TPL Life Insurance Limited (‘TPL Life’ or ‘the Company’) was incorporated as a public unlisted company in Mar-08 and listed on the PSX in Jun-24.

TPL Life is a subsidiary of TPL Corp Ltd. ('TPL Corp') with expertise in various sectors. The Company received its license to carry on life and related lines of insurance business from SECP on 02-Mar-09. In Aug-18, the Company was granted authorization by SECP to operate window takaful in respect to family takaful products. However, the Company started takaful operations from Jan-19.

TPL Life primarily engages in the life insurance sector, offering a range of products across ordinary life, accident, and health insurance segments.

TPL Life Insurance Limited’s ownership structure remained highly concentrated, with its parent company, TPL Corp Limited, holding 94.21% of the total issued share capital. An additional 1.11% stake was held by TPL Holdings (Private) Limited, a related entity with common directorship. Shareholding by the general public stood at 4.54%, while directors and their spouses collectively held a nominal interest.

Ownership of the Company seems to remain stable as TPL Corp holds a major stake in the Company. The substantial stake held by TPL Corp Limited reinforces ownership stability, facilitates long-term strategic planning, and supports the Company’s ongoing business development and growth objectives.

The sponsors possess strong business acumen and a deep understanding of the insurance sector, with the Group operating two insurance companies, namely TPL Life Insurance and TPL Insurance. Moreover, they have a diversified business portfolio, providing significant support to the Company.

The Company’s concentrated ownership structure provides a solid foundation of sponsor support and strategic oversight. This support has been further evidenced by a PKR 190 million capital injection during 2025 to strengthen regulatory solvency and reinforce the Company’s capital position.

TPL Life Insurance Limited’s governance structure was overseen by a seven-member Board of Directors comprising four Non-Executive Directors, two Independent Directors—including one female independent director—and one Executive Director serving as the Chief Executive Officer. The Board composition reflects an appropriate balance of independence and oversight, with independent directors accounting for nearly one-third of the Board

The Board is chaired by Mr. Jameel Yusuf Ahmed, Chairman of TPL Corp, who provides strategic leadership and direction to the Company. The Board comprises members with diverse expertise across insurance, financial services, corporate governance, and business management. Muneeza Kasim is a seasoned finance professional with experience at Mac Corp, TCS, Engro, and Shell, covering senior roles across FP&A, M&A, reporting, taxation, risk, governance, and treasury functions. She has led multicultural teams across 20+ countries, is PICG-certified, serves as an Independent Director and BAC Chairperson, and has international exposure including 5 years in Dubai. Mr. Muhammad Ali Jameel brings extensive leadership experience across technology, investment, real estate, and insurance sectors and serves as CEO of TPL Corp Limited and TPL Properties Limited. Mr. Karim Sultan Ali contributes over three decades of experience in corporate and investment banking, risk management, and financial advisory. Mr. Farrukh Shauket Ansari offers significant expertise in finance, consulting, and corporate governance through his role at AASR and various board positions. Mr. Syed Ali Hassan Zaid is a CFA charterholder and finance professional with experience in financial advisory, strategic planning, and business consulting, currently serving as CEO and Co-Founder of SafeIsNest Consulting

The Board of Directors convenes on a quarterly basis and is supported by three committees: the Audit Committee, the Human Resource, Ethics, Remuneration & Nomination Committee, and the Investment Committee. The Audit and Investment Committees meet quarterly, while the Human Resource, Ethics, Remuneration & Nomination Committee meets at least annually. All committee meetings are duly documented through maintained minutes. The committees are chaired by Non-Executive Directors, ensuring independent oversight and effective governance.

The Company’s External Auditor, M/s H.A.M.D & Co., issued a qualified opinion on the financial statements for CY25. The Company also maintains an in-house internal audit function, which meets on a quarterly basis and reports directly to the Board of Directors, ensuring ongoing internal oversight and control assessment.

