CONTENTS
02 Company Information | 32 | |
Corporate Governance | ||
04 Report of the Directors to Members
33
06 Independent Auditors' Report
34
Financial Statements
35
07 Condensed Interim Statement of
Financial Position | 36 |
08 Condensed Interim Statement of
Profit and Loss | 37 |
09 Condensed Interim Statement of
Comprehensive Income | 39 |
- Condensed Interim Statement of Changes in Equity
- Condensed Interim Statement of
Cash Flows
13 Notes to the Condensed Interim Financial Statements
Independent Auditors' Report
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
Half Yearly Report June 2024 01
COMPANY INFORMATION
Board of Directors | Chief Executive Officer |
Mr. Nadeem Maqbool | |
Mr. Khalid Bashir | |
(Chairman) | Acting 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. Afzal Ur Rehman (Member)
Mrs. Humera Jawaid (Secretary)
Risk Management &
Compliance Committee
Mr. Nadeem Maqbool (Chairman)
Mr. Sharik Bashir (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. Afzal Ur Rehman (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
Half Yearly Report June 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 half year ended June 30, 2024.
Performance Review
Following is the overall performance of the Company.
Conventional | Takaful | |||||
June 30, | June 30, | June 30, | June 30, | |||
2024 | 2023 | 2024 | 2023 | |||
------------------------------- | (Rupees) ------------------------------- | |||||
Premium / contribution written | 99,203 | 118,769 | 108,082 | 81,578 | ||
Net Premium / contribution | 148,342 | 156,376 | 48,372 | 43,978 | ||
Underwriting Result | (29,637) | (34,364) | (277) | (9,182) | ||
Investment income / (Loss) | 33,130 | 26,594 | 1,495 | 176 | ||
PTF - Surplus / (Deficit) | 4,630 | (5,671) | ||||
(Loss) / Profit before taxation | (9,438) | (28,145) | ||||
(Loss) / Profit after taxation | (11,554) | (30,178) | - | |||
(Loss) / Profit per share | (0.23) | (0.60) | ||||
Conventional Business
Gross premium written during the half year ended 30 June 2024 was Rs. 99.203 million as compared to Rs. 118.77 million in the corresponding period. Net premium for the period was Rs. 148.342 million as compared to Rs. 156.376 million of the last year. Our net claims were Rs. 73.776 million as against Rs. 95.275 million of last year, dropped by 22.57%. Due to the substantial rise in the value of stocks, this year's impairment expense has been avoided. The reviewed period's investment income was Rs. 33.130 million, compared to the comparable period's Rs. 26.594 million.
Window Takaful Operation
Gross contribution written during the half year ended June 30, 2024 was Rs. 108.08 million as against Rs. 81.57 million. Net contribution for the period under review increased by Rs. 4.39 million as compared to the last year. Net claims were Rs. 47.73 million as compared to Rs. 51.91 million for the same period last year.
Future Outlook
Although the economic environment remains challenging, we are optimistic about the improving business outlook and believe your company is well-positioned to leverage upcoming opportunities. Our strategy continues to emphasize growth and profitability through enhanced operational efficiency and strategic resource management.
Our results for the first half of the year have shown improvement compared to the same period last year, and we are optimistic about continuing this positive trend in the second half of the year.
Acknowledgement
The directors would like to thank all our valued customers for their continued patronage and support, also would like to thank the Securities and Exchange Commission of Pakistan and State Bank of Pakistan for their guidance and assistance. It is a matter of deep gratification for your Directors to place on record their appreciation of the efforts made by all the Company employees.
