Karachi: The Directors of Standard Insurance Company Limited have reported the suspension of the company’s insurance activities while affirming their continued compliance with financial and statutory obligations, according to the 53rd Annual Report presented to the company’s members.

Efforts to augment revenue have yielded results through the realization of rental income. The company successfully pursued legal cases against tenants, leading to the recovery of overdue rent as directed by the Sindh High Court in Karachi. This development has, however, been accompanied by an adverse impact on the company’s earnings, reflected in a reported loss per share.

The Securities and Exchange Commission of Pakistan (SECP) had previously clarified that due to the company’s failure to renew its insurance license under the Insurance Act, there was no need for a revocation notice or a no-objection certificate to proceed with a change in the company’s name. This clarification was communicated in an SECP letter dated October 7, 2020.

Following SECP’s guidance, the company initiated the process of changing its name with the SECP Registration Office in Karachi. The completion of this process will allow the company to pursue new business opportunities in accordance with its revised Memorandum and Articles of Association.

According to information available from the Pakistan Stock Exchange (PSX), the company has faced financial challenges over the reporting period. The directors expressed gratitude to the SECP and its Insurance Department for their support and cooperation during this transitional phase.

The company acknowledged the challenges ahead and expressed optimism for navigating future endeavors successfully.