The Company operates through Strategy and Retail, Actuarial Sciences, Information Systems, Internal Audit, HR, Window Takaful Operations, Corporate Sales, and Finance. All the Heads report to the CEO, who then reports to the Board.

The management team of TPL Life Insurance Limited is led by Mr. Saad Nissar, who has been serving as the Chief Executive Officer since August 2021. He has previously served in various capacities across multiple entities working under TPL Corp, bringing extensive experience in insurance operations and corporate management to his leadership role. Mr. Saad Nissar is also a member of the Board of Directors and serves on multiple Board committees including the Ethics, Human Resource, Remuneration and Nomination Committee, the Investment Committee, the Underwriting Committee, the Claims Committee, and the Risk Management and Compliance Committee.   Mr. Syed Kazim Hasan has served as the Chief Financial Officer since July 2022, bringing rich experience in the insurance sector. His responsibilities encompass overall financial management, financial reporting, regulatory compliance, and strategic financial planning. He also serves as a member of the Investment Committee and the Risk Management and Compliance Committee. The management team is further supported by qualified professionals heading key functions: Ms. Shayan Mufti serves as Company Secretary, Mr. Hashim Sadiq Ali heads the Internal Audit function, Mr. Adnan Riaz heads Underwriting, Ms. Shafaque Awan heads Claims, Mr. Farhan Mustafa heads Actuarial Services and Reinsurance, Mr. Moosa Mirza heads the Grievance Department, and Syed Kazim Hasan also serves as Head of Risk Management

The Company has established three management committees: the Underwriting, Reinsurance and Co-Insurance Committee, the Claim Settlement Committee, and the Risk Management and Compliance Committee, all of which meet on a quarterly basis with meeting minutes adequately maintained. The Chief Executive Officer, Chief Financial Officer, Compliance Officer, Company Secretary, and Head of Internal Audit possess the qualifications and experience required under the Code of Corporate Governance, and the personales heading underwriting, claim, reinsurance, and risk management departments possess qualifications and experience of direct relevance to their respective functions as required under Section 12 of the Insurance Ordinance, 2000.

Claims are classified into five categories: i) Emergency claims, ii) claims for Treatment from Panel Hospital, iii) Outpatient Department (OPD) claims, iv) claims for Reimbursement for Treatment from Non-Panel Hospital, and v) Death claims. In case of emergency claims, panel hospitals provide treatment without the approval of TPL Life.

TPL Life has implemented a formal, coherent investment policy approved by the Board and reviewed annually. The investment committee is chaired by the CEO, who has the authority to propose changes in the investment strategy and policy.

TPL Life has developed a detailed manual for risk profiling, mainly based on manuals obtained from its reinsurers. However, the Company has to strive to fully incorporate various aspects of the manual in its systems and controls. The risk policies of the Company are reviewed by the Risk Management Committee.

The life insurance sector in Pakistan recorded Gross Premium Written (GPW) of PKR ~496.9bn in CY25, up ~13.8% YoY, driven by strong growth across both public and private segments. The public segment remained dominant with a ~58.6% share (PKR ~291.2bn, +8.8% YoY), while the private segment outpaced growth at ~21.7% YoY to PKR ~205.7bn, increasing its share to ~41.4%. Despite sustained expansion, the sector remains underpenetrated versus regional peers, though growth is supported by improving macroeconomic conditions, rising bancassurance penetration, and regulatory reforms including IFRS 17 and risk-based capital framework enhancements. The premium mix continued to shift toward quality, with individual regular premiums rising to ~52.8% (CY24: ~47.7%) amid lower inflation and improved purchasing power, while group business moderated to ~38.1% and single premiums declined to ~9.1%. On the claims side, gross claims increased ~7.3% to PKR ~412.7bn, with a decline in surrender claims to ~40.5% reflecting improved retention, while maturity and death claims increased with a growing in-force portfolio. The sector’s investment portfolio remains predominantly concentrated in government securities, mainly Treasury Bills, Pakistan Investment Bonds (PIBs), and Sukuks. This allocation reflects a regulatory-driven and risk-averse investment strategy focused on capital preservation, liquidity management, and stable long-term returns. Sector profitability remained broadly stable at PKR ~23.7bn (-0.8% YoY), as strong premium growth was offset by a ~13.5% decline in investment income due to monetary easing and a sharp reduction in policy rates.  (Source: PACRA Sector Study)

The Company operates as a small player and holds a market share of ~0.1% during CY25.

