UNIC to invest up to Rs700mn in life assurance business

MG News | August 29, 2022 at 09:42 AM GMT+05:00

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August 29, 2022 (MLN): The Board of Directors of The United Insurance Company of Pakistan Limited (UNIC) in their meeting held on August 27, 2022, approved an investment of up to Rs700 million in the life assurance business, the company's filing on PSX showed today.

The said investment in the proposed business “The United Life Assurance Company Limited” shall be made by subscribing the ordinary share of Rs10 each.

The board also approved a transfer of share deposit money of Rs350,390,276 by way of transfer to related parties that include United Software & Technologies International (Pvt.) Ltd (Rs108.57mn), Tawasul Risk Management Services (Pvt.) Ltd (Rs126mn) and Tawasul Healthcare TPA (Pvt.) Ltd (Rs115.58mn).

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