Karachi: The Directors of Standard Insurance Company Limited, in their 56th Annual Report, presented on October 7, 2020, detailed the ongoing challenges and developments faced by the company. The report highlights that insurance activities remain suspended, yet the company continues to fulfill its financial and statutory obligations.

Efforts to augment revenue have seen some success. The company has managed to secure rental income from tenants through legal proceedings. The Sindh High Court in Karachi ruled in favor of the company, facilitating the recovery of outstanding rents. This development, however, was not sufficient to offset the broader financial impacts faced by the company, resulting in a profit per share of Rupees (1.02).

According to information available from the Pakistan Stock Exchange (PSX), the financial statements for the year have been prepared on an alternative basis, as specified in Note no. 2 of the annexed financial statements of 2023. The company has been navigating changes following the lapse of its insurance license. The Securities and Exchange Commission of Pakistan (SECP) clarified in a letter dated October 7, 2020, that there is no requirement for a formal revocation or NOC for a name change since the insurance license was not renewed under the Insurance Act.

The company is currently in the process of changing its name with the SECP's Registration Office in Karachi. Once completed, the company plans to initiate new business ventures in line with the revised Memorandum and Articles of Association under its new name. The company's management expressed gratitude towards the SECP and its Insurance Department for their support and cooperation during this transition.