Karachi, United Insurance Company of Pakistan Limited informed Pakistan Stock Exchange that the Company have reviewed the documents related to issuance of shares by the issuer to the shareholders of M/S SPI Insurance Company Limited (SPI) as per swap ratio of 0.90 shares for every 1 share held in SPI by its shareholders, as per scheme of arrangement approved by the Honorable Sindh High Court.
The United Insurance Company of Pakistan Limited was incorporated on October 20, 1959, in Pakistan as a Public Limited Company. The principal activity of the Company is General Insurance Business and it qualifies as a domestic insurance company under the Insurance Ordinance, 2000 and undertakes Fire &amp;amp;amp;amp;amp;amp;amp;amp; Property Damage, Marine Aviation &amp;amp;amp;amp;amp;amp;amp;amp; Transport, Motor, Crop and Miscellaneous General Insurance.
The Company has been allowed to carry on Window Takaful Operation on August 18, 2014 by the Securities and Exchange Commission of Pakistan (SECP) under the Takaful Rules, 2012. The Company has not transacted any insurance business outside Pakistan.
The total number of shares are 295,000,044. The Earning per share is 1.41 in 2020 which was 1.54 in 2019. The Profit after tax is 414,555,000 in 2020 which was 401,591,000 in 2019.