Contents · Syed Babar Ali (Chairman) Mr. Shamim Ahmad Khan Syed Yawar Ali Syed Shahid Ali Syed...

IGI Holdings Limited1

For the Nine Months Ended September 30, 2017

Contents

Shareholder’s Information

Pattern of Shareholding

Directors’ Report to the Shareholders on UnconsolidatedCondensed Interim Financial Information

Directors’ Report to the Shareholders on Consolidated

Consolidated Condensed Interim Financial Information

Condensed Interim Financial Information

Company Information2

3

5

23

25

40

41

Directors’ Report to the Shareholders on Consolidated (Urdu)42

Directors’ Report to the Shareholders on Unconsolidated (Urdu)44

Unconsolidated Condensed Interim Financial Information



Company Information

Chief Financial Officer (CFO)Syed Awais Amjad

Audit CommitteeMr. Shamim Ahmad Khan (Chairman)Syed Yawar AliMr. Syed Hyder AliMs. Faryal JoomaMr. Shahzeb Haider (Secretary)

Company Secretary (CS)Mr. Yasir Ali Quraishi

AuditorsM/s. A.F. Ferguson & Co.,Chartered Accountants

Chief Executive Officer (CEO)Mr. Tahir Masaud

ContactUAN:Tel: (021) 111-308-308Toll Free No: 0800-2-3434Fax: 92-2135301706

Registered & Head Office7th Floor, The Forum,Suite Nos. 701-713, G-20,Block 9, Khayaban-e-Jami,Clifton, Karachi – 75600,Pakistan.

H.R & R CommitteeSyed Yawar Ali (Chairman)Syed Shahid AliSyed Hyder AliMs. Faryal JoomaMr. Tahir MasaudMr. Kaifee Siddiqui (Secretary)

Board of DirectorsSyed Babar Ali (Chairman)Mr. Shamim Ahmad KhanSyed Yawar AliSyed Shahid AliSyed Hyder AliMs. Faryal JoomaMr. Osman Khalid WaheedMr. Tahir Masaud

BankersAllied Bank LimitedBank AL Habib LimitedFaysal Bank LimitedHabib Metro Bank LimitedJS Bank LimitedMCB Bank LimitedNIB Bank LimitedSoneri Bank LimitedStandard Chartered BankSummit BankUnited Bank Limited

Shares RegistrarFAMCO Associates (Private) Limited8-F, Next to Hotel Faran,Nursery, Block-6, P.E.C.H.S.,Shahrah-e-Faisal, Karachi.

Legal AdvisorsM/s Access World Law CompanyM/s A.W. Butt & AssociatesM/s Azam Lawyers & ConsultantsM/s Chaudhry Abdul Rauf& Co.M/s S. & B. Durrani Law AssociatesM/s Hassan & Hassan AdvocatesM/s Haider Mota & Co.M/s Jurists & Arbitrators Advocates & ConsultantsM/s Lexicon Law FirmM/s Mandviwala & Zafar AdvocatesM/s Mian Law AssociatesM/s Mohsin Tayebaly & Co.M/s Mughees Law AssociatesM/s Naveedul Zaman & AssociatesM/s ORR, Dignam & Co.M/s Rahman Law Associates



The Directors of your Company take pleasure in presenting to you, the report for the nine months ended September30, 2017 along with the unconsolidated condensed interim financial statements.

The report as well as the financial statements could not be published within the stipulated period due to pendency of thePetition of IGI Insurance Limited for restructuring before the High Court of Sindh. The Honorable Court sanctionedthe Schemes of Arrangement and Amalgamation through its Order dated December 16, 2017.

I am pleased to inform you that in accordance with the Schemes of Arrangement and Amalgamation approved by youand sanctioned by the Honorable Sindh High Court on December 16, 2017, IGI Investment Bank Limited (“IGIInvestment Bank”) has been amalgamated into IGI Insurance Limited (“IGI Insurance”) and subsequently as ofJanuary 31, 2017, the insurance business of IGI Insurance has been transferred to a 100% wholly-owned subsidiary namedIGI General Insurance Limited (“IGI General Insurance”), while certain investments of IGI Insurance have beentransferred to another 100% wholly-owned subsidiary named IGI Investments (Private) Limited (“IGI Investments”).

I am also pleased to inform you that the Management of your Company has successfully implemented the directives ofthe Honorable Sindh High Court mentioned in its Order, accordingly, Securities and Exchange Commission of Pakistan(SECP) has issued authorization to IGI General Insurance for undertaking general insurance business. As a result, IGIInsurance has also been renamed as IGI Holdings Limited (IGI Holdings) under the Court sanctioned scheme, and SECPhas also issued a ‘Certificate of Incorporation on Change of Name’ to the Company accordingly.

The Company has also injected cash equity of Rs. 1,500 million into IGI General Insurance during the year 2017 to meetminimum capital and solvency requirements applicable to the general insurance company under insurance laws.

IGI Holdings being a holding company will be deriving income in the form of dividends from its subsidiaries namely;IGI Investments, IGI General Insurance, IGI Life Insurance Limited and IGI Finex Securities Limited.

Directors’ Report to the Shareholders on Unconsolidated Condensedinterim financial information

Company performance review

Operating revenue

Operating income

Profit before taxation

Taxation

(Loss) / profit after taxation

(Loss) / Earnings per share (in rupees)

---- Rupees in thousands ---

Nine months endedSeptember 30, 2017

Nine months endedSeptember 30, 2016

228,801

108,819

36,128

(12,756)

23,372

0.19

2,152,799

1,343,373

1,230,827

(406,258)

824,569

6.72

During the period, the operating results of the Company are not comparable with the corresponding period of 2016 sincethe insurance segment and certain investments have been transferred to wholly owned subsidiaries i.e. IGI GeneralInsurance Limited and IGI Investments (Private) Limited respectively as of January 31, 2017. This has been carried outin accordance with the Scheme of Arrangement and the related revenue streams are now part of standalone financialstatements of these subsidiaries.

The Company has earned operating income of Rs. 109 million during the nine months ended September 30, 2017 againstRs. 1,343 million earnedduring corresponding period of 2016 with profit after taxation of Rs. 23 million as comparedto that of Rs. 824 million earned during corresponding period of 2016. Since insurance segment and certain investmentshave been transferred to respective subsidiaries as on January 31, 2017 through court order dated December 16, 2017;therefore, net income of such operations for the period subsequent to January 31, 2017 have also been transferred torespective subsidiaries. This has reduced reported income of IGI Holdings for the current period as against that ofcorresponding period of 2016.

After restructuring, IGI Insurance shall operate as a holding company and will derive value for its shareholders from itssubsidiaries operating in financial services namely IGI General Insurance Limited, IGI Life Insurance Limited, IGIInvestments (Private) Limited and IGI Finex Securities Limited. Dividend income shall constitute major source of incomeof IGI Holdings, as a result, its income pattern will follow dividend distribution pattern of the subsidiaries. It is envisionedthat the operating performance of the subsidiaries will result in better dividend payout to the holding company. Themanagement believes that the new corporate structure shall be conducive to focused management of the subsidiaries andthus will lead to better operating performance.

We value the support and patronage extended by our business partners and all stakeholders and appreciate the dedicatedand sincere efforts of our employees.

Directors’ Report to the Shareholders on Unconsolidated Condensedinterim financial information

For and on behalf of the Board

Syed Babar AliChairmanLahoreJanuary 30, 2018



UnconsolidatedCondensed Interim

Financial Informationfor the Nine Months Ended

September 30, 2017

IGI Holdings Limited (formerly IGI Insurance Limited)Unconsolidated Condensed Interim Balance Sheet (Un-audited)as at September 30, 2017

NoteUn-audited Audited

Sept. 30, 2017 Dec. 31, 2016

(Rupees in thousand)

678

9

10

11

12

2,954163,028

13,592,387 -4,414

-13,762,783

- - - - -3,616

294,599127,63613,417

439,26814,202,051

2,000,000

1,226,895411,659

4,630,7957,366,574

13,635,923

226,000 -

226,000

- - - - - -69,86013,821

256,447340,128566,128

14,202,051

265,305165,191

15,652,261171,147

4,4147,391

16,265,709

412,117355,249649,453419,825

6,42248,191

309,185256,376726,512

3,183,33019,449,039

2,000,000

1,226,895411,659

4,607,4237,366,574

13,612,551

1,231,00036,477

1,267,477

944,954950,26394,850

352,078332

1,348,01776,36314,104

788,0504,569,0115,836,488

19,449,039

ASSETS

Non-current assetsFixed assets Intangible assetsLong-term InvestmentsInvestment propertyLong-term depositsDeferred tax asset-net

Current assetsPremiums due but unpaid - unsecuredAmounts due from other insurers / reinsurers - unsecuredReinsurance recoveries against outstanding claimsPrepaid reinsurance premium cededShort term investmentsDeposits and prepaymentsPrepayments and other receivablesTaxation recoverableCash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

Share capital and reserves

Authorised share capital200,000,000 ordinary shares of Rs. 10/- each

Issued, subscribed and paid up share capitalProposed shares to be issued on amalgamationUnappropriated profitReserves

Non-current liabilitiesLong term finances Liabilities against assets subject to finance lease

Current liabilitiesProvision for outstanding claims (including IBNR)Provision for unearned premiumCommission income unearnedAmounts due to other insurers / reinsurersPremium received in advanceShort term financesCurrent portion of long term liabilitiesUnclaimed dividendTrade and other payables

Total liabilities

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES AND COMMITMENTS



Chief Executive Chief Financial Officer Director

IGI Holdings Limited (formerly IGI Insurance Limited)Unconsolidated Condensed Interim Profit and Loss Accounts (Un-audited)for the Quarter and Nine Months Ended September 30, 2017

The annexed notes from 1 to 20 form an integral part of this condensed interim unconsolidated financial information.

Operating revenue

Operating expenses

Other income

General and administrative expenses

Financial cost

(Provision) / reversal for impairment in value of

investments - net

Reversal of provision for bad and doubtful loans

and advances / lease losses - specific - net

Profit / (loss) before taxation

Taxation

Profit / (loss) after taxation

Earnings / (loss) per share - basic and diluted

Note

13

14

15

17

Un-audited Un-auditedSept. 30, 2017 Sept. 30, 2016

331

-

331

71

(7,115)

(1,462)

(8,175)

(204)

3,725

(4,654)

(47)

(4,701)

Quarter ended

680,143

(290,561)

389,582

8,590

(56,436)

(16,406)

325,330

126,555

-

451,885

(112,047)

339,838

( R u p e e s )

(0.04) 2.77


228,801

(119,982)

108,819

7,379

(39,672)

(17,064)

59,462

(34,507)

11,173

36,128

(12,756)

23,372

Nine months ended

2,152,799

(809,426)

1,343,373

25,601

(199,796)

(53,494)

1,115,684

115,143

-

1,230,827

(406,258)

824,569

0.19 6.72





IGI Holdings Limited (formerly IGI Insurance Limited)Unconsolidated Condensed Interim Statement of Comprehensive Income (Un-audited)for the Quarter and Nine Months Ended September 30, 2017


Profit / (loss) after taxation

Other comprehensive income

Total comprehensive income / (loss) for the period


(4,701)

-

(4,701)

Quarter ended

339,838

-

339,838


23,372

-

23,372

Nine months ended

824,569

-

824,569







Nine months ended


IGI Holdings Limited (formerly IGI Insurance Limited)Unconsolidated Condensed Interim Cash Flow Statement (Un-audited)for the Nine Months Ended September 30, 2017

