Karachi: In a notable development, IGI Life Insurance Limited has announced a change in its leadership with the resignation of Mr. Shamim Ahmad Khan as Chairman and Director, effective June 30, 2026. The Board of Directors has accepted Mr. Khan's resignation, according to a company statement dated July 1, 2026.

Mr. Khan, who has been a significant part of the Board since 2014, is acknowledged for his contributions in corporate governance and financial sector regulation. The Board expressed its appreciation for his service and extended their best wishes for his future endeavors.

In the wake of Mr. Khan's resignation, Mr. Hasan Askari has been appointed as the new Chairman and Director of the Board. His appointment is pending approval from the Securities and Exchange Commission of Pakistan, as per the Insurance Companies (Sound and Prudent Management) Regulations, 2012. The Board anticipates that Mr. Askari's experience will greatly benefit the company's strategic direction.

According to information available from the Pakistan Stock Exchange (PSX), IGI Life Insurance Limited operates within the insurance sector, a key component of the financial services market in Pakistan. The transition in leadership is expected to be seamless, ensuring continued adherence to the company's strategic objectives.