Corporate Alert: PICIC Insurance surrenders Insurance License with SECP
MG News | August 29, 2017 at 12:26 PM GMT+05:00
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 |
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