IGI General Insurance Limited is a public unlisted company incorporated under the Companies Act, 2017. The Company commenced operations on November 18, 2016, following the strategic demerger of the non-life insurance segment from IGI Insurance Limited (now IGI Holdings Limited). The restructuring enabled a dedicated focus on general insurance operations under an independent corporate structure, enhancing operational clarity and strategic alignment within the Group.

Packages Group consolidated its financial services investments through IGI Holdings Limited (“the Holdco”), which operates as the parent entity for both IGI General and IGI Life. The Holdco structure allows centralized oversight while maintaining operational independence across business verticals. IGI General remains a core operating subsidiary and continues to serve as a primary dividend contributor to the Holdco, underlining its strategic importance within the Group. The association with Packages Group provides reputational strength, financial flexibility, and governance discipline. The Sponsors’ diversified footprint across industrial and financial sectors enhances long-term sustainability and strategic continuity.

The Company operates in both Conventional and Window Takaful segments, offering coverage across Fire & Property, Motor, Marine, Travel, Accident & Health, Home, and Miscellaneous lines. The diversified product portfolio supports revenue stability by distributing underwriting risk across multiple segments. Headquartered in Karachi, the Company maintains presence in ~9 major cities nationwide. The branch network facilitates customer accessibility and underwriting penetration, while centralized underwriting and risk management functions ensure policy consistency and disciplined risk selection. The operational model emphasizes prudent underwriting, controlled expense management, and structured claims handling, supported by integrated IT systems and defined authority matrices.

The Company is a wholly owned (~100%) subsidiary of IGI Holdings Limited, rated AA/A1+. The ownership concentration ensures strategic alignment and decision-making efficiency.

Ownership stability remains strong, with majority control resting with Packages Group through the Holdco. The Sponsors’ longstanding presence across diversified sectors of the economy reflects financial resilience and long-term commitment to the insurance platform.

The Sponsors possess extensive experience in governance, capital allocation, and strategic oversight. Their institutional approach strengthens IGI General’s strategic positioning and risk management orientation.

The Holdco maintains a strong financial footing, enhancing IGI General’s strategic flexibility. On a standalone basis, IGI General reported equity of ~PKR 3,998mln as of Sep’25 (Sep’24: ~PKR 3,109mln), reflecting consistent internal capital generation and controlled dividend distribution.

The Board comprises six members: five Non-Executive Directors (including one female) and one Executive Director (CEO). Representation from Packages Group ensures sponsor oversight, while independent directors strengthen governance objectivity. Board vacancies during the year were filled within regulatory timelines, reinforcing governance compliance. The governance framework reflects structured oversight and segregation of strategic and operational responsibilities.

The Chairman, Mr. Shamim Ahmad Khan, possesses over three decades of experience. Other Board members bring diversified professional backgrounds spanning finance, industry, and corporate governance. The collective expertise supports informed strategic direction and risk oversight.

The Board meets quarterly and is supported by three committees: Audit; Investment; and Ethics, HR & Remuneration. These committees are chaired by Non-Executive Directors, reinforcing independence in oversight. Committee-level engagement enhances scrutiny over financial reporting, investment allocation, and human capital management.

The external auditors, M/S A.F. Ferguson & Co., Chartered Accountants, issued an unqualified opinion on CY24 financial statements. The firm is QCR rated and categorized “A” on the SBP panel, reflecting strong financial reporting standards and transparency.

The Company operates through six core departments: Underwriting; Reinsurance & Risk Management; Claims Management; Marketing & Sales; Finance; and Group Shared Services. Clear reporting lines and committee oversight ensure accountability and control.

The CEO, Mr. Faisal Khan (since Jan-24), brings over two decades of experience. The CFO, Mr. Syed Awais Amjad, has been associated since 2018 and possesses substantial financial expertise. Management stability supports operational continuity and strategic execution.

Three management committees — Underwriting & Reinsurance; Claims Settlement; and Risk Management & Compliance — oversee key risk domains. Regular monitoring ensures underwriting prudence and compliance adherence.