Renewal persistency improved to a healthy ~82% in CY25 (CY24: ~75%), reflecting stronger policyholder retention and improved customer engagement. First-year persistency remained affected by the historical transition from a combined life and health insurance business model, which influenced policy renewal patterns.

During CY25, the Company’s gross premium increased by 29% to PKR 505.9 million (CY24: PKR 391.8 million), primarily driven by strong growth in the Accident & Health segment, including takaful, which rose to PKR 309.11 million from PKR 212.3 million. In line with its strategy of improving portfolio quality and reducing exposure to higher-risk business, the Company scaled down its Group Life portfolio to PKR 78 million (CY24: PKR 126 million). Meanwhile, unit-linked business, including takaful, demonstrated robust growth, with gross premiums increasing to PKR 119.2 million from PKR 53.5 million in the previous year.

During 2025, the claims ratio rose to 27% as against 23% in the previous year, while acquisition costs climbed to 30% from 21%, due to the impact of unit-linked policies where commission rates are higher. Management expenses stood at PKR 306.67 million as against PKR 425.99 million in the previous year, with the reduction mainly ascribed to expense saving measures and the recording of bad debts provision which is nil as against PKR 75 million in the previous year. TPL Life Insurance reduced its loss to PKR 208 million in CY25, compared to a higher loss of PKR 340 million in CY24, reflecting an improvement in financial performance year-on-year, although the Company remains in a loss position.

During CY25, the investment income of the Company decreased by ~22%, reported at ~PKR 36mln (CY24: ~PKR 46mln), primarily from return on debt securities. Going forward, prudent management of investment is crucial to support the bottom line

The Company envisages capturing the market from avenues, such as Banca and Takaful, while ending the underwriting of group policies. Further, TPL Life also envisions improving its investments.

TPL Life’s claims profile remained manageable during CY25, with net insurance benefit expenses increasing in line with business growth and the expansion of the Accident & Health portfolio. While outstanding claims rose to PKR 139.2 million (CY24: PKR 123.7 million), the increase was largely attributable to higher business volumes and timing differences in claim settlements rather than any deterioration in underwriting quality. Reinsurance recoveries of PKR 42.2 million continued to provide meaningful risk mitigation and support reserve adequacy. Despite the increase in claims liabilities, the Company maintained adequate technical reserves, including IBNR provisions and policyholder liabilities related to unit-linked products. The net claims ratio remained contained at around 19.7%, reflecting prudent underwriting standards and effective claims management, while strong reinsurance support from highly rated counterparties continued to strengthen the Company's risk-bearing capacity and financial resilience.

TPL Life maintains reinsurance arrangements for both individual life and group life, on a quota share basis, with Munich Re (rated "A+" by A.M. Best) and Gen Re (rated "A++" by A.M. Best)

As of CY25, the Company’s liquidity ratio improved to ~9.6x (CY24: ~8.3x), with Company liquid assets increasing to ~PKR 1.2 billion (CY24: ~PKR 1.03 billion). Liquid investments to outstanding claims strengthened to ~8.9x (CY24: ~8.3x), primarily driven by a decline in outstanding claims, reflecting improved claims coverage and stronger liquidity management.

As of CY25, the Company’s equity declined by approximately 9%, standing at PKR 263 million, compared to PKR 292 million in CY24. The reduction in equity reflects the continued impact of accumulated losses during the year, despite some improvement in operational performance.