Karachi, Universal Insurance Company Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on April 29, 2019.
The agenda of the meeting was discussion of profit and loss account for quarter ended March 31, 2019 which portrayed a profit of Rs. 7,309 with earnings per share 0.15 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Universal Insurance Company Limited is a public limited company incorporated in Pakistan on May 9, 1958. The foundations of the company rely on the Companies Act, 1913 now referred to as Companies Ordinance, 1984. It is engaged in the business of non-life insurance business. The services of the company includes motor insurance, marine insurance, fire insurance, miscellaneous insurance, travel insurance and claim settlement procedures. The registered office of the company is located in Lahore. The stocks of the company are quoted on Karachi and Lahore Stock Exchange of Pakistan.
The company is a part of the Bibojee Group of Companies. The operations of the company started in 1960. The reinsurers of the company are Hanover Reinsurance Company of West Germany, Somitomo Marine and Fire Insurance Company of Japan, Korean Reinsurance Company of Korea and J.B Boda & company broker of Singapore.
This clientage of the company includes Textile/Spinning Mills, Flour Mills, Sports and Surgical Manufacturers, Garment Factories, Sugar Mills, Ghee Industries and various other industrial projects the number of which runs over fifteen thousand. The company is also on the approved panel of all the local and foreign Banks/Financial Institutions/Leasing Companies and Modarabas etc.
The symbol “UVIC” is being used by the stock exchange for the shares of Universal Insurance Company Limited.