CASH FLOWS FROM OPERATING ACTIVITIESProfit before taxation

Adjustments for :Depreciation and amortizationFinance costInterest, mark-up and profit incomeGain on disposal of property and equipmentProvision for impairment in value of investments - netReversal of provision / provision for bad and doubtful loans and advances / lease losses - specific - netReturn on bank balancesReturn on government securitiesGain on sale of available for sale investmentsDividend income

Changes in working capital

(Increase) / decrease in current assetsTrade deposit, prepayments and sundry receivables

Increase/ (decrease) in current liabilitiesAccrued expenses and sundry payables

Net recovery from long term loans and advancesNet recovery from finance leaseTax received / (paid) - netNet cash generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipmentReturn on government securitiesProceeds on disposal of property, plant and equipmentProceeds on disposal of short term investmentsPurchase of investmentsDividend receivedProfit / return receivedCash and bank balance transferred to IGI Investment Private Limited under scheme of arrangementCash and bank balance transferred to IGI General Insurance Limited under scheme of arrangementNet cash generated from / (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIESDividend paidLoan repaymentsFinancial charges paidRepayment of liability against assets subject to finance leaseNet cash (used in) / generated from financing activities

Net increase / (decrease) in cash and cash equivalentsCash and cash equivalent at beginning of the periodCash and cash equivalents at end of the period

36,128

5,60117,064

(394)(1,423)34,507

(11,173)(3,329)(1,418)

-(82,385)(42,950)(6,822)

(465,412)

520,36348,129

9,3731,8009,082

68,384

(3,715)9,2951,4236,500

(45)272427

1,299,936

(728,960)585,133

(283)(5,000)

(12,748)(564)

(18,595)

634,922(621,505)

13,417

1,230,827

39,78053,494 -(5,523)

(115,143)

-(3,914)

(11,874)(10,962)

(1,089,454)(1,143,596)

87,231

(987,577)

1,327,017426,671

- -

(347,815)78,856

(31,755) -15,28060,962

(2,997,189)1,089,454

20,143

-

-(1,843,105)

(488,011) -

(53,494)1,000,000

458,495

(1,305,754)219,154

(1,086,600)





Balance as at January 1, 2016 (audited)

Profit after taxation for the nine months periodended September 30, 2016

Other comprehensive income for the periodTotal comprehensive income for the

nine months period ended September 30, 2016

Transfer from general reserve tounappropriated profit

Transactions with owners, recorded directly in equity

Final dividend for the year endedDecember 31, 2015 - Rs. 4 per share

Balance as at September 30, 2016 (un-audited)

Profit after taxation for the quarterended December 31, 2016

Other comprehensive loss for the periodTotal comprehensive income for the quarter year ended December 31, 2016

Further issue of share capital in lieu ofbusiness combination

Balance as at December 31, 2016 (audited)

Profit after taxation for the nine monthsended September 30, 2017

Other comprehensive income for the periodTotal comprehensive income for the nine periods ended September 30, 2017

Balance as at September 30, 2017 (un-audited)

Generalreserve

Unappro-priatedprofits

ReservesProposed

sharesto be

issued onamalgamation

Premiumon issueof shares

Othercapital

reserves

Capital reserves Revenuereserves

TotalReserve

for bonusshares

-

-

-

-

-

-

-

-

-

-

411,659

411,659

-

-

-

411,659

IGI Holdings Limited (formerly IGI Insurance Limited)Unconsolidated Condensed Interim Statement of Changes in Equity (Un-audited)for the Nine Months Ended September 30, 2017

35,762

-

-

-

-

-

35,762

-

-

-

-

35,762

-

-

-

35,762

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

33,267

-

-

-

-

-

33,267

-

-

-

-

33,267

-

-

-

33,267

8,033,682

-

-

-

(736,137)

-

7,297,545

-

-

-

-

7,297,545

-

-

-

7,297,545

2,931,129

824,569

-

824,569

736,137

(490,758)

4,001,077

609,306

(2,960)

606,346

-

4,607,423

23,372

-

23,372

4,630,795

12,260,735

824,569

-

824,569

-

(490,758)

12,594,546

609,306

(2,960)

606,346

411,659

13,612,551

23,372

-

23,372

13,635,923

Issued,subscribedand paid-up sharecapital

1,226,895

-

-

-

-

-

1,226,895

-

-

-

-

1,226,895

-

-

-

1,226,895

( R u p e e s i n t h o u s a n d )




IGI Holdings Limited (formerly IGI Insurance Limited)Notes to and forming part of the Unconsolidated Condensed Interim Financial Information (un-audited)for the Nine Months Ended September 30, 2017

This condensed interim financial information is the separate unconsolidated condensed interim financial information of IGI HoldingsLimited. In addition to this unconsolidated condensed interim financial information, consolidated condensed interim financial informationof IGI Holdings Limited and its subsidiary companies, IGI Finex Securities Limited, IGI General Insurance Limited, IGI Life InsuranceLimited and IGI Investments (Pvt.) Limited (the Group) has also been prepared. As required by the International Financial ReportingStandards (IFRSs), segment information is presented only in the consolidated financial information of the Group.

1.4

BASIS OF PREPARATION2

Statement of compliance2.1Pursuant to the Scheme of Arrangement of IGI Insurance Limited sanctioned by the High Court of Sindh through its order datedDecember 16, 2017 with effect from January 31, 2017, as more fully explained in note 1.3 of this unconsolidated condensed interimfinancial information, the Insurance segment of the Company has been transferred to IGI General Insurance Limited along with itsassociated licence to carry out the business of general insurance. Accordingly, the requirements of the Insurance Ordinance, 2000 andthe Securities and Exchange Commission (Insurance) Rules, 2002 are not applicable on IGI Holdings Limited with effect from closeof business on January 31, 2017.

As a result, the unconsolidated condensed interim financial information of the Company have now been prepared in accordance withapproved accounting standards as applicable in Pakistan to companies that are not conducting general insurance business. Approvedaccounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International AccountingStandards Board (IASB) as are notified under the Companies Ordinance, 1984, the requirements of the Companies Ordinance, 1984and directives issued by the SECP. Wherever the requirements of the Companies Ordinance, 1984 or directives issued by the SECPdiffer with the requirements of IFRS, the requirements of the Companies Ordinance, 1984 or the said directives prevail.

STATUS AND NATURE OF BUSINESS1

IGI Holdings Limited - formerly IGI Insurance Limited ("the Company"), a Packages Group Company, was incorporated as a publiclimited company in 1953 under Companies Ordinance, 1984 and is quoted on the Pakistan Stock Exchange Limited. The registeredoffice of the Company is situated at 7th floor, The Forum, Suite No. 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi.

1.1

Under the ‘Scheme of Amalgamation of IGI Investment Bank Limited with and into IGI Insurance Limited under section 284 to 288of the Companies Ordinance, 1984 (the "Ordinance"), hereinafter referred to as ‘The Scheme’, IGI Investment Bank Limited wasamalgamated with and into the Company with effect from December 31, 2016. The proposal for the amalgamation and the scheme ofamalgamation were approved by the shareholders of both the Companies in their meetings held on February 22, 2017 and the HonorableSindh High Court, through its order, under Companies Ordinance, 1984 sanctioned the amalgamation of IGI Investment Bank Limitedwith and into IGI Insurance Limited.

1.2

During the period, a Scheme of Arrangement of IGI Insurance Limited, after amalgamation of IGI Investment Bank Limited with IGIInsurance Limited, under sections 284 to 288 of the Companies Ordinance, 1984 has been sanctioned by the High Court of Sindhthrough its order dated December 16, 2016. The Scheme of Arrangement became effective from January 31, 2017 and essentially entailedthe following:

1.3

The separation of the Insurance Segment and Investment Segment from IGI Insurance Limited;(i)

The transfer to, and vesting in IGI General Insurance Limited (a newly incorporated subsidiary company of IGI Insurance Limited),of the Insurance Segment against the issue of ordinary shares of IGI General Insurance Limited to IGI Insurance Limited;

(ii)

The transfer to, and vesting into IGI Investments (Pvt.) Limited (a newly incorporated subsidiary company of IGI Insurance Limited),of the Investment Segment against the issue of ordinary shares of IGI Investments (Pvt.) Limited to IGI Insurance Limited;

(iii)

The retention of the Retained Undertaking as part of IGI Insurance Limited; and(iv)

Change of name of IGI Insurance Limited to IGI Holdings Limited with effect from date of filing of the certified copy of the orderof the Court sanctioning the Scheme of Arrangement with the Registrar of Companies at SECP.

(v)



SCHEME OF ARRANGEMENT5

As more fully explained in note 1.3, pursuant to the Scheme of Arrangement of IGI Insurance Limited sanctioned by the High Courtof Sindh with effect from January 31, 2017, the Insurance segment and Investment segment of the Company have been transferred toand vested into IGI General Insurance Limited and IGI Investments (Pvt.) Limited respectively against issue of ordinary shares by thesecompanies. As per Articles 14, "Determination of the Value of the Undertakings" of the Scheme of Arrangement the net assets of theInsurance segment and Investment segment at January 31, 2017 have been determined in accordance with accounting principles generallyaccepted in Pakistan for the purposes of determining the actual number of shares to be issued in consideration of transfer of thesesegments.


2.2 This condensed interim financial information does not include all the information and disclosures required in the annual financialstatements and should be read in conjunction with the financial statements of the Company for the year ended December 31, 2016.

Change in accounting policy3.1During the year the Company has changed its accounting policy relating to subsequent measurement and impairment of available forsale investments with effect from close of business on January 31, 2017 to comply with the requirements of IAS 39, "Financial Instruments:Recognition and Measurement." As per the revised policy available for sale investments are measured at fair value subsequent to initialrecognition with changes in fair value recognised in other comprehensive income through the statement of comprehensive income. Asignificant or prolonged decline in the value of equity securities is also considered as an objective evidence of impairment. Impairmentlosses, if any, on available for sale investments are recognised directly in the income statement. Previously, available for sale investmentswere stated subsequent to initial recognition at the lower of cost or market value (market value being taken as lower if fall is other thantemporary) in accordance with the requirements of SEC (Insurance) Rules, 2002. Any decline in market value recognised by the Companywas taken to the income statement.

The change in policy has been made pursuant to the Scheme of Arrangement of the Company sanctioned by the High Court of Sindh,whereby the Insurance segment of the Company along with its associated licence to carry out general insurance business has beentransferred to IGI General Insurance Limited with effect from January 31, 2017. Accordingly, the requirements of the InsuranceOrdinance, 2000 and the SEC (Insurance) Rules, 2002 are no longer applicable on IGI Holdings Limited from close of business onJanuary 31, 2017. This change in accounting policy does not have any impact on the condensed interim financial information as themarket value of available for sale investments carried at the balance sheet date is lower than their respective cost against which impairmenthas been recognised.

SIGNIFICANT ESTIMATES AND JUDGMENT4

The preparation of the condensed interim financial information requires management to make judgments, estimates and assumptionsthat affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual resultsmay differ from these estimates.

In preparing this condensed interim financial information, the significant judgments made by management in applying the Company'saccounting policies and the key sources of estimating uncertainty were the same as those applied to the annual financial statements forthe year ended December 31, 2016.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES3The accounting policies and methods of computation adopted in the preparation of this unconsolidated condensed interim financialinformation are the same as those applied in the preparation of the annual financial statements of the Company for the year endedDecember 31, 2016 except for the change in policy as disclosed in note 3.1 below:

2.3 The Companies Act, 2017 (the Act) has been enacted on May 30, 2017 superseding the Companies Ordinance, 1984. Subsequent tothe promulgation of the Companies Act, 2017, the SECP through a circular dated October 4, 2017 has allowed companies whose financialyear closes on or before December 31, 2017 to prepare their financial statements in accordance with the provisions of the repealedCompanies Ordinance, 1984. Accordingly, the unconsolidated condensed interim financial information of the Company for the periodended June 30, 2017 has been prepared in accordance with the provisions of the repealed Ordinance. The management is currently inthe process of assessing the impact of the provisions of the Act on the financial statements of the Company.