On behalf of the Board
Chairman | CEO / Director | |
Karachi, Dated: August 26, 2024 | ||
04 | Premier Insurance Limited |
Half Yearly Report June 2024 | 05 |
06 Premier Insurance Limited
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2024 | June 30 | December 31 | ||
Note | 2024 | 2023 | ||
(Unaudited) | (Audited) | |||
ASSETS | --------- Rupees in '000 --------- | |||
Property and equipment | 7 | 196,384 | 196,594 | |
Intangible assets | 9 | 462 | 543 | |
Investment properties | 9 | 347,951 | 346,758 | |
Investments | ||||
- Equity securities | 10 | 696,729 | 618,023 | |
- Mutual funds | 10 | 89,239 | 83,542 | |
Investment in associate | 259,222 | 259,222 | ||
Loans and other receivables | 11 | 41,243 | 24,852 | |
Insurance / reinsurance receivables | 12 | 335,756 | 477,430 | |
Reinsurance recoveries against outstanding claims | 19 | 254,385 | 276,075 | |
Salvage recoveries accrued | 5,254 | 1,397 | ||
Deferred commission expense | 20 | 12,388 | 21,517 | |
Taxation - provision less payment | 22,202 | 19,478 | ||
Deferred tax asset | 51,223 | 50,746 | ||
Prepayments | 13 | 36,418 | 81,282 | |
Cash and bank | 14 | 4,272 | 39,063 | |
2,353,128 | 2,496,522 | |||
Total Assets of Window Takaful Operations - Operator's Fund | 15 | 132,447 | 119,339 | |
TOTAL ASSETS | 2,485,575 | 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
1,521,119
(1,019,895)
1,006,874
570,087
130,607
6,759
6,419
5,797
444,745
240,575
22,423
1,427,412
51,289
2,485,575
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 1 to 33 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chairman | Director | Director | Chief Financial Officer |
Half Yearly Report June 2024 07
CONDENSED INTERIM STATEMENT OF
PROFIT AND LOSS ACCOUNT (unaudited)
FOR THE QUARTER & HALF YEAR ENDED JUNE 30, 2024
Quarter ended | Half year ended | ||||
June 30 | June 30 | June 30 | June 30 | ||
2024 | 2023 | 2024 | 2023 | ||
Note ---------------------------------- | (Rupees in '000) ---------------------------------- |
Net insurance premium | 18 | 73,700 | |
Net insurance claims | 19 | (42,501) | |
Net commission expense and | |||
other acquisition costs | 20 | (8,182) | |
Insurance claims and acquisition | |||
expenses | (50,683) | ||
Management expenses | 21 | (58,261) | |
Underwriting results | (35,244) | ||
Investment income | 22 | ||
23,894 | |||
Rental income | 1,087 | ||
Revaluation gain on investment | |||
property | 1,193 | ||
Other income | 23 | 2,653 | |
Other expenses | 24 | (1,305) | |
Results of operating activities | 27,522 | ||
(7,722) | |||
Finance costs - lease liability | (197) | ||
(loss) / Profit before tax from | |||
Conventional Insurance Operations | (7,919) | ||
Loss before tax from Window Takaful | |||
Operations - Operator's Fund | 3,045 | ||
Loss before taxation & minimum | |||
tax differential | (4,874) | ||
Minimum tax differential | 25 | (461) | |
Loss before taxation | (5,335) | ||
Taxation | 26 | 235 | |
Loss after taxation | |||
(5,100) | |||
Loss per share (basic and diluted) | 27 | (0.10) | |
76,277
(51,510)
(4,745)
(56,255)
(40,074)
(20,052)
19,745
1,271
-
3,022
(1,023)
23,015
2,963
(154)
2,809
(14,495)
(11,686)
(1,249)
(12,935)
(1)
(12,936)
(0.26)
148,342
(73,776)
(16,239)
(90,015)
(87,965)
(29,638)
33,130
2,188
1,193
3,626
(1,826)
38,311
8,673
(323)
8,350
(17,790)
(9,440)
(2,592)
(12,032)
476
(11,556)
(0.23)
156,376
(95,274)
(10,479)
(105,753)
(84,988)
(34,365)
26,594
2,542
-
4,418
(2,143)
31,411
(2,954)
(346)
(3,300)
(24,845)
(28,145)
(2,504)
(30,649)
471
(30,178)
(0.60)
The annexed notes 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 |
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME (unaudited)
FOR THE QUARTER & HALF YEAR ENDED JUNE 30, 2024
Quarter ended | Half year ended | ||||||||
June 30 | June 30 | June 30 | June 30 | ||||||
2024 | 2023 | 2024 | 2023 | ||||||
Note | ---------------------------------- | (Rupees in '000) ---------------------------------- | |||||||
Loss after taxation | (5,100) | (12,936) | (11,556) | (30,178) | |||||
Other comprehensive income / (loss) : | |||||||||
Items that may be reclassified | |||||||||
subsequently to profit & loss account | |||||||||
Unrealized income / (loss) on | |||||||||
available-for-sale | 30 | 57,946 | 10,112 | 71,034 | (78,570) | ||||
investments during the period | |||||||||
57,946 | 10,112 | 71,034 | (78,570) | ||||||
Total comprehensive Income / | |||||||||
(loss) for the period | 52,846 | (2,824) | 59,478 | (108,748) | |||||
The annexed notes 1 to 33 form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chairman | Director | Director | Chief Financial Officer |
Half Yearly Report June 2024 09
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