Financial Results for the Quarter Ended 30-09-2025

1)

Cash Dividend:

Nil

2}

3)

Bonua Shares:

Nit

Nil

4)

Aay Otber E.atitlezaeat:

Nil

Assets

Property and equipment

5

3,527

5,363

Intangible assets

6

28,569

31,335

Investments

Government securities

7

251,611

243,996

Mutual funds

8

27,684

189

Term deposits receipts

9

101,640

85,000

Insurance / reinsurance receivables

127,827

68,268

Other loans and receivables

65,093

52,841

Taxation - payments less provision

51,205

52,536

Prepayments

880

5,074

Cash & bank

10

800,731

702,133

Total Assets

1,458,767

1,246,735

Equity and Liabilities

Capital and reserves attributable to Company's equity holders

Authorized share capital

240,000,000 ordinary shares (2024: 240,000,000) of Rs. 10 each

2,400,000

2,400,000

Ordinary share capital

11

2,245,000

2,245,000

Contribution from sponsors

410,000

300,859

Accumulated losses of other than participating business

(2,735,271)

(2,555,545)

Unappropriated profit

321,934

301,329

Total Equity

241,663

291,643

Liabilities

Insurance liabilities

12

458,666

343,979

Premium received in advance

3,117

6,356

Insurance / reinsurance payables

276,113

240,631

Other creditors and accruals

13

479,208

364,126

Total Liabilities

1,217,104

955,092

Total Equity and Liabilities

1,458,767

1,246,735

Contingencies and commitments

14

Gross premium revenue

399,369

388,805

114,594

68,042

Premium ceded to reinsurers

(78,165)

(59,188)

(23,260)

(13,331)

Net premium revenue

321,204

329,617

91,334

54,710

Investment income

33,225

52,675

11,142

33,834

Net fair value gain on financial assets

at fair value through profit or loss

495

916

532

-

Other income

10,381

16

3,018

(23,049)

44,101

53,607

14,692

10,785

Net income

365,305

383,224

106,026

65,495

Insurance benefits

112,067

134,972

46,878

44,908

Reinsurance recoveries

(36,478)

(74,904)

(21,617)

(19,480)

Net insurance benefits

75,589

60,069

25,261

25,428

Net change in insurance liabilities

(other than oustanding claims)

91,106

74,076

8,154

11,158

Acquisition expenses

128,924

74,453

48,994

21,080

Marketing and administration expenses

218,111

284,375

81,484

67,673

Other expenses

(3,758)

76,012

1,945

14,519

Total expenses

434,383

508,916

140,577

114,431

Results of operating activities

(144,667)

(185,761)

(59,812)

(74,363)

Financial charges

(6,038)

(7,056)

(88)

(223)

Loss before tax

(150,705)

(192,817)

(59,900)

(74,585)

Income tax expense

(8,416)

(418)

(2,400)

1,079

Loss for the period

(159,121)

(193,235)

(62,300)

(73,507)

Other comprehensive income

-

-

-

-

Total comprehensive loss for the period

(159,121)

(193,235)

(62,300)

(73,507)

Loss per share - basic and diluted

(0.71)

(0.86)

(0.28)

(0.33)

(a) Underwriting activities

Insurance premium received

336,569

380,918

Reinsurance premium paid

(3,717)

(0)

Claims paid

(83,028)

(91,049)

Surrenders paid

(7,323)

(4,542)

Commission paid

(57,849)

(39,344)

Marketing and administrative expenses paid

(166,098)

(377,912)

Net cash used in underwriting activities

18,554

(131,929)

(b) Other operating activities

Income tax paid

(7,085)

(5,057)

Other operating receipts

(6,790)

30,910

Net cash generated from other operating activities

(13,875)

25,853

Total cash (used in) / generated from all operating activities

4,679

(106,076)

Investment activities

Profit/ return received

37,174

20,593

Purchase of investments

(50,832)

(170,167)

Proceeds from sale of investments

-

85,433

Capital expenditure - net

(100)

(194)

