Askari General Insurance Reshapes Board After 51% Stake Transfer to Fauji Foundation

Askari General Insurance Company Limited has announced significant changes to its Board of Directors following the completion of the transfer of a 51% shareholding in the company from Army Welfare Trust (AWT) to Fauji Foundation (FF).

According to the company’s disclosure to the Pakistan Stock Exchange, 51,337,953 ordinary shares, representing 51% of the company’s total issued and paid-up share capital, were transferred from AWT to FF on August 28, 2026. The transaction has subsequently resulted in changes to the composition and leadership of the company’s Board. 284065

Changes to the Board of Directors

As part of the restructuring, several existing directors tendered their resignations with effect from September 28, 2026. The outgoing directors included Maj Gen Syed Anis Akbar (Retd.), Maj Gen Abid Latif Khan (Retd.), Malik Riffat Mahmood, and Brig Salman Nazar (Retd.).

The company’s existing Board considered and accepted the resignations and approved the appointment of new directors, subject to the requisite approval from the Securities and Exchange Commission of Pakistan (SECP).

The newly appointed directors are:

  • Lt Gen Anwar Ali Hyder (Retd.)
  • Syed Bakhtiar Kazmi
  • Mr. Muhammad Majid Munir
  • Brig Irfan Khan (Retd.) 284065

New Chairman Appointed

One of the key developments is the appointment of Lt Gen Anwar Ali Hyder (Retd.) as Chairman of the Board.

He succeeds Maj Gen Syed Anis Akbar (Retd.), following the latter’s resignation as both a director and Chairman. The appointment will cover the remainder of the outgoing chairman’s term, according to the company’s disclosure.

Board Committees Reconstituted

The changes are not limited to the Board itself. Askari General Insurance has also announced the reconstruction of several key committees with immediate effect.

These include the:

  • Audit Committee
  • Investment Committee
  • Ethics, Human Resource & Remuneration Committee

The company stated that the relevant Board resolution, passed through circulation, will be placed before the next Board meeting for noting and will form part of the minutes of that meeting. 284065

What the Changes Mean

The restructuring represents an important corporate development for Askari General Insurance as the company moves forward under a new majority shareholder and a reconstituted Board.

The transfer of the 51% stake to Fauji Foundation has brought about a new leadership structure, including a new Chairman and several new directors. The reconstruction of the Board committees also indicates a broader realignment of the company’s governance framework.

For investors and market participants, the developments will be important to watch as the new Board takes responsibility for guiding the company’s strategic direction and overseeing its operations.

Overall, Askari General Insurance’s latest disclosure marks a significant transition in its ownership and governance structure, with the appointment of a new Chairman and four directors following the transfer of the majority shareholding to Fauji Foundation.