Karachi: The Standard Insurance Company Limited has announced in its 55th Annual Report that its insurance activities remain suspended, though it continues to fulfill its financial and statutory obligations. The company, which has been grappling with the cessation of its core operations, presented its annual findings to its shareholders, highlighting significant legal and financial events over the past fiscal year.

The report, released on October 7, 2020, detailed that the company has managed to generate rental income from tenants following successful legal proceedings in the Sindh High Court in Karachi. This legal victory allowed the company to recover unpaid rent, which has been a critical financial relief in the absence of revenue from insurance activities.

However, the financial report disclosed a negative earning per share, calculated at Rupees (1.47), signaling ongoing financial challenges. The company's insurance license has not been renewed, as informed by the Securities and Exchange Commission of Pakistan (SECP) in their communication dated October 7, 2020. According to the SECP's Insurance Division, there is no requirement for license revocation or a no-objection certificate to proceed with a name change for the company.

The company is currently undergoing the process of changing its name, as advised by the SECP, to align with its revised Memorandum and Articles of Association. This procedural change is being handled through the SECP's Registration Office in Karachi. Upon completion, the company intends to explore new business ventures under its new identity.

According to information available from the Pakistan Stock Exchange (PSX), Standard Insurance Company Limited's stock performance reflects a moderate move, indicative of the market's response to the ongoing legal and operational transitions. The company remains optimistic about its future prospects and has expressed gratitude towards the SECP for its continued support.

The management extended its appreciation to the SECP and its Insurance Department for their cooperation and expressed hope for the challenges ahead. The report closed with an acknowledgment of divine blessings, underscoring the company's resilience in navigating its current difficulties.