Karachi: Askari Life Assurance Company Limited has formally requested an extension from the Securities and Exchange Commission of Pakistan (SECP) for the approval and transmission of its third-quarter financial statements for the period ending September 30, 2026. The request for an extension, made on October 29, 2026, seeks to extend the deadline by one month, moving it to November 30, 2026.

This request follows the recent acquisition of a 51% stake in the company by Fauji Foundation from the Army Welfare Trust on August 28, 2026. The transition period has necessitated additional time due to changes in the company's governance structure, including the composition of its Board of Directors and respective committees.

The company is currently in the process of integration into the Fauji Foundation group. This integration involves aligning the scheduling of Board and committee meetings with the approval processes for changes in directors under SECP regulations, alongside accommodating the commitments of the newly appointed directors.

Initially, the company had notified the Pakistan Stock Exchange Limited of a Board meeting scheduled for October 23, 2026. However, due to the ongoing post-acquisition formalities, the meeting needed to be rescheduled. According to information available from the Pakistan Stock Exchange (PSX), under section 51/2 of the Insurance Ordinance 2000, the submission of regulatory returns to the SECP is mandated within six weeks from the reporting date, which would be November 15, 2026. The company seeks permission to extend this deadline to November 30, 2026.

Askari Life Assurance Company Limited emphasizes its commitment to completing the approval and transmission process at the earliest possible date, contingent upon the SECP granting the requested extension.