Corporate Alert: PICIC Insurance surrenders Insurance License with SECP

In a notice issued by the company, PICIC Insurance has informed all relevant stakeholders regarding surrendering their insurance license to Securities and Exchange Commission Pakistan.

In a resolution passed in Extra Ordinary General Meeting held on 6th of July, 2017 the management had decided to surrender their insurance license. However, the company recently informed that an application has finally been submitted to the SECP for surrendering the Insurance license.

PICIC Insurance witnessed losses worth thirty seven million during the last half year period. The company’s Earning Summary:

PICIC Insurance Ltd. – Half-year Ended June 30, 2017

Net Premium Revenue

41,069,000

58,801,000

-30.16%

Net Claims

49,459,000

27,544,000

79.56%

Underwriting Results

(10,547,000)

(3,083,000)

242.10%

Net Investment Income

1,566,000

193,000

711.40%

General & Admin: Expenses

26,822,000

26,752,000

0.26%

Other charges

12,000

28,000

-57.14%

Loss before Taxation

(37,705,000)

28,999,000

-230.02%

Taxation

   

Loss after Taxation

(37,705,000)

(28,999,000)

30.02%

Loss per share – Basic & diluted

(1.08)

(0.83)

30.12%

*Results declared on 28th August, 2017

Posted on: 2017-08-29T12:26:00+05:00