Askari General Insurance : Transmission of Quarterly Report for the Period Ended 30 September, 2023

Third Quarter Report 2023

CONTENTS

03 Vision & Mission

06 Corporate Information

UNCONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION 08 Directors' Report on Unconsolidated Interim Financial Information

1. Directors' Report on Unconsolidated Interim Financial Information - Urdu
2. Unconsolidated Condensed Interim Statement of Financial Position (Unaudited)

1. Unconsolidated Condensed Interim Statement of Comprehensive Income (Unaudited)
2. Unconsolidated Condensed Statement of Cash Flows (Unaudited)

1. Unconsolidated Condensed Interim Statement of Changes in Equity (Unaudited)
2. Notes to and forming part of the Unconsolidated Condensed Interim Financial Statements (Unaudited)

CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION

1. Directors' Report on Consolidated Interim Financial Information
2. Directors' Report on Consolidated Interim Financial Information - Urdu
3. Consolidated Condensed Interim Statement of Financial Position (Unaudited)

1. Consolidated Condensed Interim Statement of Comprehensive Income (Unaudited)
2. Consolidated Condensed Statement of Cash Flows (Unaudited)

1. Consolidated Condensed Interim Statement of Changes in Equity (Unaudited)
2. Notes to and forming part of the Consolidated Condensed Interim Financial Statements (Unaudited)

CONDENSED INTERIM FINANCIAL INFORMATION - WINDOW TAKAFUL OPERATIONS 56 Condensed Interim Statement of Financial Position (Unaudited)

1. Condensed Interim Statement of Comprehensive Income (Unaudited)
2. Condensed Interim Statement of Changes in Fund (Unaudited)
3. Condensed Interim Statement of Cash Flows (Unaudited)

62 Notes to and forming part of the Condensed Interim Financial Statements (Unaudited)

VISION

The vision of askari general insurance company limited (agico) is to be amongst the leading insurance companies of the country with the clear perception of upholding the principles of corporate governance and making agico a profitable and growth oriented insurance company while creating insurance awareness and culture.

MISSION

To become a leading insurance company by providing client friendly services through highly motivated team of dedicated professionals and ensuring progressive return to the shareholders.

Corporate

INFORMATION

Third Quarterly Report 2023

Board of Directors

Lt Gen Naveed Mukhtar (Retd)

Chairman

AVM Mohammad Athar Shams (Retd)

Member

Mr. Rizwan Ullah Khan

Member

Brig Mukhtar Ahmed (Retd)

Member

Mr. Malik Riffat Mahmood

Member

Mr. M. Munir Malik

Member

Mr. Imran Iqbal

Member

Ms. Saima Akbar Khattak

Member

President & Chief Executive Officer

Mr. Abdul Waheed

Chief Financial Officer

Mr. Suleman Khalid

Company Secretary

Mr. Waqas Ali

Head of Internal Audit

Mr. Ali Noor

Executive, Risk Management & Compliance Committee

AVM Mohammad Athar Shams (Retd)

Chairman

Mr. Rizwan Ullah Khan

Member

Brig Mukhtar Ahmed (Retd)

Member

Mr. Abdul Waheed

Member

Audit Committee

Mr. M. Munir Malik

Chairman

Mr. Malik Riffat Mahmood

Member

Brig Mukhtar Ahmed (Retd)

Member

Ethics, Human Resource and Remuneration Committee

Mr. Imran Iqbal

Chairman

Brig Mukhtar Ahmed (Retd)

Member

Mr. Abdul Waheed

Member

Underwriting, Reinsurance & Coinsurance Committee

AVM Mohammad Athar Shams (Retd)

Chairman

Mr. Zaheer Abbas

Member

Mr. Shahzad Ameer

Member

Mr. Shahzad Munir

Member

Claims Settlement Committee

Mr. Malik Riffat Mahmood

Chairman

Mr. Abdul Waheed

Member

Mr. M. Qasim

Member

Mr. Nadeem Ahmad

Member

Investment Committee

Mr. Malik Riffat Mahmood

Chairman

Mr. M. Munir Malik

Member

Mr. Abdul Waheed

Member

Mr. Suleman Khalid

Member

Mr. Shahid Qayyum

Member

External Auditors

Yousuf Adil

Chartered Accountants

Islamabad

Shariah Compliance Auditors

S.M. Suhail & Co.