The Company’s integrated IT framework enables real-time reporting across underwriting, claims, finance, and investment functions. The MIS infrastructure supports informed decision-making and regulatory compliance.

The Company maintains a structured claims management framework supported by a clearly defined authority matrix for claims approval. The matrix delineates approval limits across operational and senior management tiers, ensuring segregation of duties and minimizing operational risk. Claims are routed through formal assessment, documentation verification, and internal review processes prior to settlement.

The investment function operates under the oversight of the Board Investment Committee, ensuring strategic asset allocation decisions remain aligned with the Company’s risk appetite and liquidity requirements. The CFO supports the execution and monitoring of the investment portfolio, ensuring compliance with regulatory guidelines and internal investment policies.

The Company maintains a comprehensive risk management framework designed to identify, assess, monitor, and mitigate underwriting, market, liquidity, operational, and compliance risks. The framework operates through defined policies, risk registers, periodic stress assessments, and oversight by the Risk Management & Compliance Committee.

Pakistan’s general insurance industry reported total GPW of ~PKR 170bln in 9MCY25 (9MCY24: ~PKR 171bln), registering a marginal YoY decline of ~0.58%. Industry’s underwriting performance weakened, with underwriting results declining by ~50% YoY to ~PKR 4.8bln (9MCY24: ~PKR 9.6bln). Investment income also contracted by ~16% YoY, primarily on account of monetary easing, thereby exerting pressure on overall profitability across the sector.

IGI General maintained a market share of ~7.8% during 9MCY25 (CY24: ~7.5%). Despite industry contraction, the Company recorded annualized growth of ~11% in GPW, indicating competitive resilience and effective distribution strategy.

GPW stood at ~PKR 13,398mln during 9MCY25 (9MCY24: ~PKR 12,408mln). Conventional business contributed ~84%, while Window Takaful contributed ~16%. Fire & Property remained the dominant segment (~37%), followed by Motor (~19%), Accident & Health (~18%), Miscellaneous (~16%), and Marine (~10%). The diversified segment mix mitigates concentration risk; however, higher claims in Accident & Health and Motor segments require continued monitoring.

Underwriting profit improved modestly to ~PKR 605mln (9MCY24: ~PKR 582mln). The combined ratio remained stable at ~89%. The loss ratio increased to ~59% (9MCY24: ~53%), reflecting relatively elevated claims incidence, while the expense ratio improved to ~30% (9MCY24: ~35%), demonstrating cost control effectiveness. Profit after tax stood at ~PKR 805mln (9MCY24: ~PKR 1,008mln). The decline primarily reflects reduced investment income in a lower interest rate environment.

Investment income stood at ~PKR 774mln (9MCY24: ~PKR 836mln), contributing ~56% of operating profit. The investment portfolio expanded to ~PKR 7,499mln as of Sep’25. Government securities represent ~35% of investments, supporting liquidity and capital preservation. Given the declining yield environment, maintaining balanced asset allocation will remain critical.

The Company continues to emphasize digitalization, operational efficiency, and disciplined underwriting. Expansion through improved service delivery and risk selection remains central to long-term growth.

Claims outstanding days increased to ~656 days (CY24: ~383 days), indicating elevated settlement cycle. Net claims stood at ~PKR 3,363mln. Effective claims management and recovery processes remain key to improving operational efficiency.

The Company maintains reinsurance treaties with internationally reputable reinsurers. The overall gross reinsurance ratio stood at ~50%, particularly significant in Fire and Marine segments, supporting capital protection against catastrophic losses.

Liquid investments stood at ~PKR 7,077mln. Liquid assets to net claims coverage remained adequate at ~1.5x. Liquid investments to equity stood at ~177%, reflecting strong liquidity cushion and financial flexibility.

Paid-up capital remains ~PKR 1.9bln. Total equity strengthened to ~PKR 3,998mln. Internal capital generation continues to support solvency position. The capital base remains adequate to absorb underwriting volatility and support growth initiatives while meeting regulatory requirements.