Transferred and vested into


- - - -

14,198,774 -

- - - -

- - - -8,413

64

14,207,251

1,000,000 -

- - - - - - - -26,156

1,300,0002,326,156

11,881,095

IGI Investments(Pvt.) Limited

258,5524,2362,110

170,257125,118

7,165

791,510296,679

2,828631,658

575,97523,630

107,302117,333

-728,960

3,843,313

-37,130

902,3301,227,094

144,846332

508,950420,422178,108

6,717 - -

3,425,929

417,384

IGI GeneralInsurance Limited


A summary of the assets and liabilities transferred to and vested into IGI General Insurance Limited and IGI Investments (Pvt.) Limitedwith effect from close of business on January 31, 2017 is as follows:

ASSETS

Non current assetsFixed assets- Tangible operating assets- Capital work in progressIntangible assetsInvestment propertyInvestmentsDeferred taxation

Current assetsPremiums due but unpaid - unsecuredAmounts due from other insurers / reinsurers - unsecuredAccrued income on investments and depositsReinsurance recoveries against outstanding claimsPrepayments: - prepaid reinsurance premium ceded - othersTaxation - payments less provisionSundry receivablesDividend receivableCash and bank balances

TOTAL ASSETS

LIABILITIES

Non current liabilitiesLong term finance - securedLiabilities against assets subject to finance lease

Current liabilitiesProvision for outstanding claims (including IBNR)Provision for unearned premiumCommission income unearnedPremium received in advanceAmounts due to other insurers / reinsurersSundry creditorsAccrued expensesCurrent portion of liabilities against assets subject to finance leaseMarkup payableShort term finances - securedTOTAL LIABILITIES

NET ASSETS




FIXED ASSETS - NET BOOK VALUE6

Furniture, fixtures and office equipmentsBuildingsMotor vehicles- OwnedMotor vehicles- Leased

Capital work in progress6.1

282582

2,090 -

2,954-

2,954

46,732121,44150,05144,074

262,2983,007

265,305

FIXED ASSETS - Tangible6.1

Opening written down value

Add:Additions during the period / yearAssets acquired as part of business combination-net

Less :Net book value of assets disposed of / transferred during the period / yearNet book value of assets transfered as part of scheme of arrangementDepreciation for the period / year

Closing written down value

262,298

3,917 -

266,215

52258,552

4,657263,261

2,954

218,887

95,0873,667

317,641

11,504 -

43,83955,343

262,298

7.1 IGI investment Bank Limited was amalgamated with and into IGI Insurance Limited with effect from close of business on December31, 2016 under the Scheme of Amalgamation sanctioned by the High Court of Sindh. IFRS - 3 allows the acquirer a period of one yearfrom the date of acquisition to finalise the determination of the fair values of the assets and liabilities and to determine the value ofany intangibles separately identified. The fair valuation exercise of the recorded assets and liabilities will be completed within the periodspecified under IFRS - 3. In accordance with IFRS 3, the Company has initially recognised Goodwill of Rs. 163.024 million representingthe excess of the consideration paid over the carrying values of the net identifiable assets acquired. The identification and valuation ofintangible assets is currently in progress and will be completed within the period specified under IFRS - 3, subsequent to which theywill be recognised separately from Goodwill.

Movement7.2

Opening written down value

Add:Additions during the period / yearAssets acquired as part of business combination-netGoodwill

Less:AmortisationNet book value of assets transfered as part of scheme of arrangement

Closing written down value

165,191

- - -

165,191

(53)(2,110)(2,163)

163,028

1,856

1,2004

163,024166,084

(893) -(893)

165,191


Sept. 30, 2017 Dec. 31, 2016



Sept. 30, 2017 Dec. 31, 2016


INTANGIBLE ASSETS - NET BOOK VALUE7

Computer softwareGoodwill

4163,024163,028

2,167163,024165,191

7.17.2




LONG TERM INVESTMENTS8

The investments comprise of the following:- Investments in subsidiaries- Investments in associates- Held to maturity investments- Available for sale investments

8.1

8.2

13,574,443 - -17,944

13,592,387


Sept. 30, 2017 Dec. 31, 2016


1,275,9646,430,337

125,0727,820,888

15,652,261

Investments in subsidiaries8.1

QuotedIGI Life Insurance Limited53,561,407 (2016: 49,593,893) fully paid shares of Rs. 10 eachEquity held 81.967% (2016: 81.967%)Market value Rs. 91.10 per share (2016: Rs. 85.92 per share)

UnquotedIGI Finex Securities Limited52,000,000 (2016: 52,000,000) fully paid shares of Rs. 10 eachEquity held 100% (2016: 100%)

IGI General Insurance Limited100,000 (2016: 100,000) fully paid shares of Rs. 10 eachEquity held 100% (2016: 100%)

IGI Investments (Pvt.) Limited10,000 (2016: 10,000) fully paid shares of Rs. 100 eachEquity held 100% (2016: 100%)

8.1.1

8.1.2

8.1.3

8.1.4

858,831

415,133

418,384

11,882,09512,715,612

13,574,443

858,831

415,133

1,000

1,000417,133

1,275,964

8.1.1 During the year ended December 31, 2016, the Company received 8,607,205 shares as a result of a bonus issue made by IGI LifeInsurance Limited. Out of these 449,833 shares were withheld by IGI Life Insurance Limited as issuance of bonus shares had beenmade taxable through Finance Act, 2014.

The Finance Act, 2014 introduced amendments to the Income Tax Ordinance 2001. As a result of these amendments, companies areliable to withheld bonus shares at the rate of 5 percent. In accordance with the requirements of the Ordinance these shares shall onlybe released if the Company deposits tax equivalent to 5% of the value of the bonus shares issued. The value of tax is computed onthe basis of day-end price on the first day of book closure. In this regard, a constitutional petition has been filed by the Company inthe High Court of Sindh, challenging the applicability of withholding tax provisions on bonus shares received by the Company, whichis pending adjudication. A stay order has been granted by the High Court of Sindh in favour of the Company.

As at September 30, 2017, the Company has included these shares in its portfolio, as the management believes that the decision of theconstitutional petition will be in favour of the Company.

8.1.2 The Company had acquired IGI Finex Securities Limited as a result of the amalgamation of IGI Investment Bank Limited with andinto IGI Insurance Limited as at December 31, 2016.




Available for sale8.2

Unlisted Term Finance Certificates (TFCs)Quoted equity instrumentsUnquoted equity instruments

This represents residual values relating to net investment in finance lease of IGI Investment Bank acquired as part of amalgamationscheme.

9.1

OTHER RECEIVABLES9Advances - considered good(Payable to) / receivable from defined benefit planSales tax recoverableSalvage recoverableDividend ReceivableExcise duty paid on behalf of customersNet investment in finance leaseOthers

9.1

----

73,709-

220,890-

294,599

4,641(9,588)15,70327,4387,4603,652

221,31338,566

309,185

Note

Un-audited AuditedSeptember 30, 2017 December 31, 2016


3,28011,9462,718

17,944

3,2807,667,690

149,9187,820,888

8.1.3 The Company incorporated a wholly owned subsidiary namely IGI General Insurance Limited on 18 November, 2016. The objectiveof this company is to carry on all kinds of general insurance business (excluding life insurance) and General Takaful (Islamic Insurance)as Window Takaful Operator. As more fully explained in note 5 to this unconsolidated condensed interim financial information, theInsurance segment of the Company has been transferred to this subsidiary company with effect from close of business on January 31,2017 in accordance with the Scheme of Arrangement sanctioned by the High Court of Sindh.

Under Article 16 of the Scheme of Arrangement, IGI Insurance Limited is committed to invest an amount of at least Rs. 1.5 billionin IGI General Insurance Limited within three days from the date on which the certified copy of the order of the Court sanctioningthe Scheme of Arrangement is filed with the Registrar of Companies at SECP so as to meet the minimum capital / solvency requirementsof the subsidiary company.

The increase in amount of investment during the period represents the net assets of Rs. 417.38 million transferred to IGI GeneralInsurance Limited under the Scheme of Arrangement against proposed issuance of 41,738,400 shares to the Company by IGI GeneralInsurance Limited.

8.1.4 The Company incorporated a wholly owned subsidiary namely IGI Investments (Pvt.) Limited on 31 October, 2016. The objective ofthis company is to act as an investment holding Company and for that purpose invest, acquire, sell and hold investments. As more fullyexplained in note 5 to this unconsolidated condensed interim financial information, the Investment segment of the Company has beentransferred to this subsidiary company with effect from close of business on January 31, 2017 in accordance with the Scheme ofArrangement sanctioned by the High Court of Sindh.

The increase in amount of investment during the period represents the net assets of Rs. 11,881.09 million transferred to IGI Investments(Pvt.) Limited under the Scheme of Arrangement against proposed issuance of 118,810,950 shares to the Company by IGI Investments(Pvt.) Limited.



LONG TERM FINANCES10


Sept. 30, 2017 Dec. 31, 2016


SecuredLong term loan

UnsecuredLocal currency - from sponsorLocal currency - from subsidiaryCurrent maturity of loan from subsidiary

10.110.2

-

226,00069,860

(69,860)226,000

1,000,000

231,00069,860

(69,860)1,231,000

This represents long-term financing acquired by the Company as part of the amalgamation of IGI Investment Bank Limited withand into IGI Insurance Limited with effect from December 31, 2016 that has subsequently been retained by the Company as partof the scheme of arrangement of IGI Holdings Limited.

During 2013-2014, IGI Investment Bank Limited (the Investment Bank) received a sum of Rs.285 million by way of a loan from SyedBabar Ali, Chairman and a sponsor of the Investment Bank. In this connection, the Investment Bank and Syed Babar Ali had enteredinto a Loan Agreement dated March 31, 2014. The loan is interest/profit/mark-up free and repayable at the earlier of the expiry often (10) years from the date of the Loan Agreement or upon occurrence of any change in the shareholding of the Investment Bankor the board of directors of the Investment Bank that would result in change of control of the Investment Bank from the personsin whose hands it vests as of the date of the Loan Agreement (‘the Due Date’), as the case may be. Under the terms of the LoanAgreement, the Investment Bank may, at its discretion, prepay all or any portion of the aforesaid loan at any time prior to the DueDate, provided that the Certificates of Deposit issued by the Investment Bank have been completely and finally settled.

10.1


This represents long-term financing acquired by the Company as part of the amalgamation of IGI Investment Bank Limited withand into IGI Insurance Limited as at December 31, 2016 that has subsequently been retained by the Company as part of the Schemeof Arrangement.

During 2015, the IGI Investment Bank Limited (the Investment Bank) had entered into a long term loan agreement with its whollyowned subsidiary (IGI Finex Securities Limited) for Rs.85 million. Under the terms of the loan agreement, the loan was to be disbursedin multiple tranches, on such dates and in such amount as may be mutually agreed by the parties to the agreement.

The loan carries markup rate at 1 month KIBOR + 2% and is repayable at the earlier of the expiry of 36 months from the date ofdisbursement of first tranche of the loan or upon occurrence of any change in the shareholding of the Investment Bank or the boardof directors of the Investment Bank that would result in change of control of the Investment Bank from the persons in whose handsit vests as of the date of the Loan Agreement ('the Due Date'), as the case may be. The Investment Bank may, at its discretion, prepayall or any portion of the aforesaid loan at any time prior to the Due Date. As at January 31, 2016, the Investment Bank had receivedRs.69.860 million out of the total amount of the loan i.e. Rs.85 million.