Proceeds from sale of property and equipment

-

16

Total generated from investing activities

(13,758)

(64,319)

Financing activities

Repayment of lease liabilities

(1,463)

(1,624)

Funds received from sponsor

120,000

140,000

Repayment of loan from sponsors

(10,860)

-

Advance against right shares

-

53,040

Total cash generated from financing activities

107,677

191,416

Net cash generated from all activities

98,598

21,020

Cash and cash equivalents at beginning of period

702,133

559,050

Cash and cash equivalents at end of period

800,731

580,070

Reconciliation to Profit and Loss Account

Operating cash flows

4,679

(106,076)

Depreciation / amortization expense

(4,700)

(6,354)

Amortization of lease liability

(318)

(763)

Profit on disposal of investment

-

1,711

Gain / (loss) on disposal of property and equipment

-

16

Dividend and other investment income / (loss)

44,101

51,880

Increase / (decrease) in assets other than cash

57,865

43,690

Increase in liabilities other than borrowings

(260,748)

(177,340)

Loss after taxation

(159,121)

(193,236)

Attributable to equity holders of the Company

Accumulated

losses of

Share

Contribution from

Unappropriated

other than

participating

Advance against

Capital

sponsors

profit

business

right issue Total

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

Balance as at January 1, 2024

At beginning of period

2,090,000

-

397,651

(2,311,656)

75,000

250,995

Advance against right shares received during the period

-

-

-

-

90,000

90,000

Right shares issued

75,000

-

-

-

(75,000)

-

Fair value of the consideration effectively transferred in the Scheme of merger

80,000

80,000

Total comprehensive loss for the period

Loss for the period

-

-

(193,235)

-

-

(193,235)

Other comprehensive income

-

-

-

-

-

-

-

-

(193,235)

-

-

(193,235)

Loan from sponsor transferred on merger

46,096

46,096

Deficit retained in statutory funds

143,230

(143,230)

-

Fund received from sponsor - net

93,904

(90,000)

3,904

Balance as at September 30, 2024

2,245,000

140,000

347,646

(2,454,886)

-

277,760

Balance as at January 1, 2025

At beginning of period

2,245,000

300,859

301,329

(2,555,545)

-

291,643

Loan from sponsor during the period

-

120,000

-

-

-

120,000

Written off loan from sponsor during the period

-

(10,859)

-

-

-

(10,859)

Total comprehensive loss for the period

Loss for the period

-

(159,121)

-

-

(159,121)

Other comprehensive income

-

-

-

-

-

-

-

(159,121)

-

-

(159,121)

Deficit retained in statutory funds

179,726

(179,726)

-

Balance as at September 30, 2025

2,245,000

410,000

321,934

(2,735,271)

-

241,663

Assets

(Rupees in '000)

Property and equipment

Intangible assets

-

-

-

-

-

-

-

-

Investments

Government securities

-

37,846

37,846

14,608

Mutual funds

-

27,459

27,459

-

Term deposits receipts

-

-

-

-

Takaful / retakaful receivables

-

49,208

49,208

42,051

Other loans and receivables

34,170

142,487

176,657

156,053

Taxation

151

494

645

596

Prepayments

-

-

-

-

Cash and Bank balances

5

84,628

37,135

121,763

108,279

Total Assets

118,949

294,629

413,577

321,587

Equity and Liabilities

Capital Contribution from shareholders' Fund

58,500

-

58,500

47,500

Qard-e-Hasna to Participant Takaful Fund

(28,800)

-

(28,800)

(28,800)

Qard-e-Hasna from Operators' Sub Fund

-

28,800

28,800

28,800

Cede money

501

-

501

501

Unappropriated surplus / (deficit)

64,082

-

64,082

59,450

Total Equity

94,283

28,800

123,083

107,451

Liabilities

Takaful Liabilities

6

6,464

183,825

190,289

127,485

Contribution received in advance

-

241

241

627

Takaful / retakaful payables

-

478

478

-

Other creditors and accruals

18,202

81,284

99,487

86,023

Total Liabilities

24,666

265,829

290,495

214,135

Total Equity and Liabilities

118,949

294,629

413,578

321,587

Contingencies and commitments

-

-4,316

-

-1,900

24,486

57,723

(4,293)

