Karachi: The United Insurance Company of Pakistan Ltd. (UIC) has issued a clarification in response to a press release by the Securities and Exchange Commission of Pakistan (SECP), following a letter from the Pakistan Stock Exchange (PSX) dated May 22, 2025. UIC emphasized its compliance with regulatory standards and reaffirmed its longstanding record of legal integrity.

UIC stated that the SECP's press release concerning its Guarantees and Bond Business contains references to matters that have been resolved. The company highlighted that these cases were either adjudicated or amicably settled, suggesting that their inclusion in the SECP's communication might stem from an incomplete understanding of the facts. UIC asserted there is no obligation to disclose information on conclusively resolved matters that do not impact the market price or trading volume of its shares.

The company further critiqued the timing of the SECP's disclosure, suggesting it was premature and could potentially prejudice ongoing legal proceedings. UIC noted that some of the matters mentioned are currently sub judice and should not be publicly discussed, according to established legal norms. UIC underscored that such disclosures lack any discernible influence on the market dynamics of its shares.

According to information available from the Pakistan Stock Exchange (PSX), UIC maintained that the allegations in the SECP's press release were inaccurate, as they pertain to resolved cases. The company stressed there is no necessity to disclose information on disputes that are settled or do not affect market performance.

UIC clarified that it has no pending disputes with the SECP itself, but acknowledged that certain cases are under judicial consideration. The company reiterated its dedication to regulatory compliance and refrains from public commentary on sub judice matters or those mischaracterized in public statements.

UIC expressed concern that the SECP's press release may have led to confusion among stakeholders and the public. The company urged regulatory bodies to ensure factual accuracy in public communications, particularly on sensitive legal issues.

UIC affirmed its commitment to maintaining communication with regulatory authorities, including the SECP and PSX, and acknowledged the support extended by these bodies. The company emphasized its responsibility as a law-abiding insurance entity in Pakistan’s financial landscape, classified under the designated market category.