April 28, 2025
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi-74000
Dear
SUBJECT: FINANCIAL RESULTS FOR THE UARTER ENDED MARCH 31 2025
We have to inform you that the Board of Directors of our company in their meeting held on 28.04.2025 at 10:00 a.in. at Karachi recommended the following:
CASH DIVIDEND BONUS SHARES RIGHT SHARES
NIL NIL NIL
The required statements of financial Position, Profit and Loss, Changes in Equity and Cash flows are attached as Annexures from A to D.
the Quarterly Report o1 the Company for the period ended March 31, 2025, will be transmitted through PUCARS separately, within the specified time.
nking You,
iq Mehmood Khan R pany e retary
Executive Director / HOD, Offsite-11 Department, Supcrvision Division
Securities & Exchange Commission of Pakistan, 63, NIC Building, Jinnah Avenue,
Blue Area, Islamabad.
head Oftlce: Ltd F
PMMIER INSURANCE LIMITED CONDENSED INTEWM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025 | |||
March 31 | December 31 | ||
2£125 (Unaudited) | 2024 (Audited) | ||
Note | -------- (Rupees in '000) -------- | ||
ASSETS | |||
Property and equipment | 7 | 204,843 | 206,511 |
Intangib le assets | 8 | 352 | 380 |
Investment properties | 9 | 347,284 | 346,939 |
Inver tments | |||
| I0 | 876,305 | 878,299 |
- M uttJa1 fu dads | I0 | 64,006 | 62,444 |
Investment in assocJ ate | 3 I 2,22] | 31 2,221 | |
Loans and other receivables | 11 | 64,597 | 80,650 |
Insurance / reinsurance receivables | +z | 369,668 | 470,602 |
Reinsurance recoveries against outstanding claims | 19 | 208,660 | 207,465 |
Salv•s° recoveries accrued | 4,366 | 4,075 | |
Deferred commission expense | 20 | 19,033 | 18,707 |
Taxation - provision less payment | 24,236 | 23,972 | |
Deferred tax asset | 52,055 | 51,803 | |
Prcpaymcnts | 13 | 89,637 | 120,027 |
Cash and bank | 14 | 63,142 | 54,457 |
2,700,406 | 2,838,553 | ||
Total Assets of Window Takaful Operations - Operator's Fund | 15 | 193,901 | 167,117 |
TOTAL ASSETS | 2,894,307 | 3,005,670 | |
EQUITY AND LIABILITIES | |||
Capital and reserves attributable to Company's equity holders | |||
Ordinary share capital | 505,651 | 505,650 | |
Rcsc yes | 1,573,683 | 1,633,291 | |
Accumulated losses | (917,688) | (939,890) | |
TOTAL EQ UITY | 1,161,646 | 1,199,05 I | |
LIABILITIES | |||
Underwriting provisions Outstanding claims including IBNR | 19 | 510,051 | 490,710 |
Unearned premium reserves | 18 | 222,188 | 284,803 |
Unearned reinsurance commission | 20 | 18,195 | 26,133 |
Retirement benefit obligations | 6,043 | 5,975 | |
Lease liabilities | 1I ,117 | 11,696 | |
Insurance / reinsurance payables | 635,217 | 667,?4l | |
Other creditors and accruals | 16 | 229,879 | 233,908 |
Uncla inned dividends | 22,423 | 22,423 | |
TOTAL LIABILITIES | 1,655,113 | 1,743,389 | |
Total Liabilities of Window Takaful Operations - Operator's Fund | 77,548 | 63.229 | |
TOTAL EQUITY AND LIABILITIES | 2,894.207 | 3.005.670 | |
CONTINGENCIES AND COMMITMENTS | I7 | ||
The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements
hief Exec tive Otficer
Director Chief Financial Officer
PREMIER INSURANCE LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT {UN-AUDITED) FOR THE THREr. MONTHS PERIOD ENDED MARCH 31, 2025Note
Three months period ended March 31 March 31
2025 2024
(Rupees in '000)
Net insu nJ rice premi url 18
Net insurance claims 19
Net commission expense and other acquisition costs 20
Insurance cla inns and acquisition expenses
Mana gement expenses 21
Underwriting results
tnvestment income 22
Rental income
Other income 23
Other expenses 24
RUSH1IS 0t 0b brat ing a ctiviti es
I inan ce costs - lease liability
Share o1' (1oss) /' proti t trom associate
Profi t / (loss) before tax from Conventional Insurance Operations Proti t / (loss) before tax from Window Ta ka ful
Operations - Operator's Fund
Profit / (loss) before taxation & minimum tax differential
Minimum tax differential 25
Profit / (loss) before taxation
Taxation 26
Profit / (IOSS) after t u Xati 0n
Profit per share (basic and diluted) - Rupees 27
64,112
(34,732)
8,380
(26,352)
(32,235)
38,630
2,73 I
745
(1,223)
9,236
1,102
973
(521
5,525
40,883
46,4fi8
(661)
45,747
(23.023)
22,724
(774)
21,950
252
22,202
0.44
74,642
(31,275)
(8,057)
(39,332)
(29,704)
5,606
10.790
16,396
(126)
I 6,269
(20.835)
(4,566)
(2,131)
(6,697)
241
(6,456) (0.60J
The a nnexed notes from 1 to 33 form an integral part of these condensed interim financial statements
hie xecu ve Officer -
Director
Director
DirectorChief Financial Officer
PREMIER INSURANCE LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUBI TED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025Issued, subscribed add paGd-0y | Reserves | Total equity | |||||||
] Cagitel reserves | Revenue reserves | ||||||||
Resein'e for exceptional tosses | Devaluation reserve | Revaluafion Reserves -Available for sale investments of the Company and associate | Revaluation Reserves -Property and Equipment | Gcaerat reserve | Accumulated losses | Total reserves | |||