10.2

TRADE AND OTHER PAYABLES11

Federal excise dutyFederal insurance feeAgent commission payableCash marginWithholding tax payableCertificates of depositDeposits under lease contractsAccrued expensesOthers

11.111.211.3

-----

6,082209,60621,01219,747

256,447


Sept. 30, 2017 Dec. 31, 2016


6,264893

110,298169,534

2066,082

210,028211,51773,228

788,050



This represents certificates of deposit acquired by the Company as part of the amalgamation of IGI Investment Bank Limited (theInvestment Bank) with and into IGI Insurance Limited as at December 31, 2016 that has subsequently been retained by the Companyas part of the Scheme of Arrangement.

The Investment Bank has made repayment of all deposits along with mark-up, except for five depositors with aggregate depositsamounting to Rs.6.082 million since they are either untraceable or their deposit is under lien as per court order for payment of FED/ CED. These Certificates of Deposit have already matured and mark-up payable on these till maturity is Rs.0.205 million. In orderto secure the amount for repayment of such deposits till the time parties are traced or lien matter settled, the Investment Bank hasplaced an amount of Rs.6.422 million in Market Treasury Bills. The Securities and Exchange Commission of Pakistan (SECP), whilegranting No Objection Certificate (NOC) to the amalgamation of IGI Insurance Limited and IGI Investment Bank Limited has,advised to form a trust, appoint Central Depository Company (CDC) as the trustee to invest the outstanding deposits amounting toRs. 6.082 million in PIBs and transfer the same in the name of trustee for onward payment to depositors of IGIBL as and when thedepositors are traced after due verification.

11.1


This represents security deposits under lease contracts acquired as part of the amalgamation of IGI Investment Bank Limited withand into IGI Insurance Limited with effect from December 31, 2016 that has subsequently been retained by the Company as partof the Scheme of Arrangement, against which an equivalent amount of residual value is receivable.

11.2

This includes interest amounting to Rs. 13.784 million accrued on loan from IGI Finex Securities Limited (subsidiary) as disclosedin note 10.2.

11.3

CONTINGENCIES AND COMMITMENTS12

The following contingencies were acquired by the Company as part of amalgamation of IGI Investment Bank Limited with and intoIGI Insurance Limited with effect from December 31, 2016 that has been retained by the Company as part of scheme of arrangement.

Income tax returns for the tax years 2011, 2012, 2013, 2014, 2015 and 2016 have been filed by the IGI Investment Bank on due datesthat are deemed to be assessed under the provisions of section 120 of the Income Tax Ordinance, 2001.

For the assessment / tax years of 1998-99 to 2016, the Investment Bank has an aggregate tax liability of Rs. 111.896 million andaggregate tax deductions and credits claimed of Rs. 352.935 million as declared in the original or revised returns of income filed bythe Investment Bank with the tax authorities resulting in an aggregate refund of Rs. 241.040 million as per original returns or revisedreturns.

For the same period as aforesaid, as per latest Assessment Orders issued by the tax authorities with respect to the respective assessment/ tax years, aggregate tax liability of Rs.164.409 million has been assessed and aggregate tax deductions and credits of Rs.338.734million have been allowed and Rs. 100.081 million has been refunded by the tax authorities leading to an aggregate assessed refund(after prior year adjustments etc.) of Rs.70.406 million, subject to verification which is currently underway.

12.1

Matters that are being contested mainly include the following:

The rate of tax applied in computing the tax liability of the Investment Bank was the one applicable to a banking companyinstead of the rate applicable for a public company (Assessment years 1991-92 to 2000-01). The Lahore High Court, Lahorevide orders in CTR No.04 of 2005 and CTR No. 02 of 2008 for the assessment years 1993-1994 to 1997-98 had decided thisissue in favour of the Investment Bank by rejecting the Reference Application filed by the tax department.

(a)

The tax payer company is a non banking finance company in accordance with the provisions of section 2(10) of Income TaxOrdinance,1979 read with Section 5(b) & 5(c) of the Banking Companies Ordinance ,1962. In light of said provisions the taxpayercompany is an investment finance company, so its dividend income should be taxed as a separate block of income at reducedrate. The above mentioned issue is decided in favour of the taxpayer Company by The Lahore High Court, Lahore vide ordersin CTR No.04 of 2005 and CTR No. 02 of 2008 for the assessment years 1993-1994 to 1997-98.

(b)

Addition on account of depreciation as a result of restricting the claim of depreciation upto net income from leased assets (Taxyear 2003).

(c)

Disallowance of certain expenses and additions to taxable income on account of lease key money, lease rentals, excess perquisitesand miscellaneous expenses relating to various assessment years (Assessment years 1995-96 to 2000-01).

(d)

Charging minimum tax under section 113 of the Ordinance without allowing adjustment of tax paid under final tax regime (Taxyears 2008 and 2010).

(e)




Disallowance of initial depreciation on leased commercial vehicles (Tax years 2004, 2005, 2006 and 2007).(f)

Addition as a result of proration of expenses between exempt income (capital gains), dividend income and business income(Assessment / Tax years 2002-03, 2003, 2004, 2005, 2006 and 2007).

(g)

Addition on account of allocation of finance cost to brokerage and commission income amounting to Rs.18.445 million (TaxYear 2009).

(h)

Addition on account of specific provisions of Rs.117.639 million (Tax Year 2009).(i)

The management and its tax advisor are confident that all above matters will eventually be decided in favor of the Company.

As per the Sale Purchase Agreement (SPA) by the Investment Bank and Al-Falah GHP Investment Management Limited (AGIML),the Investment Bank had agreed to indemnify AGIML against any unrecognised Workers Welfare Fund contribution exposure notexceeding Rs.48.381 million in the collective investment schemes managed by IGI Funds Limited (previously a wholly owned subsidiaryof the Investment Bank) on the closure date i.e. October 14, 2013 of above SPA.

12.2

A suit had been filed against the Investment Bank before the High Court of Sindh (the Court) for declaration, damages for Rs. 81.570million and recovery of Rs. 1 million along with interest, markup in connection with the transaction of asset backed securitisationbetween the parties. Issues had been framed for determination by the Court and the matter is at the stage of the evidence of theparties. The management, based on the advice of its legal advisor is confident that the matter will be decided in favour of the Company.

12.3

A suit had been filed against the Investment Bank impleaded as defendant No. 6 before the High Court of Sindh for declaration,permanent injunctions, specific performance, settlement and/or rendition of accounts and/or cancellation of cheques and damagesof Rs.100 million. The Investment Bank arranged lease finance for buses which were given on lease to a customer. The Court grantedleave to defend the suit to all the defendants and the matter is at the stage of evidence of the parties. The management, based onthe advice of its legal advisor is confident that the matters will be decided in favour of the Company.

12.4

OPERATING REVENUE13Net premium revenueCommission income - netDividend incomeGain on sale of available for sale investmentsReturn on government securitiesAdvisory fee

OPERATING EXPENSES14Net claimsCommission expense - netManagement expenses

OTHER INCOME15From financial assets

Profit on saving accounts and term deposits

From non-financial assetsRental incomeOther income

Un-audited

Sept. 30, 2017 Sept. 30, 2016

-----

331331

364,0086,641

305,526 -

3,968 -

680,143

Quarter Ended

----

203,762 -

86,799290,561

71

---

71

974

5,5442,0727,6168,590

Un-audited

Sept. 30, 2017 Sept. 30, 2016

( R u p e e s i n t h o u s a n d )

142,905 -

82,385 -

1,4182,093

228,801

1,026,68713,822

1,089,45410,96211,874 -

2,152,799

Nine Months Ended

53,70532,07134,206

119,982

547,332 -

262,094809,426

3,583

2,3081,4883,7967,379

3,914

15,9555,732

21,68725,601




Premium UnderwrittenPremium CollectedClaims ExpenseCommission ExpenseCommission PaidRental IncomeFixed Assets PurchasedFixed Assets DisposedDividend IncomeDividend PaidKey Management Personnel CompensationRent ExpenseMarkup expense on long term loanLong term loan paidInvestment/ (Disinvestment) in Shares - Net of Provision for ImpairmentBrokerage CommissionCharge in respect of Gratuity FundCharge in respect of Provident FundContribution to Gratuity FundContribution to Provident FundCharge for Administrative ServicesMedical Insurance Premium PaidReciepts against Group Shared Services

Related parties comprise of subsidiaries, associates, related group companies, directors of the Company, key management personnel,major shareholders, post employment benefit plans and other related parties. The Company in the normal course of business carriesout transactions with various related parties at agreed / commercial terms and conditions. Amounts due to / from and other significanttransactions, other than those disclosed else where in these unconsolidated financial statements, are as follows:

TRANSACTIONS WITH RELATED PARTIES16

Transactions

Premium ReceivableCommission PayableInvestment in SharesOther ReceivableOther PayableLong term loanMarkup payable on long term loan(Payable to)/ receivable from Gratuity Fund(Payable to)/ receivable from Provident Fund

Balances

for the Nine Month Ended

Associates

Sept. 30, 17 Sept. 30, 16(Rupees in thousand)

76,81499,89928,0164,5002,232

266 -

615330,57252,088 - - - -

2,802,3188,443 - - - - - - -

- - - - - - - - - - - - - -

- - - - - - - - -

Post employmentbenefit plans


- - - - - - - - - - - - - -

- -

14,5227,6835,8386,025

- - -

- - - - - - - - - - - - - -

- - -

278 -

278 - - -

Key managementpersonnel

(including directors)


5723889

- - - - - -

155,51467,848

- - -

- - - - - - - - -

3838

- - - - - - - -

10,751 - -

5,000

- - - - - - - - -

Subsidiaries


2,6902,118

528 - -

12,734 - -

40,987 - - - - -

- - - - - -

3,1902,930

-

509380110 - -

2,232 - -

73,709 - - -

4,318 -

- - - - - - - -

1,781

Other relatedparties


158,431266,37759,72111,27211,9572,574 - -

6,767 - - - - -

299,625 - - - - - - - -

79,82515,114

8086,830

- - - - - -- - - -

- - - - - - - -309

as atAssociates

Sept. 30, 17 Dec. 31, 16(Rupees in thousand)




(including directors)


Subsidiaries




1,132 -

1,275,96430,279 - - - - -

- -

13,574,44373,7093,088

69,86013,784 - -

5,704226

6,430,3371,903 - - - - -

- - - - - - - - -

- - - - - --

(9,588)(1,942)

- - - - - - - -

(13,000)

678 - - - - - - --

- - - - -

266000 - - -

9,459 4,071

564,610 - - - - --

- - - - - - - - -






EARNINGS PER SHARE17

Earnings per share

DATE OF AUTHORISATION FOR ISSUE20This unconsolidated condensed interim financial information was authorised for issue on January 30, 2018 by the Board of Directorsof the Company.

GENERAL19Figures in this unconsolidated condensed interim financial information have been rounded off to the nearest thousand of rupees.

Weighted average number of ordinary shares

Basic / diluted earnings per share


Profit / (loss) for the period

Un-audited

Sept. 30, 2017 Sept. 30, 2016


(4,701) 339,838

Quarter Ended

122,689,532 122,689,532

(0.04) 2.77

Un-audited

Sept. 30, 2017 Sept. 30, 2016

23,372 824,569

Nine Month Ended

122,689,532 122,689,532

0.19 6.72

N u m b e r o f S h a r e s

Ru p e e s

The table below analyses financial instruments carried at fair value. The different levels have been defined as follows:

FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES18

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., asprices) or indirectly (i.e., derived from prices). The Company has no items to report in this level.

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Company has noitems to report in this level.