(28,796)

-

-

Contribution Revenue

7

-

-

142,485

160,006

142,485

160,006

Contribution ceded to retakaful

-

-

(7,253)

(10,347)

(7,253)

(10,347)

Net contribution revenue

-

-

135,232

149,660

135,232

149,660

Takaful Operator Fee

32,280

27,271

(32,280)

(27,271)

Mudharib Fee

1,218

-

(1,218)

-

Investment income

19

34.73

4,297

1,865

33,517

27,305

(29,201)

(25,406)

4,316

1,900

Net income

33,517

27,305

106,031

124,254

139,548

151,559

Takaful benefits

8

-

-

24,486

57,723

Recoveries from retakaful

-

-

(4,293)

(28,796)

Reversal of claims

-

-

-

-

Net takaful benefits

-

-

20,193

28,927

20,193

28,927

Net change in takaful liabilities

10

223

(5,878)

67,115

54,591

Acquisition expenses

23,044

24,628

-

-

Marketing and administration expenses

5,618

5,620

18,723

40,736

Total Expenses

28,885

24,370

85,838

95,327

114,723

119,697

Results of operating activities

4,631

2,935

-

-

4,631

2,935

Profit before tax

4,631

2,935

-

-

4,631

2,935

Income tax expense

-

-

-

-

-

-

Profit for the period

4,631

2,935

-

-

4,631

2,935

67,338

23,044

24,341

48,714

24,628

46,356

2025

2024

Operating Cash flows

(Rupees in '000)

(a) Takaful activities

Takaful contribution received

134,942

184,699

Reinsurance premium paid

-

(0)

Claims paid

(31,502)

(23,734)

Surrenders paid

-

-

Reinsurance and other recoveries received

-

-

Commission paid

(34,167)

(17,789)

Marketing and administrative expenses paid

(7,679)

(72,928)

Net cash flow from underwriting activities

61,594

70,248

(b) Other operating activities

Income tax paid

(50)

(69)

Other operating (payments) / receipts

(8,551)

(31,600)

Net cash flow from other operating activities

(8,600)

(31,670)

Total cash flow from all operating activities

52,994

38,579

Investment activities

Profit / return received

322

433

Payments for investments

(50,832)

(24,540)

Proceeds from disposal of investments

-

10,044

Total cash flow from investing activities

(50,509)

(14,063)

Financing activities

Capital contributed from shareholder's fund 11,000

22,000

Total cash flow from financing activities 11,000

22,000

Net cash flow from all activities 13,484

46,516

Cash and cash equivalents at beginning of period 108,279

1,361

Cash and cash equivalents at end of period 121,763

47,877

Reconciliation to Profit and Loss Account

Operating cash flows 52,994

38,579

Dividend and other investment income 4,316

1,900

(Decrease) / increase in assets other than cash 23,682

61,964

Decrease / (increase) in liabilities other than borrowings (76,360)

(99,507)

Profit after taxation 4,631

2,935

The annexed notes from 1 to 12 form an integral part of these condensed financial information.

Money ceded to Waqf Fund

Capital Contributed from Shareholder Fund

Ledger D Account

Total

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

Balance as at January 1, 2024

At beginning of period

501

31,500

57,681

89,682

Total comprehensive income for the period

Profit for the period after tax

-

-

2,935

2,935

Other comprehensive income

-

-

2,935

2,935

Capital contribution from shareholders' fund

-

22,000

-

22,000

Balance as at September 30, 2024

501

53,500

60,616

114,617

Balance as at January 1, 2025

At beginning of period

501

47,500

59,450

107,451

Total comprehensive income for the period

Profit for the period after tax

-

-

4,631

4,631

Other comprehensive income

-

-

4,631

4,631

Capital contribution from shareholders' fund

-

11,000

-

11,000

Balance as at September 30, 2025

501

58,500

64,081

123,082