-- - -- - (Rupees in '000) ---- -- ----- -------------
Balance as at 0 I January 2024
(6,456) | (6,456) | (6,456 | ||||||
I 3,088 | 13,088 | 13,088 |
Total comprehensive loss for the period ended March 31, 2024
505,650
19,490
185
397,700
35,859
996,851 (1,008,339)
44t ,746 9A ,S 96
Loss for fire period ended 31 March 2024 Other comprehensive income for the peJ-rod Total comprehensive income for the period | 13,088 | - | (6.456) | 6,632 | 6,632 | ||||||
Balance as at March 31, 2024 (Un-audited) | 505,650 | t9,490 | 185 | 410,788 | 35,859 | 996,851 | (1.014.795) | 448,378 | 954,025 | ||
Balance as at January 0 I , 2025 | 505,650 | 19,490 | 185 | 580,906 | 35,859 | 996,85 I | (939,890) | C93,401 | 1,199,051 | ||
Total comprehensive Profit for the period ended March 3 I , 2025 | |||||||||||
Profit acer taxation Other comprehe»sive loss for the period | |||||||||||
Total comprehensive Profit / (loss ) for the period | (59,608) | - | 22,202 | f37,406) | (37.406) | ||||||
Balance as at March 3 I , 2025 (Un-audited) | 505,650 | 19,490 | 521,298 | 996,85 I | (917,688) | 655,995 | 1,161,645 | ||||
Z2,202 | 22,202 | 22,202 | ||||||
(59.608) | (59,G08) | (59,608) |
The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.
Chief Executive Officer
Director
Director
Chief E'in ancial OFficer
Page - 4
PREMIER INSURANCE LIMITED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025
Three months peri0d ended March 31 March 31
2025 2024
Note -------- (Rupees in '000) ----------
CASH FLOWS FROM OPERATING ACTIVITIESUnderwriting activities Insurance premium received Reinsura rice premium paid Claims paid
Reinsurance and other recoveries received Commission pa id
Commission received
O ther acquisition costs paid Management expenses paid
Net cash used in underwriting activities
Other operating activities Income tax paid
Other operating receipts / (payments) Loans advanced, deposits (paid) / received O them liabi|ities reversed
Net cash generated from / (used in) other operating activities Total cusb used in all operating activities
CASHFLOW FROM TNVFSTING ACTIVITIES
Profit / teturn received Rental received
Payment tor investments made Proceeds trom investments disposed Fixed capital expenditure incurred
Proceeds trom sale of property and equipment Net cash flows from investing activities
CASHFLOW FROM FINANCING ACTIVITIES
Finance cos+ paid Dividend pa id
Payment cf lease liability
(17,309)
136,942 | 106,357 |
(55,780) | (16,872) |
(33,204) | (54,651) |
39,141 | 12,849 |
(9,442) | (8,344) |
42,879 | 2,582 |
(3,677) | (4,833) |
f104,168) | (79 262) |
(786) | (999) |
I 1,303 | 17,279 |
22,748 | (5,644) |
(3,673 | 120 |
29,592
31,935 | 9,131 |
2,73 I | 1,102 |
(244,087) | |
212,037 | |
(302) | (70) |
300 |
12,283
(661) | (I2fi) |
(20) | |
(5,251) | (2,1fi6) |
2,314
(42,174)
10,756
(31,418)
10,463
Total cash used in financing activities | (5,912) | (2.252) | |
Net cash used in all activities | 8,685 | (23,207) | |
Cash and cash equivalents at beginning of the period | 54,457 | 39,063 | |
Cash and cash equivalents at end of the period | 14 | 63 142 | 15.856 |
PREMIER INSURANCE LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (tJNAUDITED) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023" Three months period ended
March 31 March 31 2025 2024Note -------- Rupees in '000 --------
Reconciliation to condensed interim profit and loss account | ||||
Operating cashflows | 12,283 | (3l,4t8) | ||
Depreciation and amortization expense | 21 | (1,998) | (1,477) | |
Finance costs | (661) | (126) | ||
Ga i n on sale of operating fixed assets | 23 | 256 | ||
Net rea lize0 ga i a on investments | 22 | 27,125 | ||
Rental income | 2,731 | I,102 | ||
Divide nd income | 22 | 12,323 | 9,243 | |
Other income | 23 | 745 | 717 | |
Share of loss from associate | ||||
Loss from Window Takaful Operations - Operator's Fund | 15 | (23,023) | (20,835) | |
Decrease in assets other than cash | (95,020) | (54,852) | ||
Increase in liabilities other than borrowings | 87,697 | 90,934 | ||
Gain on revaluation of investment property
Profit / (loss) after taxation
DeJ2nition of cash and cash equivalent
22 202
f6,456)
Cash and cash equivalent corrrprises cash in hand, stamps in hand, current and saving accounts and short-term deposits having maturing 3 months from the date of acquisition.
251
Cas h and cash equivalents for the purpose of the condensed interim statement of cash INows consists of: Cash and other eq uivalent
Stamps in hand
Current and other accounts Current accounts
PLS account
Total cash and casft equiyatent317
317
52,825
52,825
63,142
251
11,918
3,687
15,605
15,856
The annexed notes ftom 1 to 33 form an integral part of these condensed interim financial statements.
Chief Executive Officer
Director
Director Director
Chairman
Chief Financial Officer