Karachi: PICIC Insurance Limited has announced its financial results for the quarter ended September 30, 2026, revealing a net loss amid increased management expenses. The report, dated October 28, 2026, highlights the financial challenges faced by the company in the preceding months.
The company's management expenses for the quarter amounted to 5,309,000 rupees, a significant increase from 3,494,000 rupees in the same period last year. For the period ending September 30, 2026, these expenses totaled 12.98 million rupees compared to 23.78 million rupees in the previous year. This increase in management expenses contributed to the negative underwriting results, which mirrored the management expenses figures.
Investment income stood at 13.53 million rupees for the period ending September 30, 2026, showing an improvement from 12.15 million rupees reported in the previous year. Despite this, the company's operating activities resulted in a profit of 480,000 rupees, a turnaround from a loss of 11.70 million rupees for the same period last year.
According to information available from the Pakistan Stock Exchange (PSX), PICIC Insurance Limited faced a taxation charge of 7.81 million rupees for the current period compared to 3.04 million rupees last year, further impacting the company's financial performance. Consequently, the company reported a loss after tax of 7.33 million rupees for the period ended September 30, 2026, compared to a loss of 14.74 million rupees in the previous year.
The other comprehensive income for the period, primarily influenced by unrealized losses on available-for-sale investments, amounted to a negative 1.48 million rupees, a slight recovery from a negative 5.35 million rupees in the previous year.
Overall, the total comprehensive income for the period was a negative 8.81 million rupees, improving from a negative 20.09 million rupees in the previous year. The basic and diluted loss per share for the period was reported at 0.21 rupees, compared to 0.42 rupees in the same period last year.
The financial results underscore the challenges faced by PICIC Insurance Limited in managing its expenses while striving for profitability in a competitive market.