The Pakistan General Insurance Company Limited ($PKGI)

[Foreign Language], ladies and gentlemen. My name is Ali Shahzad, I'm the Chief Operating Officer and Executive Director of The Pakistan General Insurance Company Limited. Here with me is Shahzad Ahmed Khan. He is our Company Secretary, and we warmly welcome all the shareholders, members of the Board, management representatives and distinguished guests for the 79th Annual General Meeting of the company. Before we formally commence the proceedings, I would request all shareholders to ensure they have duly signed the attendance registers. I have already received the proxy forms and the relevant documents of all the shareholders. Accordingly, I hereby call the 79th Annual General Meeting of The Pakistan General Insurance Company Limited to order. And the quorum is duly constituted. So I will proceed with the meeting. So the notice of the AGM -- the notice of this meeting has already been circulated to all the shareholders within the prescribed statutory period. With the permission of the members present, may the notice of the meeting be taken as read. Altaf saab, Asad saab, Babar saab.

[Foreign Language].

[Foreign Language].

Sorry, sir?

[Foreign Language].

Perfect, perfect. [Foreign Language] Samsung SM, sir can you introduce yourself? It will be much more convenient for us. Anyways, no problem. Thank you. The notice is taken as read. So the agenda of the AGM is, ladies and gentlemen, for today's meeting, is the confirmation of the minutes of the 78th Annual General Meeting held on May 28, 2025; to receive, consider, and adopt the audited financial statements of the company for the year ended December 31, 2025; appointment of external auditors for the year ended December 31, 2026; and any other business with the permission of the Chair. So I'll proceed to Item #1, the confirmation of the minutes of the 78th Annual General Meeting held on May 28, 2025. So may I have a proposal for the confirmation of the minutes?

[Foreign Language].

Thank you. May I have a seconder for it?

Yes, I second that.

Perfect. Thank you. Is anyone against it?

Not at all.

Not at all. Perfect. I hereby declare that the minutes of the 78th Annual General Meeting are confirmed and approved. Now let's move towards the Item #2, that is the adoption of financial statements. We now move to the second agenda item regarding the adoption of the audited financial statements of the company for the year ended December 31, 2025. Ladies and gentlemen, the year 2025 represented -- I'm not even sure if we have any ladies here, but still because there are a lot of other people who are not even responding to our messages or requests to introduce themselves -- anyways, the year 2025 represented another milestone in the revival and rebuilding journey of PGI under the new management. Our focus throughout the year remained on strengthening underwriting operations, improving financial stability and enhancing governance and compliance, rebuilding market confidence and laying the foundation for sustainable long-term growth. I'm pleased to share -- although the annual accounts have been uploaded on Pakistan Stock Exchange and the website of the Pakistan General Insurance Company Limited, but I'm pleased to announce that during the year ended December 31, 2025, PGI demonstrated significant operational and financial improvement compared to the previous year. Gross premium written increased substantially from PKR 24 million in 2024 to approximately PKR 238 million in 2025. Although this comparison is because for the year 2024, PGI's operations were limited to only last 2 months as PGI revived in November 2024. That's why the premium is substantially low. And for 2025, we had the whole year. But still, I believe it's very promising for PGI. Similarly, the net insurance premium increased from approximately PKR 7.5 million to roughly PKR 135 million. One of the most encouraging developments during the year was a turnaround in the underwriting performance. In 2024, the company reported negative underwriting results. However, in 2025, PGI achieved positive underwriting results of approximately PKR 50 million. The profit before tax was approximately PKR 26.5 million and profit after tax was approximately PKR 28.4 million during the year under review. Shareholder equity strengthened further to approximately PKR 719 million, and total assets significantly increased from PKR 716 million to PKR 910 million. The company also continued to generate stable investment rental income, which contributed positively towards the overall financial position of the company. These improvements reflect management's continued focus on disciplined underwriting, operational restructuring, financial control, compliance enhancement, and sustainable business growth. Although management expenses increased during the year due to the rebuilding and expansion phase of operations, management believes these investments were necessary to strengthen infrastructure, improve operational capabilities, and position for future PGI's growth. I would like to express my sincere appreciation to the Board of Directors, shareholders, regulators, clients and employees for their continued support and confidence in the company. Does anyone object to the financial statements? Or do we consider it to be adopted?

From my side, it's okay since I'm the CFO of the company, but I need other members to say confirmation.

I actually want other members to say as well, because we have -- I can see here, we have 5 to 6 more participants, but they are on mute, their cameras are off, and they are not saying anything.

They're just seeing us.

I think directors may adopt and somebody should second it, and thereafter we may...

Babar saab, do you agree to adoption?

[Foreign Language].

Asad saab, do you second it?

Definitely, no objection at all, and congratulations for the splendid results.

Thank you, sir.

Thank you.

The next point of the agenda is that the external auditors, Mushtaq & Co., have issued their audit report on the financial statements of the year ended December 31, 2025. The auditors have expressed an unqualified opinion on the financial statements of the company. Does anyone have any question or do you second it?

[Foreign Language].

[Foreign Language].

I would request the shareholders that are present here to please ask any questions, or if they have any observations, please ask them. We have S&P Global Market and some other shareholders with the name Peter Nelson and Mr. Sahoo. So if you guys have any questions, please go ahead.

We consider they do not have any questions.

Right, right. So now the audited financial statements along with the auditor's report...

Along with the directors' report.

Along with the directors' report and the Chairman's review report, I place them before you for approval. Are they approved? Or do you have any objection?

No.

Perfect. Perfect. I hereby declare that the audited financial statements for the year ended December 31, 2025, together with the directors' report, auditor's report, and Chairman's review report are approved and adopted. So we move to the next agenda item regarding the appointment of the external auditor for the year ending December 31, 2026. The present auditors, Mushtaq & Co., retire, and being eligible, have offered themselves for reappointment. The Board of Directors has recommended their reappointment. May I have a proposal?

No, if you are satisfied with Mushtaq & Co., please go ahead.

Yes. Perfect. Do I have a seconder?

Yes, I second this.

Perfect. I hereby declare M/s. Mushtaq & Co. are reappointed as external auditors of the company for the year ended December 31, 2026, at remuneration to be fixed by the Board of Directors. The last point is any other business. We now move to any other business with the permission of Chair. Is there any matter any shareholder would like to discuss?

Yes, nothing from my side.

Any question related to any shareholder, we're happy to answer. Mr. Peter Nelson, Mr. Samsung, anybody who would like to ask anything, we are ready to answer them. If they do not have any questions, Ali, you may conclude the meeting.

Since there is no other business, we shall now conclude the proceedings of the meeting. On behalf of the Board and the management of the Pakistan General Insurance Company Limited, I sincerely thank all the shareholders for attending today's Annual General Meeting and for your continued trust and support. The management remains fully committed to strengthening the operational and financial position of the company, maintaining regulatory compliance, protecting shareholder interests, and creating long-term value for all stakeholders. We remain optimistic regarding the future direction and growth prospects of PGI. Thank you very much.

Thank you very much.

Thank you all for attending.

And everybody, advance Eid Mubarak, and [Foreign Language].

Thank you very much. [Foreign Language].