Lahore: The directors of Standard Insurance Company Limited have announced that the company's insurance business remains suspended. In a report dated September 25, 2025, they presented the audited half-yearly financial results for 2024, indicating the company's ongoing commitment to fulfilling financial and statutory obligations under the law. The company had resolved in its Annual General Meeting on May 27, 2021, to surrender its insurance license, a decision communicated to the Securities and Exchange Commission of Pakistan (SECP). The SECP clarified on October 7, 2021, that there was no need for revocation as the company was not registered under the Insurance Ordinance 2000. Instead, it can change its name to remove ‘Insurance’ and explore other business lines with board approval.
The directors expressed optimism about the impending name change approval from the Registrar, which would enable the company to relaunch itself in new business avenues under the guidance of its board. The company has been navigating financial challenges, including liabilities recorded in the interim financial statements. A notable unresolved liability of 3.2 million rupees, outstanding for several years, was highlighted in the report, with auditors unable to confirm the accuracy of this liability due to lack of evidence.
The financial position as of June 30, 2024, shows total assets amounting to 14.13 million rupees, down from 14.64 million rupees in December 2023. Current liabilities include borrowings from directors, standing at 38.35 million rupees, and insurance payables of 3.18 million rupees. Shareholders' equity remains negative at 53.62 million rupees due to accumulated losses.
The company generated other income primarily from rent, totaling 1.05 million rupees, with a comprehensive loss of 667,408 rupees for the first half of 2024. According to information available from the Pakistan Stock Exchange (PSX), the company's share price reflected these ongoing financial difficulties.
Standard Insurance Company Limited is classified under the non-life insurance sector within the designated market category. The financial results underscore the company's strategic pivot away from its traditional insurance operations towards new business opportunities, pending the official name change and subsequent board approvals.