Premier Insurance : Transmission of Quarterly Report for the Period Ended March 2024

CONTENTS

03

05

06

07

08

09

11

Company Information

Corporate Governance

Report of the Directors to Members	25
Financial Statements	26
Condensed Interim Statement of	27
Financial Position
Condensed Interim Statement of	28
Profit and Loss
Condensed Interim Statement of	29
Comprehensive Income
Condensed Interim Statement of	31
Changes in Equity
Condensed Interim Statement of

Cashflows

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 March 2024 01

COMPANY INFORMATION

Board of Directors	Chief Executive Officer
	Mr. Nadeem Maqbool
Mr. Khalid Bashir
(Chairman)	Chief Financial Officer
Mr. Imran Maqbool	Mr. Amjed Bahadur 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. Amjed Bahadur 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)

Mr. Amjed Bahadur 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. 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 : [e-mail]

W : www.pil.com.pk

Quarterly Report March 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 three months period ended March 31, 2024.

Performance Review

Following is the overall performance of the Company.

		Conventional	Takaful
		Mar 31,	Mar 31,	Mar 31,	Mar 31,
		2024	2023	2024		2023
		-------------------------------	(Rupees) -------------------------------
Premium / contribution written	42,572	61,779	63,951		38,619
Net Premium / contribution *	74,642	80,099	23,163		21,863
Underwriting Result	5,606	(14,313)	625		(7,280)
Investment income	9,236	6,849	36		11
(Loss) /Profit before taxation	(4,566)	(16,459)	2,681		(5,789)
(Loss) /Profit after taxation	(6,456)	(17,242)	-		-
(Loss) /Earning) per share	(0.13)	(0.34)

* Net contribution exclusive of wakala fee

Gross written premium during the three months period ended March 31, 2024 was Rs. 42.57 million as against Rs. 61.78 million. The investment income was Rs. 9.23 million as against Rs. 6.84 million of the same period of last year. Net loss ratio for the period was 42% as against 55% same period last year.

Gross contribution written during the three months period ended March 31, 2024 was Rs. 63.95million as against Rs. 38.62 million of the same period last year. Net contribution was Rs. 23.16 million as against Rs.21.86 million of the last year.

Outlook

We have built our plan to produce profitable growth that is sustainable in a dynamic and competitive business climate, so that we can continue to grow our position within the industry. Despite the numerous obstacles the business faces, we are dedicated to meeting the long-term objectives of the organization by performing to the best of our abilities and adding value for our stakeholders. Our plan is to stick on our existing course of increasing our market share and providing superior customer service to keep our business with established clients.

Acknowledgement

The directors acknowledge the dedication of the company's employees, thank all our valued customers for their continued patronage and support, and to our Reinsurers, Securities and Exchange Commission of Pakistan and State Bank of Pakistan for their guidance and assistance.

On behalf of the Board

Chairman	CEO / Director
Karachi, Dated: April 30, 2024
04	Premier Insurance Limited

			2024
2023	2024	2023	2024
38,619	63,951	61,779	42,572
21,863	23,163	80,099	74,642
(7,280)	625	(14,313)	5,606
11	36	6,849	9,236
(5,789)	2,681	(16,459)	(4,566)
		(17,242)	(6,456)
		(0.34)	(0.13)
	9.23	42.57		2024
		55%	42%	6.84
23.16		63.95		2024
			21.86
			2024	30
			Quarterly Report March 2024	05

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024		Unaudited	Audited
	Note	31 March	31 December
	2024		2023
Assets		--------- Rupees in '000 ---------
Property and equipment	7	195,184		196,594
Intangible assets	8	502		543
Investment properties	10	346,758		346,758
Investments
- Equity securities	9	627,446		618,023
- Mutual funds	9	87,209		83,542
Investment in associate		259,222		259,222
Loans and other receivables	10	32,608		24,852
Insurance / reinsurance receivables	11	411,572		477,430
Reinsurance recoveries against outstanding claims	18	273,911		276,075
Salvage recoveries accrued		5,358		1,397
Deferred commission expense	19	16,866		21,517
Taxation - provision less payment		18,587		19,478
Deferred tax asset		50,988		50,746
Prepayments	12	65,542		81,282
Cash and bank	13	15,856		39,063
		2,407,609		2,496,522
Total Assets of Window Takaful Operations - Operator's Fund	14	131,382		119,339
Total Assets		2,538,991		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	18
Unearned premium reserves	17
Unearned reinsurance commission	19
Retirement benefit obligations
Lease liabilities
Insurance / reinsurance payables
Other creditors and accruals	15
Unclaimed dividends
Total Liabilities
Total Liabilities of Window Takaful Operations - Operator's Fund
Total Equity and Liabilities
Contingencies and commitments	16

