Pakistan General Insurance : Transmission of Quarterly Report for the Period Ended September 30, 2022

Quarterly Report

For the Period Ended

September 30, 2022

Company Information

Board of Directors

Mrs. Nasira Raees

Mr. Muhammad Haroon

Mr. Sajjd Rabbani

Mr. Muhammad Iqbal

Company Secretary

Ch. Mohsin Ali

Legal Advisors

Mr. Ahmad Ali Ranjah (Advocate High Court)

Auditors

Sarwars

Chartered Accountants

Share Registrar

Corplink (Private) Limited

Registered and Head Office

PGI House, 5-A Bank Square

The Mall Lahore

Contacts
Tel.:	[phone]	[phone]
Fax.:	[phone]	[phone]
Email:	[e-mail]
Web:	www.pgi.com.pk

01|The Pakistan General Insurance Company Limited

Directors' Review Report to the Shareholders

The Board of Directors of "The Pakistan General Insurance Company Limited" ("the Company‟) is pleased to present the un- audited condensed interim financial statements for the nine months period ended September 30, 2022.

The comparative analysis of the quarterly results at a glance is as under -

		Sep 30 / 2022		Sep 30 / 2021	Increase / (Decrease)
			Rupees	Rupees	% age
		Rupees
Underwriting
Net premiums revenue			-	-	0.00%
	-
Underwriting results			(21,109,706)	(9,619,530)	-45.57%
	(11,490,176)
Investments
In properties			241,213,398	20,786,602	8.62%
	262,000,000
Investment income			2,241,330	140,286	6.26%
	2,381,616
Profitability / Equity
Share capital			464,014,500	-	0.00%
	464,014,500
Underwriting losses			(21,109,706)	(9,619,530)	-45.57%
	(11,490,176)
(Loss) before tax			(21,147,381)	(6,205,988)	-29.35%
	(14,941,393)

Securities and Exchange Commission of Pakistan (SECP) has passed an order dated June 07, 2017 under section 11(1) (f) and section 12(1) and (4) read with section 63 (1) and section 156 of the Insurance Ordinance, 2000. The Company had filled a writ petition with the Honorable Lahore High Court which is pending adjudication. The legal counsel the Company is of the view that there is every likelihood that the case will be settled in favour of the Company.

The Company is conscious of the challenges which are being faced by the economy due to spiraling inflation and rising energy crises have crippled the already affected economy of the country. We are striving hard to sustain our performance under these circumstances. We also hope that the macro economic challenges will be addressed soon to enable conducive environment for the growth of industry.

For and on behalf of the Board

-Sd- Director

Lahore.

October 26, 2022

02|The Pakistan General Insurance Company Limited

30باسح یتایلام ہدش ٹڈ اریغ ےک ہام 9ےک ینپمک ز رٹکیرئاڈ ےک ڈٹیمل ینپمک سنروشنا لرنج ناتسکاپ ید

				-ںیہ ےترک سوسحم یشوخ ےئوہ ےترک شیپ 2022ربمتس
					-ےہ لیذ جرد ہزئاج یلباقت اک جئاتن ےک ہام 9
	Sep 30 /
	2022			Sep 30 / 2021	Increase / (Decrease)
	Rupees			Rupees	Rupees	% age
Underwriting
Net premiums revenue	-			-	-	0.00%
Underwriting results	(11,490,176)			(21,109,706)	(9,619,530)	-45.57%
Investments
In properties				241,213,398	20,786,602	8.62%
262,000,000
Investment income	2,381,616			2,241,330	140,286	6.26%
Profitability / Equity
Share capital	464,014,500			464,014,500	-	0.00%
Underwriting losses				(21,109,706)	(9,619,530)	-45.57%
(11,490,176)
(Loss) before tax	(14,941,393)			(21,147,381)	(6,205,988)	-29.35%

ےن ینپمک فلاخ ےک سج ےہ ایک وشیا رڈرآ کیا ےن ےن یپ یس یس یئآ تحت ےک 2000 سننیڈرآ سنروشنا دعب ےک ےنرک لصاح ےئار یک میٹ ینوناق مہات ےہ اوتلا ریز یھبا ہلماعم ےہ یھکر رک رۃاد تساوخرد یک یناثرظن اگوہ یراج ںیم قح ےک ینپمک ہلصیف یمتح اک ےلماعم ہک ےہ یتھجمس ٹنمجینیم ںیم رظنلا یداب

نارحب ےئوہ ےتھڑب ےک یئاناوت روا رز طارفا ںیہ شیپرد وک تشیعم ہک وج ےہ ہاگآ یبوخب ےس زجنلیچ نا ینپمک زجنلیچ یشاعم روا ورکیئام ہک ںیہ ےتھکر دیما مہ ںیہ ےکچ رک رثاتم یہ ےلہپ وک تشیعم یکلم ںیم تروص یک ادیپ لاحتروص ءازفا ہلصوح ےیل ےک راوادیپ یک یرٹسڈنا ےس سج اگ ےئاج ایل اپ وباق ںیم بیرق لبقتسم رپ ۔یگ ےئاجوہ

ےس بناج یک زرٹکیرئاڈ فآ ڈروب

-Sd-

رٹکیرئاڈ

2022 ربوتکا 26 روہلا

03|The Pakistan General Insurance Company Limited

The Pakistan General Insurance Company Limited

Condensed Interim Statement of Financial Position

As at September 30, 2022

		Sep 30, 2022			Dec. 31, 2021
		un-audited			Audited
	Note	……………..Rupees…………..
ASSETS
Property and equipment	6	105,200,333	119,080,583
Investment property	7	262,000,000	262,000,000
Investments
- Equity securities	8	618,763	833,927
- Debt securities	9	39,990,395	39,990,395
- Term deposits	10	-	-
Loans and other receivables	11	6,328,753	6,477,473
Insurance / reinsurance receivables	12	70,633,552	71,029,904
Taxation - provision less payments	19	1,406,052	807,800
Cash and bank	13	7,742,543	7,777,520
Total assets		493,920,391
		507,997,602
EQUITY AND LIABILITIES
Capital and reserves attributable
to Company's equity holders
Ordinary share capital	14	464,014,500	464,014,500
Reserves	15	51,309,394	51,524,558
Accumulated loss		(82,390,941)	(68,284,583)
Total Equity		432,932,953		447,254,475
Surplus on revaluation of fixed assets	16	21,432,546	22,267,581
Liabilities
Underwriting provisions
- Outstanding claims including IBNR		-			-
Insurance / reinsurance payables	17	29,246,553		29,246,553
Other creditors and accurals	18	10,308,339		9,228,993
		39,554,892
			38,475,546
Total equity and liabilities		493,920,391
		507,997,602
Contingencies and commitments	20

The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.

	-Sd-	-Sd-		-Sd-
Chairman	Director	Director	Chief Executive Officer	Director

|The Pakistan General Insurance Company Limited