-

-

-

As at September 30, 2017, the Company held the following financial instruments measured at fair value:

Assets carried at fair valueLong-term Investments

Level 2 Level 3


- 5,998

As at September 30, 2017

Level 1

11,946

Assets carried at fair valueLong-term Investments*Short term investments - Held for trading

Level 2 Level 3


-6,422

--

As at December 31, 2016

Level 1

--

* For the comparative period, in the case of available for sale investments, the equity securities were carried at lower of cost or marketvalue in line with SECP's SRO applicable for insurance companies.

The Directors of your Company take pleasure in presenting to you, the report for the nine months ended September30, 2017 along with the consolidated condensed interim financial statements.

The report as well as the consolidated interim financial statements could not be published within the stipulated perioddue to pendency of the Petition of IGI Insurance Limited for restructuring before the High Court of Sindh. The HonorableCourt sanctioned the Schemes of Arrangement and Amalgamation through its Order dated December 16, 2017.

I am pleased to inform you that in accordance with the Schemes of Arrangement and Amalgamation approved by youand sanctioned by the Honorable Sindh High Court on December 16, 2017, IGI Investment Bank Limited (“IGIInvestment Bank”) has been amalgamated into IGI Insurance Limited (“IGI Insurance”) and subsequently as ofJanuary 31, 2017, the insurance business of IGI Insurance has been transferred to a 100% wholly-owned subsidiary namedIGI General Insurance Limited (“IGI General Insurance”), while certain investments of IGI Insurance have beentransferred to another 100% wholly-owned subsidiary named IGI Investments (Private) Limited (“IGI Investments”).

I am also pleased to inform you that the Management of your Company has successfully implemented the directives ofthe Honorable Sindh High Court mentioned in its Order, accordingly, Securities and Exchange Commission of Pakistan(SECP) has issued authorization to IGI General Insurance for undertaking general insurance business. As a result, IGIInsurance has also been renamed as IGI Holdings Limited (IGI Holdings) under the Court sanctioned scheme, and SECPhas also issued a ‘Certificate of Incorporation on Change of Name’ to the Company accordingly.

The Company has also injected cash equity of Rs. 1,500 million into IGI General Insurance during the year 2017 to meetminimum capital and solvency requirements applicable to the general insurance company under insurance laws.

IGI Holdings being a holding company will be deriving income in the form of dividends from its subsidiaries namely;IGIInvestments, IGI General Insurance, IGI Life Insurance Limited and IGI Finex Securities Limited.

Directors’ Report to the Shareholders on Consolidated Condensedinterim financial information

During this period, the group achieved profit after tax of Rs. 3,246 million compared to that of Rs. 1,347 million earnedduring corresponding period of 2016 representing growth of 1.41 times. This growth is primarily attributable to higherdividend income received on investment portfolio and improved profitability of general insurance and life insurancebusinesses.

Other comprehensive income of Rs. 57,663 million generated during the period ended September 30, 2017 has resultedprimarily from revaluation of available for sale investment portfolio. As part of restructuring, these investments have beentransferred from IGI Holdings to its 100% wholly owned subsidiary i.e. IGI Investments. These investments have beenclassified as ‘Available for Sale’ investments, accordingly, the re-measurement gain has been recognized as part of ‘OtherComprehensive Income’ as per applicable financial reporting framework. This also includes Rs. 4,021 million representingthe share in income of associates.

Company performance review

Profit before taxTaxationProfit after taxOther comprehensive incomeTotal comprehensive incomeProfit attributable to non-controlling interestProfit attributable to ordinary shareholders

Earnings per share (in rupees)

---- Rupees in thousands ---

Nine months endedSept. 30, 2017

Nine months endedSept. 30, 2016

3,694,689(448,038)3,246,651

57,663,87560,910,526

(9,290)60,901,236

26.46

2,073,912(726,497)1,347,415

50,6571,398,072

(7,369)1,390,703

10.98



Directors’ Report to the Shareholders on Consolidated Condensedinterim financial information

The group achieved earnings per share of Rs. 26.46 compared to Rs. 10.98 earned during corresponding period of 2016.

Financial Highlights of the subsidiaries are hereunder:

IGI GENERAL INSURANCE LIMITED

The insurance segment of IGI Holdings has been transferred to IGI General as of January 31, 2017 under the Schemeof Arrangement sanctioned by the High Court of Sindh on December 16, 2017.

During the current period, IGI General has written gross premium of Rs 2,322 million with net underwriting profit ofRs. 383 million. The Company has incurred net claims of Rs. 632 million. As a result, the Company has generated profitafter tax of Rs. 204 million during the period ended September 30, 2017.

IGI INVESTMENTS (PRIVATE) LIMITED

Under the Scheme of Arrangement sanctioned by the High Court of Sindh, certain investments of IGI Holdings havebeen transferred to IGI Investments as of January 31, 2017. The scheme was sanctioned by the High Court of Sindhon December 16, 2017.

Income stream of IGI Investments is primarily based on dividend income from the investment portfolio. During thecurrent period, IGI Investments has earned dividend income of Rs. 2,198 million with financing cost of Rs. 106 millionon bank borrowings, as a result, the Company generated profit after tax of Rs 1,808 million during the period endedSeptember 30, 2017.

IGI LIFE INSURANCE LIMITED

During the current period, IGI Life Insurance Limited (IGI Life) has written net premium of Rs. 4,210 million representing22% decline over corresponding values of 2016. First year Individual life business (including investment linked and familytakaful) registered a growth of 21% compared to corresponding period of 2016. Company’s Group Accident & Healthbusiness also registered a growth of 28%.

During the current period, the IGI Life’s statutory funds generated deficit of Rs. 18 million compared to Surplus of Rs.211 million in corresponding period of 2016. During the period, bonuses were allocated to the policyholders of the lifeparticipating business from the opening retained earnings.

IGI FINEX SECURITIES LIMITED

During the current period, the Company has generated operating revenues of Rs. 109 million indicating a growth of 14%.The Company has also made a gain of Rs. 67 million on sale of investments. As a result, the Company has earned a profitafter tax of Rs. 62 million during the period as compared to a profit of Rs. 10 million made during the correspondingperiod of 2016.

We value the support and patronage extended by our business partners and all stakeholders and appreciate the dedicatedand sincere efforts of our employees.

For and on behalf of the Board

Syed Babar AliChairmanLahoreJanuary 30, 2018



ConsolidatedCondensed Interim

Financial Informationfor the Nine Months Ended

September 30, 2017

IGI Holdings Limited (formerly IGI Insurance Limited)Consolidated Condensed Interim Balance Sheet (Un-audited)for the Nine Months Ended September 30, 2017


Sept. 30, 2017 Dec. 31, 2016


ASSETS

Non-current assets

Fixed assets

- Tangible assets

- Capital work in progress

- Intangible assets

Long-term investments

Investment property

Long-term deposits

Deferred tax asset-net

Current assets

Premiums due but unpaid - unsecured

Amounts due from other insurers / reinsurers - unsecured

Reinsurance recoveries against outstanding claims

Prepaid reinsurance premium ceded

Total Assets of Window Takaful Operations - Operator's Fund

Experience refund receivable

Loans secured against life insurance policies

Deferred Commission expense

Accrued income on investments and deposits

Deposits and prepayments

Sundry receivables

Taxation recoverable

Cash and bank balances

TOTAL ASSETS

3

4

5

6

501,761

29,948

308,718

92,776,447

61,995

4,414

-

93,683,283

825,787

389,856

619,116

615,356

56,732

-

162,993

131,138

327,972

104,364

909,894

618,009

4,401,814

9,163,031

102,846,314

448,006

10,843

317,499

33,351,891

77,304

4,414

-

34,209,957

519,916

444,731

649,453

419,825

-

12,306

154,086

-

380,669

78,841

646,059

614,429

2,198,483

6,118,798

40,328,755




IGI Holdings Limited (formerly IGI Insurance Limited)Consolidated Condensed Interim Balance Sheet (Un-audited)for the Nine Months Ended September 30, 2017


Sept. 30, 2017 Dec. 31, 2016


The annexed notes from 1 to 17 form an integral part of these consolidated condensed interim financial statements.

7

8

9

2,000,000

1,226,895411,659

67,513,8097,366,574

76,518,937

256,20976,775,146

1,226,00078,448

395,6101,700,058

17,552,8981,309,2961,438,096

135,673409,531119,016

4,3707,923

1,600,00036,273

237,124 -24,822

1,493,08824,371,11026,071,168

102,846,314

2,000,000

1,226,895411,659

6,612,5737,366,574

15,617,701

263,96215,881,663

1,231,00041,537

378,1791,650,716

16,939,4411,210,466

950,26394,850

365,526144,585

- -

1,348,01736,831

316,6497,786

14,2511,367,711

22,796,37624,447,092

40,328,755

Share capital and reserves

Authorised share capital200,000,000 ordinary shares of Rs. 10/- each

Issued, subscribed and paid up share capitalProposed shares to be issued on amalgamationUnappropriated profitReservesEquity Attributable to the equity holders of the parent

Non-controlling interestTOTAL EQUITY

Non-current liabilitiesLong term financesLiabilities against assets subject to finance leaseDeferred tax liability

Current liabilitiesBalance of Statutory FundsProvision for outstanding claims (including IBNR)Provision for unearned premiumCommission income unearnedAmounts due to other insurers / reinsurersPremium received in advanceExperience refund payableTotal Liabilities of Window Takaful Operations - Operator's FundShort term financesExperience refund payableAccrued expensesCurrent portion of long term liabilitiesUnclaimed dividendSundry creditors

Total liabilities

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES

EQUITY AND LIABILITIES




Operating revenueOperating expenses

Other incomeGeneral and administrative expensesFinancial Charges

Unrealised gain / (loss) on available for sale investmentsChange in policyholders' liability(Surplus) / deficit taken to statutory fundProvision for impairment in value of investments - netReversal of provision / provision for bad and doubtful loans and advances / lease losses - specific - netLoss from Window Takaful OperationsShare of profit from associatesProfit before taxation

TaxationProfit after taxation

Other comprehensive income - reclassifiable to profit and loss- Surplus on revaluation of available for sale investments - net of tax

Other comprehensive income - not reclassifiable to profit and loss- Share of other comprehensive income of associate

Total comprehensive income

Total comprehensive income attributable to:

Equity holders of the parentNon-controlling interest

Earnings per share - basic and diluted


IGI Holdings Limited (formerly IGI Insurance Limited)Consolidated Condensed Interim Profit and Loss Accounts (Un-audited)for the Quarter and Nine Months Ended September 30, 2017

Note

1011

12

15



2,812,054(1,561,460)

1,250,594

(83,205)(95,635)(45,021)

1,026,733

(58,260)(265,751)

170,841(204)

3,725(1,191)

861,3981,737,291

(170,016)1,567,275

11,941,818

2,817,790

16,326,883

16,325,1771,706

16,326,883

12.77

Quarter Ended

2,730,634(1,153,641)

1,576,993

906,118(63,003)(16,406)

2,403,702

139,604(2,040,919)

(94,870)(7,089)

--

279,864680,292

(198,993)481,299

-

26,543

507,842

505,8741,968

507,842

3.92



8,017,599(5,028,942)

2,988,657

277,593(324,262)(125,656)2,816,332

(200,735)(763,165)

157,372(34,507)

11,173(1,191)

1,709,4103,694,689

(448,038)3,246,651

53,642,425

4,021,450

60,910,526

60,901,2369,290

60,910,526

26.46

Nine Months Ended

8,054,528(3,818,303)

4,236,225

1,050,411(216,371)(53,494)

5,016,771

236,394(4,245,706)

(140,915)10,010

--

1,197,3582,073,912

(726,497)1,347,415

-

50,657

1,398,072

1,390,7037,369

1,398,072

10.98

( R u p e e s )




