Corporate Alert: PICIC Insurance surrenders Insurance License with SECP

By MG News | August 29, 2017 at 12:26 PM GMT+05:00

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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 6^th 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 28^th August, 2017

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