Karachi: In its 52nd annual report, Standard Insurance Company Limited announced that although its insurance activities have remained suspended, it continues to fulfill its financial and statutory obligations. The company has successfully increased revenue by recovering rental income from tenants, following legal proceedings in the Sindh High Court Karachi. This has resulted in earnings per share of Rupees 0.327.

The process to revoke the company's insurance license began in 2013, with necessary documents submitted to the Securities and Exchange Commission of Pakistan (SECP). In 2017, the management engaged M/s. S. M. Suhail & Company, Chartered Accountants, to liaise with SECP to expedite the matter.

According to information available from the Pakistan Stock Exchange (PSX), once the SECP issues a formal cancellation of the insurance license, Standard Insurance Company Limited plans to diversify into non-insurance businesses. This transition may require changes to the company's name and amendments to its Memorandum and Articles of Association.

The management has expressed gratitude toward SECP and its Insurance Department for their support, as they prepare to present a new business plan to the company's members.