Un-audited Un-auditedSetp. 30, 2017 Setp. 30, 2016


Nine Months Ended

2,073,912

59,550 53,494 (6,606)

- -

(861,028) -

219,986 (1,197,358)

(978,839) (5,835)

(10,010) (1,124,569) (3,851,215) (1,777,303)

(1,138,888)

5,679,498 2,763,307

(460,891) 2,302,416

(63,228) 18,067 - -

9,572,474 (15,055,588)

1,072,660 972,399

(3,483,216)

(496,795) 1,000,000

(53,494) -

449,711

449,711

(731,089) 652,356 (78,733)

CASH FLOWS FROM OPERATING ACTIVITIESProfit before taxation

Adjustments for :Depreciation and amortizationFinance costInterest, mark-up and profit incomeReversal of provision / provision for bad and doubtful loans and advances / lease losses - specific - netReturn on bank balancesReturn on government securitiesIncome on term loanSurplus of statutory fundsShare of profit from associateGain on sale of available for sale investmentsLoss / (gain) on disposal of property and equipmentProvision for impairment in value of investments - netDividend income

Changes in working capital

(Increase) / decrease in current assetsTrade deposits, prepayments and sundry receivables

Increase/ (decrease) in current liabilitiesAccrued expenses and sundry payables

Net recovery from long term loans and advancesNet recovery from finance leaseIncome tax paidNet cash (used in) / generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipmentProceeds on disposal of property, plant and equipmentReturn on government securitiesLong-term depositsProceeds on disposal of short term investmentsPurchase of investmentsDividends receivedProfits / returns receivedNet cash generated from / (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIESDividends paidLoan repaymentsFinancial charges paidRepayment of liability against assets subject to finance lease

Net cash (used in) / generated from financing activities

Net increase / (decrease) in cash and cash equivalentsCash and cash equivalent at beginning of the periodCash and cash equivalents at end of the period

IGI Holdings Limited (formerly IGI Insurance Limited)Consolidated Condensed Interim Statement of Cash Flows (Un-audited)for the Nine Months Ended September 30, 2017


3,694,689

76,189125,656

(109,821)

(13,700)(3,329)

(794,518)(4,318)

(18,122)(1,709,410)

(119,647)(4,890)34,507

(1,402,101)(3,943,503)

(248,814)

(822,679)

1,266,699195,206

9,3731,800

(443,475)(237,096)

(101,463)6,7269,295

(7,988)10,315,897

(11,144,593)2,228,210

988,4332,294,518

(80,179)(5,000)

(14,898)(5,997

(106,074)

(106,074)

1,951,348850,466

2,801,814




Balance as at January 1, 2016

Profit after taxation nine months ended September 30, 2016

Other comprehensive income for the periodTotal comprehensive income for the quarter ended September 30, 2016

Transfer from general reserve to unappropriated profit

Balance as at September 30, 2016

Profit after taxation for the quarter ended December 31, 2016

Other comprehensive income - reclassifiable to profit and loss- Share of other comprehensive income / (loss) of associate - net of tax

Other comprehensive income - not reclassifiable to profit and loss- Share of other comprehensive income / (loss) of associate - net of tax- Re-measurement of post employment benefit obligations - net of tax

Total comprehensive income for the quarter ended December 31, 2016

Proposed further issue of share capital in lieu of business combination

Transactions with owners, recorded directly in equity

Final dividend for the year ended December 31, 2015 - Rs. 4 per shareFinal dividend for the year ended December 31, 2015, Re. 1 per share - IGI Life

Balance as at December 31, 2016

Profit after taxation for the nine months period ended September 30, 2017

Other comprehensive income - reclassifiable to profit and loss- Share of other comprehensive income / (loss) of associate - net of tax

Other comprehensive income - not reclassifiable to profit and loss- Share of other comprehensive income / (loss) of associate - net of tax

Final dividend for the year ended December 31, 2016, Re. 1.5 per share - IGI Life

Total comprehensive income for the nine months period ended September 30, 2017

Balance as at September 30, 2017


13,475,358

1,347,415

50,6571,398,072

-

14,873,430

1,122,653

(19,027)

(4,323)(2,960)(7,283)

1,096,343

411,659

(490,758)(9,013)

15,881,661

3,246,651

53,642,425

4,021,450

(17,041)

60,893,485

76,775,146

Reserves

Proposedshares to be

issued onamalgamation

Premiumon issueof shares

Othercapital

reserves Generalreserve

Unapprop-riatedProfits

Capital reserves Revenuereserves

Total

Reservefor bonus

shares

Equityattributable

to equityholders

of the parent

Non-controlling

interest

-

-

- -

-

-

-

-

- - -

-

411,659

- -

411,659

-

-

-

-

-

411,659

35,762

-

- -

-

35,762

-

-

- - -

-

-

- -

35,762

-

-

-

-

-

35,762

-

-

- -

-

-

-

-

- - -

-

-

- -

-

-

-

-

-

-

-

33,267

-

- -

-

33,267

-

-

- - -

-

-

- -

33,267

-

-

-

-

-

33,267

8,033,682

-

- -

(736,137)

7,297,545

-

-

- - -

-

-

- -

7,297,545

-

-

-

-

-

7,297,545

3,889,986

1,340,046

50,6571,390,703

736,137

6,016,826

1,112,815

(19,027)

(4,323)(2,960)(7,283)

1,086,505

-

(490,758) -

6,612,573

3,237,361

53,642,425

4,021,450

-

60,901,236

67,513,809

13,219,592

1,340,046

50,6571,390,703

-

14,610,295

1,112,815

(19,027)

(4,323)(2,960)(7,283)

1,086,505

411,659

(490,758) -

15,617,701

3,237,361

53,642,425

4,021,450

-

60,901,236

76,518,937

255,766

7,369

-7,369

-

263,135

9,838

-

---

9,838

-

-(9,013)

263,960

9,290

-

-

(17,041)

(7,751)

256,209

Issued,subscribedand paid-up share capital

1,226,895

-

- -

-

1,226,895

-

-

- - -

-

-

- -

1,226,895

-

-

-

-

-

1,226,895

IGI Holdings Limited (formerly IGI Insurance Limited)Consolidated Condensed Interim Statement of Changes in Equity (Un-audited)for the Quarter and Nine Months Ended September 30, 2017





IGI Holdings Limited (formerly IGI Insurance Limited)Notes to and forming part of the Consolidated Condensed Interim Financial Statements (un-audited)for the Nine Months Ended September 30, 2017

(i) IGI Holdings Limited (formerly IGI Insurance Limited) - Holding Company

(ii) IGI Life Insurance Limited - Subsidiary Company

(iii) IGI Finex Securities Limited- Subsidiary Company

(iv) IGI General Insurance Limited- Subsidiary Company

(v) IGI Investment (Pvt.) Limited- Subsidiary Company

IGI Holdings Limited - formerly IGI Insurance Limited ("Holding Company"), a Packages Group Company, was incorporated as apublic limited company in 1953 under Companies Ordinance, 1984 and is quoted on the Pakistan Stock Exchange Limited (formerlyKarachi Stock Exchange Limited). The registered office of the Company is situated at 7th floor, The Forum, Suite No. 701-713, G-20,Block 9, Khayaban-e-Jami, Clifton, Karachi.

Holding Company1.2

Under the ‘Scheme of Amalgamation of IGI Investment Bank Limited with and into IGI Insurance Limited under section 284 to 288of the Companies Ordinance, 1984 (the "Ordinance"), hereinafter referred to as ‘The Scheme’, IGI Investment Bank Limited has beenamalgamated with and into the Holding Company with effect from December 31, 2016. The proposal for the amalgamation and thescheme of amalgamation were approved by the shareholders of both the Companies in their meetings held on February 22, 2017 andthe Honorable Sindh High Court, through its order, under Companies Ordinance, 1984 sanctioned the amalgamation of IGI InvestmentBank Limited with and into IGI Insurance Limited.

1.3

Further, a Scheme of Arrangement of IGI Insurance Limited, after amalgamation of IGI Investment Bank Limited with IGI InsuranceLimited, under sections 284 to 288 of the Companies Ordinance, 1984 has been sanctioned by the High Court of Sindh through itsorder dated December 16, 2017. The Scheme of Arrangement became effective from January 31, 2017 and essentially entails the following:

1.4

(i) The separation of the Insurance Segment and Investment Segment from IGI Insurance Limited;

(ii) The transfer to, and vesting in IGI General Insurance Limited (a newly incorporated subsidiary company of IGI Insurance Limited),of the Insurance Segment against the issue of ordinary shares of IGI General Insurance Limited to IGI Insurance Limited;

(iii) The transfer to, and vesting into IGI Investments (Pvt.) Limited (a newly incorporated subsidiary company of IGI InsuranceLimited), of the Investment Segment against the issue of ordinary shares of IGI Investments (Pvt.) Limited to IGI InsuranceLimited;

(iv) The retention of the Retained Undertaking as part of IGI Insurance Limited; and

(v) Change of name of IGI Insurance Limited to IGI Holdings Limited with effect from date of filing of the certified copy of theorder of the Court sanctioning the Scheme of Arrangement with the Registrar of Companies at SECP.

As per Article 14, "Determination of the Value of the Undertakings" of the Scheme of Arrangement sanctioned by the High Courtof Sindh, segment wise financial statements as of close of business on January 31, 2017 of the retained undertaking of IGI InsuranceLimited specifying the net assets of the Retained Undertaking of the Company were prepared by the management of IGI InsuranceLimited in accordance with accounting principles generally accepted in Pakistan. Accordingly, the Board of Directors in its meeting heldon December 29, 2017 approved the segment wise financial statements specifying the net assets of the Retained Undertaking as of closeof business on January 31, 2017.

1.5

STATUS AND NATURE OF BUSINESS1

The "Group" consist of:1.1




IGI Life Insurance Limited ("IGI Life") was incorporated in Pakistan on October 9, 1994 as a public limited company under theCompanies Ordinance, 1984. Its shares are quoted on the Pakistan Stock Exchange Limited (formerly Karachi Stock Exchange Limited).The Company commenced its operations on May 25, 1995 after registration with the Controller of Insurance on April 30, 1995. Theregistered office of the Company is situated at 7th Floor, The Forum, Suite No. 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton,Karachi which is also the principal office of the IGI Life.

IGI Life is engaged in life insurance business, carrying on both participating and non-participating businesses. The Company is anapproved Window Takaful Operator and is also engaged in providing Shariah compliant takaful products. The Statutory Fundsestablished by IGI Life in accordance with the advice of the Appointed Actuary are as follows :

Subsidiary Companies1.6

1.6.1

- Life (participating)- Life (non-participating) – Individual- Life (non-participating) – Group- Accident & Health – Individual- Accident & Health – Group- Pension Business Fund- Investment Linked- Individual Family Takaful- Group Family Takaful- Group Health Takaful

IGI Finex Securities Limited ("IGI Finex") was acquired as part of the amalgamation of IGI Investment Bank Limited with and intoIGI Insurance Limited with effect from December 31, 2016. IGI Finex was incorporated in Pakistan on June 28, 1994 as a publiclimited company under the Companies Ordinance, 1984. The registered office of IGI Finex is situated at Suite No. 701-713, 7th Floor,the Forum, G-20, Khayaban-e-Jami, Block-9, Clifton, Karachi. The Company has a Trading Right Entitlement Certificate (TREC) ofPakistan Stock Exchange Limited (formerly: Karachi Stock Exchange Limited) and is a corporate member of Pakistan MercantileExchange Limited. The principal activities of IGI Finex include shares and commodities brokerage, money market and foreign exchangebrokerage and advisory and consulting services.

