Pakistan General Insurance : Transmission of Quarterly Report for the Period Ended March 31, 2023

Quarterly Report

For the Period Ended

March 31, 2023

Company Information

Board of Directors

Mrs. Nasira Raees

Mr. Muhammad Haroon

Mr. Sajjd Rabbani

Mr. Muhamamd Iqbal

Chief Accountant

Abdul Rashid

Company Secretary

Ch. Mohsin Ali

Legal Advisors

Mr. Ahmad Ali Ranjah (Advocate High Court)

Auditors

Sarwars

Chartered Accountants

Tax Consultants

Kamran & Co.

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 quarter ended March 31, 2023.

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

		Mar 31 / 2023		Mar 31 / 2022	Increase / (Decrease)
			Rupees	Rupees	% age
		Rupees
Underwriting
Net premiums revenue			-	-	0.00%
	-
Underwriting results			(3,418,538)	973,460	-28.48%
	(2,445,078)
Investments
In properties			262,000,000	(2,300,000)	-0.88%
	259,700,000
Investment income			562,211	(450,086)	-80.06%
	112,125
Profitability / Equity
Share capital			464,014,500	-	0.00%
	464,014,500
Underwriting losses			(3,418,538)	973,460	-28.48%
	(2,445,078)
(Loss) before tax			(3,876,009)	1,306,778	-33.71%
	(2,569,231)

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- Chairperson

Lahore.

April 29, 2023

02|The Pakistan General Insurance Company Limited

یتایلام ہدش ٹڈ اریغ ےک ہام 3ےک ینپمک ز رٹکیرئاڈ ےک ڈٹیمل ینپمک سنروشنا لرنج ناتسکاپ ید

					-ںیہ ےترک سوسحم یشوخ ےئوہ ےترک شیپ 2023چرام31باسح
							-ےہ لیذ جرد ہزئاج یلباقت اک جئاتن ےک ہام 3
						Mar 31 / 2022	Increase / (Decrease)
		Mar 31 / 2023
		Rupees				Rupees	Rupees	% age
Underwriting
Net premiums revenue		-				-	-	0.00%
Underwriting results		(2,445,078)				(3,418,538)	973,460	-28.48%
Investments
In properties						262,000,000	(2,300,000)	-0.88%
259,700,000
Investment income		112,125				562,211	(450,086)	-80.06%
Profitability / Equity
Share capital		464,014,500				464,014,500	-	0.00%
Underwriting losses						(3,418,538)	973,460	-28.48%
(2,445,078)
(Loss) before tax		(2,569,231)				(3,876,009)	1,306,778	-33.71%
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-

نیمرئیچ

2023 لیرپا 29 روہلا

03|The Pakistan General Insurance Company Limited

The Pakistan General Insurance Company Limited

Condensed Interim Statement of Financial Position [Un-Audited]

As at March 31, 2023

		Mar 31, 2023		Dec. 31, 2022
		Un - audited		Audited
				(Restated)
	Note	Rupees		Rupees
ASSETS
Property and equipment	6	103,404,782	104,988,503
Investment property	7	259,700,000	259,700,000
Investments
- Equity securities	8	496,207	676,929
- Debt securities	9	45,483,241	45,483,241
- Term deposits	10	-	-
Loans and other receivables	11	6,718,958	6,792,958
Insurance / reinsurance receivables	12	58,518,191	58,518,191
Taxation - provision less payments	17	1,751,250	1,733,503
Cash and bank balances	13	473,124	523,207
TOTAL ASSETS		476,545,753
		478,416,532
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
50,000,000 (Dec. 31, 2022: 50,000,000) ordinary shares of Rs. 10/- each	500,000,000		500,000,000
Issued, subscribed and paid-up share capital	14	464,014,500	464,014,500
General reserves		50,985,500	50,985,500
Accumulated loss		(98,239,221)	(95,962,817)
Un-realized gains / (losses) on revaluation of investments		224,888	405,610
Total equity		416,985,667		419,442,793
Surplus on revaluation of fixed assets	15	23,133,375	23,426,202
Liabilities
Underwriting provisions
- Provision for outstanding claims (including IBNR)		-	-
Deferred taxation		-	-
Insurers / reinsurers payables		29,246,553	29,246,553
Other creditors and accruals	16	7,180,158	6,300,984
Total liabilities		36,426,711	35,547,537
TOTAL EQUITY AND LIABILITIES		476,545,753
		478,416,532
Contingencies and commitments	18

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

-Sd-	-Sd-	-Sd-	-Sd-	-Sd-
Chairman	Director	Director	Chief Executive	Chief Accountant

| The Pakistan General Insurance Company Limited