505,650

1,463,173

(1,014,795)

954,028

598,812

193,902

8,833

6,460

3,616

474,424

222,560

22,423

1,531,030

53,933

2,538,991

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 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer	Chairman	Director	Director	Chief Financial Officer
06	Premier Insurance Limited

CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (unaudited)

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

	Note
Net insurance premium	17
Net insurance claims	18
Net commission expense and other acquisition costs	19
Insurance claims and acquisition expenses
Management expenses	20
Underwriting results
Investment income	21
Rental income
Other income	22
Other expenses	23
Results of operating activities
Finance costs - lease liability
Income / (loss) before tax from General Insurance Operations
Loss before tax from Window Takaful
Operations - Operator's Fund
Loss before tax
Income tax expense	24
Loss after tax
Loss per share - Rupees	23

Three months period ended

	Unaudited	Unaudited
	31 March	31 March
2024		2023
	--------- Rupees in '000 ---------
74,642		80,099
	(31,275)		(43,764)
	(8,057)		(5,734)
(39,332)		(49,498)
(29,704)		(44,914)
	5,606		(14,313)
9,236		6,849
1,102		1,271
973		1,396

1. (1,120)
   10,790 8,396
   16,396 (5,917)

1. (192)
   16,269 (6,109)

(20,835) (10,350)

(4,566) (16,459)

(1,890) (783)

(6,456) (17,242)

(0.13) (0.34)

The annexed notes 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

Quarterly Report March 2024 07

CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME (unaudited)

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

	Note
Loss after tax
Other comprehensive income / (loss) :
Items that may be reclassified subsequently
to profit & loss account
Unrealized income / (loss) on available-for-sale	28
investments during the period
Other comprehensive income / (loss) for the period
Total comprehensive Income / (loss) for the period

Three months period ended

Unaudited	Unaudited
31 March	31 March
2024	2023
--------- Rupees in '000 ---------
(6,456)	(17,242)

13,088		(88,682)

13,088 (88,682)

6,632 (105,924)

The annexed notes 1 to 31 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

CHANGES IN EQUITY (unaudited)

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

Share
capital					Reserves
	Capital reserves			Revenue reserves
Issued,
Reserve				Revaluation	Revaluation
subscribed	for				Reserves -	Reserves -	Accumulated
and	exceptional	Devaluation		General	Available for	Property and	losses	Total	Total
paid-up	losses	reserve		reserve	sale	Equipment			reserves	equity
					investments of

the Company and associate

--------------------------------------------------- Rupees in '000 ---------------------------------------------------

Balance as at 01 January 2023

Loss for the period ended 31 March 2023

Other comprehensive loss for the period

Total comprehensive loss for the period ended 31 March 2023

Balance as at 31 March 2023

Balance as at 01 January 2024

Loss for the period ended 31 March 2024

Other comprehensive income for the period

Total comprehensive income / (loss) for the period ended 31 March 2024

Balance as at 31 March 2024

505,650

-

-

-

505,650

505,650

-

-

-

505,650

19,490

-

-

-

19,490

19,490

-

-

-

19,490

185		996,851
-		-
-		-
-		-
185		996,851
185		996,851
-		-
-		-
-		-
185		996,851

314,615

-

(88,682)

(88,682)

225,933

397,700

-

13,088

13,088

410,788

35,859		(1,017,237)		349,763		855,413
-		(17,242)		(17,242)		(17,242)
-		-		(88,682)		(88,682)

• (17,242) (105,924) (105,924)
  35,859 (1,034,479)243,839 749,489

35,859 (1,008,339) 441,746 947,396

-		(6,456)		(6,456)		(6,456)
-		-		13,088		13,088
-		(6,456)		6,632		6,632
35,859		(1,014,795)		448,378		954,028

The annexed notes 1 to 31 form an integral part of these condensed interim financial statements.

Chief Executive Officer

Chairman

Director

Director

Chief Financial Officer

Quarterly Report March 2024 09