Karachi, The Pakistan General Insurance Company Limited detailed a robust fiscal year, marked by significant recovery and strategic achievements in its annual report for the year ending December 31, 2023. The company reported a dramatic turnaround from a prior loss, posting a profit after tax of Rs. 70,456,536 compared to last year’s loss of Rs. 28,791,613. This performance was buoyed by a substantial fair value gain on the sale of investments, which rose from a loss of Rs. 2,300,000 in 2022 to a gain of Rs. 117,818,330 in 2023.

In its economic review, the company noted improved global economic conditions in 2023, despite ongoing challenges in Europe and China. Fitch Ratings revised the global growth forecast upward, largely due to robust consumer spending and private-sector financial health in the United States.

On the governance front, the company reaffirmed its adherence to stringent corporate governance standards, complying with both the Listed Companies (Code of Corporate Governance) Regulations 2019 and the Code of Corporate Governance for Insurance Companies 2016. It stressed the board’s effective role in steering the company through complex market dynamics, with comprehensive frameworks for assessing board performance, including strategic planning, financial oversight, and stakeholder engagement.

Additionally, the company highlighted its commitment to corporate social responsibility, maintaining its status as an equal opportunity employer and taking various initiatives to fulfill its societal roles.

The company's auditors, M/s Mushtaq & Co. Chartered Accountants, provided a qualified audit report for the financial year and were proposed for reappointment for the subsequent year.