تششک. ت. یرپا.فتر آی.جتر آ

تر آی.جتر آ۔ےھت پ ن. وزی. . لم167 ی. مٹت ڈمیشایک2025 ہک و.ح،ی. ک لصاجن. وزی. . لم192ی. مڈمیک ت. ڈمآیماظ. ت ٹ. ان. ٹ. . ریزو. تک. تشتر آی.جتر آ،ن. ازوڈےکٹت ڈمناوز ۔ا.نکٹر زو. پزع. فا.نمشک. ٹر ز. اڈع. پن. وزی. . لم46ی. می. .ی ازوڈناوزی. مےل.پ اقت مےکع. فا.نمشک. ٹر ز. اڈع. پن. وزی. . لم48ےکٹت ڈمیشایک2025لاشہتن,ش.رگن. ٹ. . ریزو. تک. تش

۔ی. ˛ ہیت ھک. یڈےسہاگ.تیکزڈفت وکڈامت عازوان. واعتپہڈرکم˛ہاف. ےسفرطیکز. زڈر لو˛ہک. نریشامامت پزوانوزاڈتت کارس, یزا. پوزاکی. ی. ام˛ہ

ڈر زو. پنر ائ. ت. .یا.ح.م

یلعزڈ. نحڈ. نش

رس.ی.فآو. تر یک. پ.رگ. یاف. ت.ح

2026،ل. پئ. ا27:ی.جارک

ی. . مٹر . یج.

یلعئ. ا. پڈ. نش

2026،ل. پئ. ا27:ی.جارک

(ز. زڈر لوہ˛ ٹر .یش, )ن. اکلامصصحما.ن.یٹر زو. پزز. ٹر ک. یئر اڈر

۔ی. ˛ ہنت رکسوسخمیش, و.حنر و˛ہنت رکش, . .یپٹت امولعمتت ا.نلام(ہڈش, ٹر ڈر آٹ. ع. )یزو. تع،رصت ت. خم،عماج. یکی˛ہامہشیلہ.پیلاون. و˛ہمت خ. وک2026چ. زام31ز. ٹر ک. یئر اڈر ےکی. ن.یمکیکٹ. آ

۔۔۔۔۔۔۔۔ی. منوزاہ. ˛ ن. وز۔۔۔۔۔۔۔۔
ی˛ہامہش 2025چ. زام31	ی˛ہامہش 2026چ. زام31	شک. ٹر ز. ال. نت فع. فا.نم ک. ٹر
840,297	597,243

(332,978)	(241,181)	ش ک. ٹر . . . ف .
		ش ک. ٹر . . . ف .
507,319	356,052	ش زاڈعپع انم
3.47	2.40	(ن. وز)صصحفتڈمآ

ہئ. ر اج. اکیگڈرکزاکیکٹ. ورگ

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ی. امرسج. ویڈا.ن..یپیکیمکی. مع. فا.نم،اھت پن. وزی. . لم284ی. مٹت ڈمیشایکلاشہت ن,ش.رگہکو.حا.نکلصاجع. فا.نمشک. ٹر ز. اڈع. پن. وزی. . لم98ن. لٹ. .حتر آی.جتر آ۔ا.نکلصاج(ن. واعتپزز.

۔ہ˛ ت. ڈمآمکیکیزاک

ڈر رن.یمل(ٹر و. ٹر ائ. )شر ی.نمر نس. پو. پاتر آی.جتر آ

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۔ا.نکٹر زو. پزشک. ٹر ز. اڈع. پع. فا.نماکن. وزی. . لم173لاش

(ز. زڈر لوہ˛ ٹر .یش, )ن. اکلامصصحما.ن.یٹر زو. پزز. ٹر ک. یئر اڈر

۔ی. ˛ ہنت رکسوسجمیش, و.حنر و˛ہنت رکش, . .یپٹت امولعمتت ا.نلام(ہڈش, ٹر ڈر آٹ. غ. )یزو. تغ،رصت ت. جم،عمت ن. جمٹ. غ. یکی˛ہامہشیلاون. و˛ہمت خ. وک2026چ. زام31ز. ٹر ک. یئر اڈر ےکی. ن.یمکیکٹ. آ

۔۔۔۔۔۔۔۔ی. منو ی˛ہامہش	زاہ. ˛	ن. وز۔۔۔۔۔۔۔۔ ی˛ہامہش
2025چ. زام31		2026چ. زام31
- (78,062)		- (93,817)
(156)		(152)
(78,218)		(96,969)
(0.55)		(0.66)

ہئ. ر اج. اکیگڈرکزاکیکی. ن.یمک

ت. ڈمآیماظ. ت ن. ا

شک. نر ز. ال. نت قن. اصتق. پ شک. نر

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(ن. وز)صصحف. ن. اصتق. پ

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۔ی. ˛ ہنت ھک. یڈےسہاگ.نیکزڈقت وکڈامت عازوان. واعتپہڈرکم˛ہاف. ےسفرطیکز. زڈر لو˛ہک. نریشامامت تزوانوزاڈتت کارس, یزا. پوزاکن. ی. ام˛ہ

ڈر زو. پنر ائ. ت. .یا.چ.م

یلعزڈ. نحڈ. نش

رس.ی.قآو. تر یک. پ.رگ. یاف. ت.ح

2026،ل. پئ. ا27:ی.جارک

ی. . مٹر . یج.

یلعئ. ا. پڈ. نش

2026،ل. پئ. ا27:ی.جارک

IGI Holdings Limited

Registered & Head Office

7th Floor, The Forum, Suite 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi - 75600, Pakistan.

Phone: 111-308-308

ThinkTank

https://www.igiholdings.com.pk

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