Chartered Accountants

Islamabad

Shariah Advisor

Mufti Ehsan Waquar

Legal Advisors

Hassan Kaunain Nafees

Bankers

Askari Bank Limited

Askari Islamic Bank Limited

Habib Bank Limited

The Bank of Punjab

Bank Alfalah Limited

Summit Bank Limited

NRSP Microfinance Bank Limited

Silk Bank Limited

Faysal Bank Limited

Bank Al Habib Limited

Meezan Bank Limited

Finca Microfinance Bank Limited

Zarai Taraqiati Bank Limited

Samba Bank Limited

U Microfinance Bank Limited

JS Bank Limited

The Bank of Khyber

Allied Bank Limited

Al Baraka Bank Limited

Punjab Provincial Cooperative Bank Limited

Bank of Azad Jamu & Kashmir

Registrar & Share Transfer Office

THK Associates (Private) Limited

32-C, Jami Commercial Street # 2,

DHA Phase 7, Karachi 75400, Pakistan.

PABX: [phone]

Direct: [phone]

Fax: [phone]

Registered Office/Head Office 3rd Floor, AWT Plaza, The Mall, Rawalpindi, Pakistan

Ph: [phone]

Fax: [phone]

Email: [e-mail]

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ASKARI GENERAL INSURANCE CO. LTD

UNCONSOLIDATED CONDENSED

INTERIM FINANCIAL INFORMATION

FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2023

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DIRECTORS' REPORT

On Unconsolidated Interim Financial Information

For the nine months period ended September 30, 2023

Third Quarterly Report 2023

The Board of Directors are pleased to present the un-audited condensed interim financial information of askari general insurance company limited (the Company) for the nine months period ended September 30th, 2023.

A comparison of Key Performance Indicators (KPIs) is as follows;

	30th September
	2023	2022
	(Rupees in Thousands)
Gross premium written	4,241,243	3,127,139
(Inclusive of Takaful
Contribution)
Net premium revenue
1,938,662	1,861,846
Underwriting profit
77,332	144,619
Investment and other
343,003	262,752
income
Profit before tax
464,882	430,327
Profit after tax
259,882	272,844
Earnings per share (Rs.)
3.61	3.79

In comparison with the corresponding period, there was an increase in Gross premium written of 36%. However, a 46% decline in Underwriting profit was experienced due to rising inflation and increased claims, impacting profitability. On the other hand, Investment and other income increased by 31%, primarily due to increase in the policy rate to 22%. Profit before tax increased by 8%, while Profit after tax and Earnings per share (EPS) decreased by 5% owing to incorporation of 6% additional super tax in the current and retrospectively on previous period as per finance bill 2023-2024.

Window Takaful Operations

Gross premium written includes Takaful contribution of Rs. 496.88 million in the period ended 30th, September 2023, while the same was Rs. 329.72 million in the similar period of 2022. Profit before tax contains Rs. 68.1 million profits before tax of window Takaful operations in the period ended 30th September 2023, while the same was Rs. 45.1 million in the similar period of 2022.

Future outlook

Pakistan is undergoing challenging economic circumstances. A vigilant approach would be adopted to cater the business risks. We strive to maintain a balance between growth and profitability.

Acknowledgements

We would like to take this opportunity to thank our Regulators, the Insurance Association of Pakistan, for their continued support, and our valued reinsurers and other stakeholders for their trust and confidence in us.

For and on Behalf of the Board

Abdul Waheed	Lt Gen Naveed Mukhtar (Retd)
President & Chief Executive	Chairman - Board of Directors

Rawalpindi

October 25, 2023

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