1.6.2

IGI General Insurance Limited ("IGI General") was incorporated as a public limited company on November 18, 2016 under theCompanies Ordinance, 1984. The registered office of the Company is situated at 7th floor, The Forum, Suite No. 701-713, G-20, Block9, Khayaban-e-Jami, Clifton, Karachi. The objects of the Company include providing general insurance services (in spheres of Fire,Marine, Motor, Health and Miscellaneous) and general takaful services. As explained in note 1.4, in pursuance of order dated December16, 2017 passed by the Honorable High Court of Sindh sanctioning the Scheme of Arrangement under sections 284 to 288 of theCompanies Ordinance, 1984, IGI Insurance Limited has transferred its General Insurance Segment to IGI General with effect fromJanuary 31, 2017.

1.6.3

IGI Investment (Pvt.) Limited ("IGI Investments") was incorporated as a private limited company on October 31, 2016 under CompaniesOrdinance, 1984. The registered office of the Company is situated at 7th floor, The Forum, Suite No. 701-713, G-20, Block 9, Khayaban-e-Jami, Clifton, Karachi. The objects of the Company include investing, acquiring, selling and holding of debt / equity securities. Asexplained in note 1.4, in pursuance of order dated December 16, 2017 passed by the Honorable High Court of Sindh sanctioningthe Scheme of Arrangement under sections 284 to 288 of the Companies Ordinance, 1984, IGI Insurance Limited has transferredits Investments Segment to IGI Investments with effect from January 31, 2017.

1.6.4

BASIS OF PREPARATION2

These consolidated condensed interim financial statements are being submitted to the shareholders in accordance with the listingregulations of the Pakistan Stock Exchange and section 237 of the Companies Ordinance, 1984.

These consolidated condensed interim financial statements have been prepared on the format applicable on listed companies by theSECP.

Basis of presentation2.1

These consolidated condensed interim financial statements have been prepared in accordance with approved accounting standards asapplicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issuedby the International Accounting Standards Board (IASB) as are notified under the Companies Ordinance, 1984, the requirements ofthe Companies Ordinance, 1984 and directives issued by the SECP. Wherever the requirements of the Companies Ordinance, 1984or directives issued by the SECP differ with the requirements of IFRS, the requirements of the Companies Ordinance, 1984 or thesaid directives prevail.

Statement of compliance2.2



The Companies Act, 2017 (the Act) has been enacted on May 30, 2017 superseding the Companies Ordinance, 1984. Subsequent topromulgation of the Companies Act, 2017, the SECP through a circular dated October 4, 2017 has allowed companies whose financialyear closes on or before December 31, 2017 to prepare their financial statements in accordance with the provisions of the repealedCompanies Ordinance, 1984. Accordingly, the consolidated condensed interim financial information of the company for the periodended June 30, 2017 has been prepared in accordance with the provisions of repealed ordianance. The management is currently inthe process of assessing the impact of the provisions of the Act on the consolidated financial statements of the company.

These consolidated condensed interim financial statements have been prepared under the historical cost convention, except as otherwisestated.

Basis of measurement2.3

The accounting policies and methods of computation adopted in the preparation of these consolidated condensed interim financialstatements are the same as those applied in the preparation of the annual financial statements for the year ended December 31, 2016.

Summary of significant accounting policies2.4

IGI investment Bank Limited was amalgamated with and into IGI Insurance Limited with effect from December 31, 2016 under theScheme of Amalgamation sanctioned by the High Court of Sindh. IFRS - 3 allows the acquirer a period of one year from the dateof acquisition to finalize the determination of the fair values of the assets and liabilities and to determine the value of any intangiblesseparately identified. The fair valuation exercise of the recorded assets and liabilities will be completed within the period specifiedunder IFRS - 3. In accordance with IFRS 3, the Holding Company has initially recognised Goodwill of Rs. 163.024 million representingthe excess of the consideration paid over the carrying values of the net identifiable assets acquired. The identification and valuationof intangible assets is currently in progress and will be completed within the period specified under IFRS - 3, subsequent to whichthey will be recognised separately from Goodwill.

4.1

LONG TERM INVESTMENTS5

The investments comprise of the following:Investments in associatesHeld to maturity investmentsAvailable for sale investments

- Book value- Surplus on revaluation

FIXED ASSETS - NET BOOK VALUE3

Furniture, fixtures and office equipmentsBuildingsMotor vehicles- OwnedMotor vehicles- Leased

INTANGIBLE ASSETS - NET BOOK VALUEComputer softwareMembership cardTrading Right Entitlement certificates (TREC)GoodwillLicensesCustomer relationshipsDistribution channelValue of inforce contractsPooling arrangements

4.1

100,047244,61378,30478,797

501,761

7,218250

10,999163,024

7011,21765,29639,34011,304

308,718


Sept. 30, 2017 Dec. 31, 2016


4

86,402231,43077,69152,483

448,006

3,081250

14,999163,024

7014,25365,29645,22211,304

317,499

13,766,947125,505

25,226,02753,657,96878,883,995

92,776,447

8,342,136125,072

24,884,683 -

24,884,683

33,351,891





SUNDRY RECEIVABLES6

Un-audited AuditedSept. 30, 2017 Dec. 31, 2016


Advances - considered goodTrade and Security depositsAgent balances(Payable to) / receivable from defined benefit planSales tax recoverableSalvage recoverableAdvances to employees against expenses- executives- othersReceivable against claim administration servicesNet investment in finance leasePrepayments and other recievablesAccrued income on savings accounts, long term loans and exposure depositsReceivable from clients against purchase of marketable securities and commodity contractsClearing balance with National Clearing Company of Pakistan LimitedPakistan Mercantile Exchange Limited-margin depositExposure deposit with Pakistan Stock Exchange LimitedOthers

4,74069,429

- -

15,53646,800

-317

-220,890105,23319,981

59,291 -

5,015205,750156,912909,894

8,61840,1143,198

(32,807)15,70327,438

438778

50,944221,313

- -

38,71867,4244,613

165,75033,817

646,059

This represents residual values relating to net investment in finance lease of IGI Investment Bank acquired as part of amalgamationscheme.

6.1

LONG TERM FINANCES7


Sept. 30, 2017 Dec. 31, 2016


SecuredLong term loan

UnsecuredLocal currency - from sponsor 7.1

1,000,000

226,0001,226,000

1,000,000

231,0001,231,000

This represents long-term financing acquired by the Company as part of the amalgamation of IGI Investment Bank Limited withand into IGI Insurance Limited with effect from December 31, 2016 that has subsequently been retained by the company as part ofthe scheme of arrangement of IGI Holdings Limited.

During 2013-2014, IGI Investment Bank Limited (the Investment Bank) received a sum of Rs.285 million by way of a loan from SyedBabar Ali, Chairman and a sponsor of the Investment Bank. In this connection, the Investment Bank and Syed Babar Ali had enteredinto a Loan Agreement dated March 31, 2014. The loan is interest/profit/mark-up free and repayable at the earlier of the expiry often (10) years from the date of the Loan Agreement or upon occurrence of any change in the shareholding of the Investment Bankor the board of directors of the Investment Bank that would result in change of control of the Investment Bank from the personsin whose hands it vests as of the date of the Loan Agreement (‘the Due Date’), as the case may be. Under the terms of the LoanAgreement, the Investment Bank may, at its discretion, prepay all or any portion of the aforesaid loan at any time prior to the DueDate, provided that the Certificates of Deposit issued by the Investment Bank have been completely and finally settled.

7.1

Note

6.1




Up to December 31, 2016, the Investment Bank had made repayment of all deposits along with mark-up, except for five depositorswith aggregate deposits amounting to Rs.6.082 million since they were either untraceable or their deposit is under lien as per courtorder for payment of FED / CED. These Certificates of Deposit have already matured and mark-up payable on these till maturityis Rs.0.205 million. In order to secure the amount for repayment of such deposits till the time parties are traced or lien matter settled,the Investment Bank has placed an amount of Rs.6.455 million in Market Treasury Bills.

In light of the above, prepayment to date of Rs.59 million has been made against the aforesaid loan till September 30, 2017.

SUNDRY CREDITORS8


Setp. 30, 2017 Dec. 31, 2016


Federal excise dutyFederal insurance feeFinancial chargesAgent commission payableStaff retirement benefitsCash marginCertificates of depositDeposits under lease contractsWithholding taxPayable against sale of marketable securitiesPayable against profit on unutilised fundsOthers

8.18.2

23,5412,177

-140,45033,433

194,8316,082

209,606129,663452,730

4,812295,763

1,493,088

6,264893

-182,175

-184,035

6,082210,028

-614,438

7,338156,458

1,367,711

This represents certificates of deposit acquired by the Company as part of the amalgamation of IGI Investment Bank Limited (theInvestment Bank) with and into IGI Insurance Limited as at December 31, 2016 that has subsequently been retained by the companyas part of the scheme of arrangement of IGI Holdings Limited.

The Investment Bank has made repayment of all deposits along with mark-up, except for five depositors with aggregate depositsamounting to Rs.6.082 million since they are either untraceable or their deposit is under lien as per court order for payment of FED/ CED. These Certificates of Deposit have already matured and mark-up payable on these till maturity is Rs.0.205 million. In orderto secure the amount for repayment of such deposits till the time parties are traced or lien matter settled, the Investment Bank hasplaced an amount of Rs.6.422 million in Market Treasury Bills. The Securities and Exchange Commission of Pakistan (SECP), whilegranting No Objection Certificate (NOC) to the amalgamation of IGI Insurance Limited and IGI Investment Bank Limited has,advised to form a trust, appointed Central Depository Company (CDC) as the trustee to invest the outstanding deposits amountingto Rs. 6.082 million in PIBs and transfer the same in the name of trustee for onward payment to depositors of IGIBL as and whenthe depositors are traced after due verification.

8.1

This represents security deposits under lease contracts acquired as part of the amalgamation of IGI Investment Bank Limited withand into IGI Insurance Limited with effect from December 31, 2016 against which an equivalent amount of residual value is receivable.

8.2

CONTINGENCIES9

The following contingencies were acquired by the Company as part of amalgamation of IGI Investment Bank Limited with and intoIGI Insurance Limited with effect from December 31, 2016 that have been retained by the Company as part of scheme of arrangement.




Matters that are being contested mainly include the following:

The rate of tax applied in computing the tax liability of the Investment Bank was the one applicable to a banking companyinstead of the rate applicable for a public company (Assessment years 1991-92 to 2000-01). The Lahore High Court, Lahorevide orders in CTR No.04 of 2005 and CTR No. 02 of 2008 for the assessment years 1993-1994 to 1997-98 had decided thisissue in favour of the Investment Bank by rejecting the Reference Application filed by the tax department.

(a)

The tax payer company is a non banking finance company in accordance with the provisions of section 2(10) of Income TaxOrdinance,1979 read with Section 5(b) & 5(c) of the Banking Companies Ordinance ,1962. In light of said provisions the taxpayercompany is an investment finance company, so its dividend income should be taxed as a separate block of income at reducedrate. The above mentioned issue is decided in favour of the taxpayer Company by The Lahore High Court, Lahore vide ordersin CTR No.04 of 2005 and CTR No. 02 of 2008 for the assessment years 1993-1994 to 1997-98.

(b)

Addition on account of depreciation as a result of restricting the claim of depreciation up to net income from leased assets (Taxyear 2003).

(c)

Disallowance of certain expenses and additions to taxable income on account of lease key money, lease rentals, excess perquisitesand miscellaneous expenses relating to various assessment years (Assessment years 1995-96 to 2000-01).

(d)


(e)


(f)

Addition as a result of proration of expenses between exempt income (capital gains), dividend income and business income(Assessment / Tax years 2002-03, 2003, 2004, 2005, 2006 and 2007).

