Karachi: In a significant corporate development, Askari General Insurance Co. Ltd. (AGICO) has announced substantial changes in its board of directors following the recent transfer of a majority shareholding. As of September 28, 2026, four directors, Maj Gen Syed Anis Akbar (Retd), Maj Gen Abid Latif Khan (Retd), Malik Riffat Mahmood, and Brig Salman Nazar (Retd), have tendered their resignations. This transition comes in the wake of the transfer of 51.00% of the company's total issued and paid-up share capital, amounting to 51,337,953 ordinary shares, from the Army Welfare Trust (AWT) to the Fauji Foundation (FF) on August 28, 2026.
The board, in a resolution dated September 29, 2026, accepted these resignations and appointed new members to fill the casual vacancies. The newly appointed directors are Lt Gen Anwar Ali Hyder (Retd), Syed Bakhtiar Kazmi, Mr. Muhammad Majid Munir, and Brig Irfan Khan (Retd). This change was approved under section 179 of the Companies Act, 2017, and is pending requisite approvals from the Securities and Exchange Commission of Pakistan (SECP).
In addition to these appointments, Lt Gen Anwar Ali Hyder (Retd) has been named the new Chairman of the Board, succeeding Maj Gen Syed Anis Akbar (Retd), who also resigned from his position as Chairman. The reconstitution of key committees, including the Audit Committee, Investment Committee, and Ethics, Human Resource & Remuneration Committee, has been implemented immediately.
According to information available from the Pakistan Stock Exchange (PSX), these developments follow a series of disclosures regarding the restructuring within AGICO, as outlined in references from July and September 2026. These changes are part of a broader strategic realignment following the share transfer aimed at optimizing governance and operational frameworks.
The resolution passed will be presented at the next board meeting for formal acknowledgment and will be included in the meeting minutes as required by section 179(3) of the Companies Act, 2017. This reshuffle is expected to steer the company towards a renewed strategic direction under its new leadership.