Karachi: The directors of Standard Insurance Company Limited presented their 51st Annual General Report, indicating a period of suspended insurance activities while emphasizing their commitment to fulfilling financial and statutory obligations. The report, dated December 31, 2018, highlights the company's achievements in revenue generation through rental income amidst ongoing legal challenges.

The company successfully realized rental income from tenants following effective court proceedings. The Sindh High Court in Karachi vacated a stay order, allowing the company to collect back rent from tenants, which will be distributed to shareholders. This development marks a significant financial recovery for Standard Insurance Company Limited.

In a notable development, the company's statutory audit for the year ending December 31, 2017, was conducted by M/s. Muqtadir & Co., Chartered Accountants. However, the firm was not listed on the Securities and Exchange Commission of Pakistan's (SECP) panel for insurance company audits, leading to their resignation. Subsequently, Ms. Horvath Hussain Chaudhury & Co. was appointed as the statutory auditors for the year ending December 31, 2018.

According to information available from the Pakistan Stock Exchange (PSX), Standard Insurance Company Limited reported an earnings per share of Rs.3.25, marking a big move compared to the previous year's earnings. This improvement reflects the company's strategic efforts in overcoming operational challenges and enhancing shareholder value.

The company expressed gratitude to the SECP and its Insurance Department for their continued support and cooperation during this period. The directors concluded the report with a prayer for divine blessings and strength to face future challenges.