PICIC Insurance Limited reported a net loss of Rs. 3.43 million for the quarter ended March 31, 2026, compared with a loss of Rs. 1.42 million recorded during the same period last year, according to the company’s latest interim financial report.
The company, which has ceased underwriting operations, remains focused on completing regulatory and legal formalities related to its planned merger with Crescent Star Foods (Private) Limited. Management stated that the merger has already been approved by the Sindh High Court and is expected to provide the company with sufficient resources to enter a new phase of diversified business operations.
Under the approved merger scheme, PICIC Insurance will issue approximately 7.91 billion shares to the shareholders of Crescent Star Foods (Private) Limited. Following the completion of merger compliances, the company intends to unveil a new business plan and long-term strategy aimed at protecting stakeholder interests and supporting future growth.
Financial highlights for the first quarter showed no insurance underwriting activity, reflecting the company’s transition phase. The loss after taxation increased to Rs. 3.43 million, while loss per share stood at Rs. 0.10 compared with Rs. 0.04 in the corresponding period of 2025.
Despite the quarterly loss, PICIC Insurance recorded an unrealized gain of Rs. 7.33 million on available-for-sale investments, resulting in total comprehensive income of Rs. 3.90 million for the period. The company’s investment portfolio, primarily consisting of mutual fund investments, increased to Rs. 92.12 million as of March 31, 2026, from Rs. 84.79 million at the end of 2025.
Total assets stood at Rs. 118.44 million at the end of the quarter, while total liabilities were reported at Rs. 143.70 million. Shareholders’ equity remained negative at Rs. 25.26 million, highlighting the challenges faced by the company during its ongoing restructuring process.
The board expressed confidence that the successful completion of the merger will strengthen the company’s financial position and enable it to pursue new growth opportunities beyond the insurance sector.
