CONTENTS
02 Company Information Corporate Governance
04 | Report of the Directors to Members | 32 |
Financial Statements | 33 | |
07 | Condensed Interim Statement of | 34 |
Financial Position | ||
08 | Condensed Interim Statement of | 35 |
Profit and Loss | ||
09 | Condensed Interim Statement of | 36 |
Comprehensive Income | ||
10 | Condensed Interim Statement of | 37 |
Changes in Equity |
11 Condensed Interim Statement of
Cash Flows
13 Notes to the Condensed Interim Financial Statements
Financial Statement
(Window Takaful)
Condensed Interim Statement of Financial Position Condensed Interim Statement of Profit and Loss
Condensed Interim Statement of Comprehensive Income Condensed Interim Statement of Changes in Fund Condensed Interim Statement of Cash Flows
Notes to the Condensed Interim Financial Statements
Quarterly Report September 2024 01
COMPANY INFORMATION
Board of Directors | Chief Executive Officer |
Mr. Nadeem Maqbool | |
Mr. Khalid Bashir | |
(Chairman) | Chief Financial Officer |
Mr. Imran Maqbool | Mr. Farhan Ali |
Mr. Ahsan Bashir | |
Mr. Attaullah A. Rasheed | Company Secretary |
Mr. Sharik Bashir | Mr. Fariq Mahmood Khan Rohilla |
Mr. Salman Rafi | |
Mrs.Rukhsana Saleem | |
Audit Committee | Ethics, Human Resource, |
Remuneration & Nomination | |
Mrs.Rukhsana Saleem | Committee |
(Chairman) | |
Mr. Imran Maqbool | Mr. Salman Rafi |
(Member) | (Chairman) |
Mr. Ahsan Bashir | Mr. Sharik Bashir |
(Member) | (Member) |
Mr. Rao Ali Zeeshan | Mr. Nadeem Maqbool |
(Secretary) | (Member) |
Mrs. Rukhsana Saleem | |
(Member) | |
Mrs. Niina Afridi | |
(Secretary) | |
Investment Committee | Claim Settlement |
Committee | |
Mr. Ahsan Bashir | |
(Chairman) | Mr. Imran Maqbool |
Mr. Nadeem Maqbool | (Chairman) |
(Member) | Mr. Nadeem Maqbool |
Mr. Imran Maqbool | (Member) |
(Member) | Mr. Ahsan Bashir |
Mr. Attaullah A. Rasheed | (Member) |
(Member) | Mr. Hasan Mustafa |
Mr. Farhan Ali | (Secretary) |
(Secretary) |
02 Premier Insurance Limited
COMPANY INFORMATION
Underwriting Committee
Mr. Attaullah A. Rasheed (Chairman)
Mr. M.K.Baig (Member)
Mr. Ali Asgher Bhojani (Member/Secretary)
Risk Management &
Compliance Committee
Mr. Nadeem Maqbool (Chairman)
Mr. Sharik Bashir (Member)
Mr. Farhan Ali (Member)
Mrs. Niina Afridi (Secretary)
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.
P : (21) 34380101-2
F : (21) 34380106
E : www.famcosrs.com
Reinsurance & Co-Insurance Committee
Mr. Sharik Bashir (Chairman)
Mr. Ali Asgher Bhojani (Member)
Mr. Ali Muhammad (Secretary)
Auditors
BDO Ibrahim & Co, Chartered Accountants.
Legal Advisors
Arfin & Company Advocates
Registered & Head Office
5th Floor, State Life Building No.2A Wallace Road, Karachi-74000, Pakistan.
P : (21) 32416331-4
F : (21) 32416572
E : info@pil.com.pk
W : www.pil.com.pk
Quarterly Report September 2024 03
REPORT OF THE DIRECTORS TO MEMBERS
The Directors are pleased to present the unaudited condensed interim financial statements of the Company for the nine months period ended September 30, 2024.
