Karachi: PICIC Insurance Limited reported a loss after tax of Rs2.02 million for the six-month period ended June 30, 2026, according to the company’s unaudited interim financial results submitted to the Pakistan Stock Exchange.
The company’s financial statements show that PICIC Insurance recorded a loss per share of Rs0.06 during the first half of 2026, compared with a loss per share of Rs0.32 in the same period last year. The results were considered by the company’s Board of Directors at its meeting held on August 21, 2026.
Investment income supports operating results
PICIC Insurance generated investment income of Rs13.53 million during the six months under review, up from Rs12.15 million in the corresponding period of 2025. However, this income was offset by management expenses of Rs7.67 million, resulting in operating income of Rs5.79 million before taxation.
After accounting for taxation of Rs7.81 million, the company reported a loss after tax of Rs2.02 million, an improvement from the Rs11.24 million loss recorded in the first half of 2025.
The company also reported an other comprehensive loss of Rs3.71 million, mainly reflecting unrealised losses on available-for-sale investments. As a result, total comprehensive loss for the six-month period stood at Rs5.73 million, compared with Rs18.81 million in the same period last year.
Assets remain largely stable
According to the statement of financial position on page 2, PICIC Insurance had total assets of Rs113.13 million as of June 30, 2026, compared with Rs111.12 million at the end of December 2025.
Investments available for sale stood at Rs86.80 million, while taxation-net amounted to Rs26.31 million. Cash and bank balances were reported at Rs6,000.
On the liabilities side, total liabilities increased to Rs148.01 million, compared with Rs140.28 million at December 31, 2025. The company reported outstanding claims, including IBNR, of Rs57.72 million, amounts due to other insurers/reinsurers of Rs17.66 million and other creditors and accruals of Rs72.64 million.
Operating cash flow remains negative
PICIC Insurance recorded net cash used in operating activities of Rs7.80 million during the first six months of 2026, compared with Rs3.05 million used during the same period of 2025.
Investment activities generated Rs7.80 million in net cash, with dividend income of Rs13.53 million partly offset by Rs5.73 million invested in mutual funds. The company’s cash and cash equivalents remained unchanged at Rs6,000 at the end of the reporting period.
No dividend or bonus shares announced
The company’s board recommended no cash dividend, bonus shares or right shares for the period under review. The company also stated that there was no other price-sensitive information to report.
Overall, PICIC Insurance’s first-half results show a significant reduction in losses compared with the previous year, helped largely by higher investment income. However, unrealised investment losses and continued operating expenses kept the company in a loss position for the six months ended June 30, 2026.
