Karachi: The Directors of Standard Insurance Company Limited have presented their 57th Annual General Report, highlighting significant developments and ongoing challenges. The company's insurance operations remain suspended while it addresses financial and statutory requirements.

Efforts to increase revenue have yielded results, with the company successfully reclaiming rental income from tenants following legal proceedings in the Sindh High Court. However, the company reported a loss per share, indicating a challenging financial environment.

Financial statements for 2024 have been prepared on an alternative basis, detailed in the accompanying financial statement notes. As part of its strategy to move away from insurance activities, the Securities and Exchange Commission of Pakistan (SECP) clarified in October 2020 that the company does not need to revoke its insurance license, allowing the removal of "insurance" from its name.

The company is in the process of changing its name to Standard Worldwide and amending its Memorandum and Articles of Association. All necessary documents have been filed, and upon SECP approval, the company plans to engage with the Pakistan Stock Exchange (PSX) to activate share trading. According to information available from the Pakistan Stock Exchange (PSX), this engagement signifies a strategic shift for the company.

Additionally, the SECP filed a petition for the company's winding up, citing incomplete statutory returns. Standard Insurance maintains that all returns were filed and is working with the SECP to resolve the issue. A favorable outcome is anticipated, which may lead to the petition's dismissal.

The company expressed gratitude to the SECP for its support and is hopeful for a future aligned with its revised business objectives.