Performance Review
The Company continues its efforts at consolidation and bringing about efficiencies in management and operating activities. We are increasingly focused on writing better risks and also increase our risk profile. A brief synopsis of the results is given below:
Conventional | Takaful | |||||
September 30, | September 30, | September 30, | September 30, | |||
2024 | 2023 | 2024 | 2023 | |||
------------------------------- | Rupees in '000 ------------------------------- | |||||
Premium / contribution written | 386,933 | 432,562 | 181,951 | 148,857 | ||
Net Premium / contribution * | 211,947 | 235,174 | 73,884 | 66,967 | ||
Underwriting Result | (102,548) | (58,810) | 4,221 | (10,021) | ||
Investment income / (Loss) | 133,868 | 31,535 | 1,626 | 319 | ||
Profit / (Loss) before taxation | 27,488 | (31,439) | 10,836 | (4,550) | ||
Profit / (Loss) after taxation | 21,047 | (38,301) | - | - | ||
Earning (Loss) / per share | 0.42 | (0.76) | ||||
* net of wakala |
On the Conventional side, gross premium written during the nine months period ended September 30, 2024 was Rs. 386.93 million as compared to Rs. 432.56 million in the corresponding period. Net premium for the period under review was Rs. 211.95 million as compared to Rs. 235.17 million of the previous year. Our net claims for the period were Rs.112.87 million as against Rs. 122.53 million of the previous year.
In Takaful gross contribution written during the nine months period ended September 30, 2024 was Rs. 181.95 million as against Rs. 148.86 million of the same period last year. Net contribution increase by Rs. 6.92 million as compared to the last year. Net claims for the period were Rs.68.32 million as against Rs. 76.95 million of the previous year.
The equities markets performed well during the period under review and our investment income showed a healthy Rs. 133.86 million as compared to Rs. 31.53 million in the corresponding period.
Future Outlook
Although challenges remain, we feel that the Company is now poised for growth as the management continues its marketing efforts to gain market share. We are confident that as and when the economy rebounds, Premier will be in a position to take advantage. Our organization remains committed to capitalize on new opportunities with excellent Treaties from some of the best reinsurers in the world. Our ongoing goals focus on enhancing revenue and profitability through strategic restructuring and cost reduction initiatives. Efforts to restructure the portfolio by phasing out unprofitable customers continue, alongside increased attention to bolstering profitable sectors such as automotive and marine and we hope upward trend will continue in the remaining months of the year. We remain hopeful to improve our results translating into better value for our stakeholders.
04 Premier Insurance Limited
REPORT OF THE DIRECTORS TO MEMBERS
Acknowledgement
The directors would like to thank all our valued customers for their continued patronage and support as well as our reinsurance partners. We would also express our appreciation to the Securities and Exchange Commission of Pakistan for their guidance and support. The Board appreciates all the employees for their continued dedication in helping us achieve our goals.
On behalf of the Board
Chairman | CEO / Director |
Karachi,
Dated: October 25, 2024
Quarterly Report September 2024 05
06 | Premier Insurance Limited |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024 | September 30 | December 31 | |||
Note | 2024 | 2023 | |||
(Unaudited) | (Audited) | ||||
ASSETS | --------- Rupees in '000 --------- | ||||
Property and equipment | 7 | 207,776 | 196,594 | ||
Intangible assets | 8 | 421 | 543 | ||
Investment properties | 9 | 347,951 | 346,758 | ||
Investments | |||||
- Equity securities | 10 | 701,098 | 618,023 | ||
- Mutual funds | 10 | 60,111 | 83,542 | ||
Investment in associate | 297,347 | 259,222 | |||
Loans and other receivables | 11 | 43,682 | 24,852 | ||
Insurance / reinsurance receivables | 12 | 533,228 | 477,430 | ||
Reinsurance recoveries against outstanding claims | 19 | 248,835 | 276,075 | ||
Salvage recoveries accrued | 4,029 | 1,397 | |||
Deferred commission expense | 20 | 14,308 | 21,517 | ||
Taxation - provision less payment | 19,364 | 19,478 | |||
Deferred tax asset | 51,416 | 50,746 | |||
Prepayments | 13 | 143,788 | 81,282 | ||
Cash and bank | 14 | 48,148 | 39,063 | ||
2,721,502 | 2,496,522 | ||||
Total Assets of Window Takaful Operations - Operator's Fund | 15 | 153,508 | 119,339 | ||
TOTAL ASSETS | 2,875,010 | 2,615,861 | |||
EQUITY AND LIABILITIES
Capital and reserves attributable to Company's equity holders Ordinary share capital
Reserves
Accumulated losses
TOTAL EQUITY
LIABILITIES | |
Underwriting provisions | |
Outstanding claims including IBNR | 19 |
Unearned premium reserves | 18 |
Unearned reinsurance commission | 20 |
Retirement benefit obligations | |
Lease liabilities | |
Insurance / reinsurance payables | |
Other creditors and accruals | 16 |
Unclaimed dividends | |
TOTAL LIABILITIES | |
Total Liabilities of Window Takaful Operations - Operator's Fund | |
TOTAL EQUITY AND LIABILITIES | |
CONTINGENCIES AND COMMITMENTS | 17 |
505,650
1,477,815
(987,292)
996,173
552,543
293,092
28,680
5,749
12,245
662,315
242,218
22,423
1,819,265
59,572
2,875,010
505,650
1,450,085
(1,008,339)
947,396
607,489
273,246
12,738
6,935
3,954
469,773
225,724
22,443
1,622,302
46,163
2,615,861
The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chairman | Director | Director | Chief Financial Officer |
Quarterly Report September 2024 07
CONDENSED INTERIM STATEMENT OF
PROFIT AND LOSS ACCOUNT (unaudited)
FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2024
Quarter ended | Nine months period ended | ||||
September 30 | September 30 | September 30 | September 30 | ||
2024 | 2023 | 2024 | 2023 | ||
Note ---------------------------------- | (Rupees in '000) ---------------------------------- |
Net insurance premium | 18 | 63,605 | |
Net insurance claims | 19 | (39,102) | |
Net commission expense and | |||
other acquisition costs | 20 | 263 | |
Insurance claims and acquisition | |||
expenses | (38,839) | ||
Management expenses | 21 | (97,676) | |
Underwriting results | (72,910) | ||
Investment income | 22 | 100,738 | |
Rental income | 1,087 | ||
Revaluation gain on investment | |||
property | - | ||
Other income | 23 | 9,950 | |
Other expenses | 24 | (1,636) | |
Results of operating activities | 110,139 | ||
37,229 | |||
Finance costs - lease liability | (426) | ||
Share of (loss) / profit from associate | (786) | ||
Profit / (loss) before tax from | |||
Conventional Insurance Operations | 36,017 | ||
Profit / (loss) before tax from | |||
Window Takaful | |||
Operations - Operator's Fund | 911 | ||
Profit / (loss) before taxation & minimum | |||
tax differential | 36,928 | ||
Minimum tax differential | 25 | (4,519) | |
Profit / (loss) before taxation | 32,409 | ||
Taxation | 26 | 194 | |
Profit / (loss) after taxation | |||
32,603 | |||
Profit per share | |||
(basic and diluted) - Rupees | 27 | 0.64 | |
78,798
(27,255)
(4,175)
(31,430)
(71,813)
(24,445)
4,941
1,131
-
1,556
(1,050)
6,578
(17,867)
(145)
(319)
(18,331)
15,036
(3,295)
(4,764)
(8,059)
(65)
(8,124)
(0.16)
211,947
(112,878)
(15,976)
(128,854)
(185,641)
(102,548)
133,868
3,275
1,193
13,576
(3,462)
148,450
45,902
(749)
(786)
44,367
(16,879)
27,488
(7,111)
20,377
670
21,047
0.42
235,174
(122,529)
(14,654)
(137,183)
(156,801)
(58,810)
31,535
3,673
-
5,974
(3,193)
37,989
(20,821)
(491)
(319)
(21,630)
(9,809)
(31,439)
(7,268)
(38,707)
406
(38,301)
(0.60)
The annexed notes from 1 to 33 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chairman | Director | Director | Chief Financial Officer | |
08 | Premier Insurance Limited |
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