(g)

Addition on account of allocation of finance cost to brokerage and commission income amounting to Rs.18.445 million (TaxYear 2009).

(h)

Addition on account of specific provisions of Rs.117.639 million (Tax Year 2009).(i)

The management and its tax advisor are confident that all above matters will eventually be decided in favor of the Company.

Income tax returns for the tax years 2011, 2012, 2013, 2014, 2015 and 2016 have been filed by the IGI Investment Bank on due datesthat are deemed to be assessed under the provisions of section 120 of the Income Tax Ordinance, 2001.

For the assessment / tax years of 1998-99 to 2016, the Investment Bank has an aggregate tax liability of Rs. 111.896 million andaggregate tax deductions and credits claimed of Rs. 352.935 million as declared in the original or revised returns of income filed bythe Investment Bank with the tax authorities resulting in an aggregate refund of Rs. 241.040 million as per original returns or revisedreturns.

For the same period as aforesaid, as per latest Assessment Orders issued by the tax authorities with respect to the respective assessment/ tax years, aggregate tax liability of Rs.164.409 million has been assessed and aggregate tax deductions and credits of Rs.338.734million have been allowed and Rs. 100.081 million has been refunded by the tax authorities leading to an aggregate assessed refund(after prior year adjustments etc.) of Rs.70.406 million, subject to verification which is currently underway.

9.1

As per the Sale Purchase Agreement (SPA) by the Company and Al-Falah GHP Investment Management Limited (AGIML), theCompany had agreed to indemnify AGIML against any unrecognised Workers Welfare Fund contribution exposure not exceedingRs.48.381 million in the collective investment schemes managed by IGI Funds Limited (previously a wholly owned subsidiary of theCompany) on the closure date i.e. October 14, 2013 of above SPA.

9.2

A suit has been filed against the Company before the High Court of Sindh (the Court) for declaration, damages for Rs. 81.570 millionand recovery of Rs. 1 million along with interest, markup in connection with the transaction of asset backed securitisation betweenthe parties. Issues have been framed for determination by the Court and the matter is at the stage of the evidence of the parties. Themanagement, based on the advice of its legal advisor is confident that the matters will be decided in favour of the Company.

9.3



OPERATING REVENUE10

Un-audited

Sept. 30, 2017 Sept. 30, 2016


Net premium revenueDividend incomeReturn on government securitiesFee, commission and brokerage

1,791,853745,534250,12124,546

2,812,054

2,134,582306,147289,905

-2,730,634

Quarter Ended

A suit has been filed against the Company impleaded as defendant No. 6 before the High Court of Sindh for declaration, permanentinjunctions, specific performance, settlement and/or rendition of accounts and/or cancellation of cheques and damages of Rs.100million. The Investment Bank arranged lease finance for buses which were given on lease to a customer. The Court granted leave todefend the suit to all the defendants and the matter is at the stage of evidence of the parties. The management, based on the adviceof its legal advisor is confident that the matters will be decided in favour of the Company.

9.4


Un-audited

Sept. 30, 2017 Sept. 30, 2016


5,509,9921,602,272

794,518110,817

8,017,599

6,451,412742,088861,028

-8,054,528

Nine Months Ended

OTHER INCOME12

40,241(142,995)(102,754)

2,65616,89419,550

(83,205)

1,965874,939876,904

1,07428,14029,214

906,118

83,779119,647203,426

2,93671,23274,168

277,593

6,606978,839985,445

3,22161,74564,966

1,050,411

From financial assetsProfit on saving accounts and term depositsGain on sale of securities

From non-financial assetsRental incomeOther income

OPERATING EXPENSES11Net claimsCommission expense - netManagement expenses

1,198,874142,843219,743

1,561,460

821,48877,449

254,7041,153,641

3,949,809410,569668,564

5,028,942

2,795,379391,701631,223

3,818,303




TRANSACTIONS WITH RELATED PARTIES13 TRANSACTIONS WITH RELATED PARTIES

Related parties comprise of associates companies, other related group companies, directors of the Holding company, key managementpersonnel, major shareholders, post employment benefit plans and other related parties. The Group in the normal course of businesscarries out transactions with various related parties at agreed / commercial terms and conditions. Amounts due to / from and othersignificant transactions, other than those disclosed else where in these consolidated condensed interim financial statements, are asfollows:

Premium UnderwrittenPremium CollectedClaims ExpenseCommission ExpenseCommission PaidRental IncomeCharge for administrative services receivedCharge for administrative services providedMedical insurance premium paidFixed Assets PurchasedFixed Assets DisposedDividend ReceivedDividend PaidLong term loan paidRent ExpenseRent PaidSecurity DepositsGain on Disposal of right lettersInvestment/ (Disinvestment) in Shares - Net of Provision for ImpairmentBrokerage CommissionDonations PaidCharge in respect of Gratuity FundCharge in respect of Provident FundContribution to Gratuity FundContribution to Provident FundCharge for Administrative ServicesInsurance Premium PaidConsultancy ChargesKey Management Personnel CompensationRemuneration paidReceipts against group shared services provided

Transactions




(including Directors)Associates

For the nine months ended



133,737117,189

1,5247,1903,862 - - - - - -

607,741 - - - - - -

301,691 - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - -

- - -

5,4836,493

13,06414,929

- - - - - -

5,329407174 - - - - - - - - - - - - - - -

- - - - - - - - - -

78,68183,440

-

242,667362,32017,70714,28225,41015,72815,82318,2843,199 - -

37,504 -

5,0002,437 - - -

- - - - - - - - - - - - -

76,81499,89928,0164,5002,232

266 - - - -

615330,57252,088 - - - - -

3,614,628 - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - -

-8,443

-16,76810,1025,8386,025

- - - - - -

4,4243,890

89 - - - - - - - - -

155,514 - - - - -

- - - - - - - - - -

85,600 - -

170,983278,92966,76211,27211,9572,574 - - - - -

6,767 - - - - - -

299,625 - - - - - -

1,317 - - - - -



(Un-audited) (Un-audited) (Un-audited) (Un-audited)

Premium ReceivableCommission PayableInvestment in SharesOther ReceivableLong term loan(Payable to)/ receivable from Gratuity Fund(Payable to)/ receivable from Provident Fund

Balances





(including directors)Associates

29,896

1,636

13,766,947

1,229

-

-

-

28,945

2,779

6,430,337

24,155

-

-

-

-

-

-

-

-

(9,922)

(2,452)

-

-

-

-

-

(9,588)

(1,942)

351

-

-

-

-

-

-

650

-

-

-

-

-

-

21,761

8,759

840,093

90

226,000

-

-

21,690

8,087

564,610

-

-

-

-




(Un-audited) (Audited)

as at(Audited) (Audited) (Audited)(Un-audited) (Un-audited) (Un-audited)



SEGMENT REPORTING14

The Group’s business is organised and managed separately according to the nature of services provided with the following segments:


- Non-life Insurance- Life Insurance- Brokerage business- Investment business

Assets and liabilities, wherever possible, have been assigned to the following segments based on specific identification or allocatedon the basis of gross premium written by the segments.

Individualfamily

119,756 - -

(58,479)(77,43087,431

- -

-

- - -

71,278

-110,81766,881 -

(118,220) - - -

-

- -(383)

59,095

661,315 - -

(346,080)(111,752)(35,747)

- -

-

- - -

167,736

168,310 - -

(65,842)(32,565)35,610

- -

-

- - -

105,513

166,030 - -

(141,341)(21,545)(2,505)

- -

-

- - -

639

187,315 - -

(73,446)(58,571(

7,035 - -

-

- - -

62,333

28,832 - -

(89,869)(2,051)(1,566)99,2525,469

1,367,408

(1,564,847)157,372

- -

545,801 - -

(484,932)(40,032)(50,502)309,01110,652

5,701,085

(5,923,922) - -67,161

204,683 - -

(105,065)(34,427)(13,711)

22,173944

77,320

(122,938) - -

28,979

1,835,012 - -

(2,073,778)(153,404)(233,352)

198,76527,201

8,695,395

(8,254,983) - -40,856

8,245 - -

(1,601)(5,360)(8,413)

4,65714

9,337

(10,785) - -

(3,906)

749,712 - -

(469,348)(77,068)(50,778)

13,9097,593

212,747

(340,418) - -

46,349

1,763 - -(823) - -3,738

304

55,878

(58,871) - -1,989

809,932 - -

(30,099)(54,359)

(143,817)(30,941)

5,105

239,008

(833,502) - -

(38,673)

1,514 - -

(400) -(37)(55) -

573

(1,350) - -245

21,772 - -

(8,706) -(217)(91)

2

3,114

(13,414) - -

2,460


Non-life Insurance Life InsuranceFor the nine month ended September 30, 2017

Fire andpropertydamage

Lifenon-participating

Accident andhealth businessMarine,

aviation andtransport

Motor Health Miscellaneous Lifeparticipating

Individual Group

Investmentlinked

business Individual Group

Pensionbusiness

fund

Takaful window

Groupfamily

Grouphealth

Brokeragebusiness

-

1,590,214 -

(5,279) - - -

-

- -

(106,446)1,478,489

InvestmentBusiness

5,509,992110,817

1,657,095(3,949,809)

(792,063)(410,569)

620,41857,284

16,361,865

(17,125,030)157,372

(106,829)2,090,543

Aggregatetotal

(Un-audited)

115,517(220,781)1,709,4103,694,689

Net premium revenueFee, commission and brokerageInvestment IncomeNet claims ExpensesNet commissionNet Investment Income - Statutory FundOther income-netAdd: Policyholders' liabilities at thebeginning of periodLess: Policyholders' liabilities at the endof the period(Surplus) / deficit taken to statutory fundFinancial ChargesSegment results

Other operating incomeUnallocated general and administrative expensesShare of profit from associatesProfit before taxation

Individualfamily

69,573 (42,639) (84,118)

52,668 - -

-

- -

(4,516)

- - - - - -

-

- - -

162,311 (57,637) (33,557)

35,362 - -

-

- -

106,479

563,149 (291,273) (89,270) (58,896)

- -

-

- -

123,710

111,396 (89,467) (17,993) (5,169)

- -

-

- -

(1,233)

117,568 (65,829) (33,966) (10,143)

- -

-

- -

7,630

37,502 (59,335) (5,178)

(909) 380,410

6,456

1,140,823

(1,358,854) (140,915)

-

606,248 (395,986) (95,779) (68,182)

1,083,070 8,775

4,623,900

(5,650,378) -

111,668

160,732 (72,212) (31,954)

199 19,080

696

69,789

(108,806) -

37,524

3,784,438 (1,287,892)

(126,517) (212,733)

488,846 26,537

4,878,865

(7,641,529) -

(89,985)

3,061 (5,858)

(10,433) (5,995)

3,214 289

16,027

(9,187) -

(8,882)

584,521 (349,487) (71,106) (18,983)

19,678 12,176

176,391

(306,557) -

46,633

4,621 (66,641)

- -

7,782 443

99,599

(45,023) - 781

240,840 (8,886)

(31,352) (98,578)

6,560 641

22,772

(151,066) -

(19,069)

435 (250)

- (32) - -

278

(344) - 87

5,017 (1,987)

- (310) - -

1,651

(4,057) - 314


Non-life Insurance Life InsuranceFor the nine month ended Sept 30, 2016






Individual Group

Investmentlinked


Pensionbusiness

fund

Takaful window

Groupfamily

Grouphealth

Brokeragebusiness

- - - - - -

-

- - -

InvestmentBusiness

6,451,412 (2,795,379)

(631,223) (391,701) 2,008,640

56,013

11,030,095

(15,275,801) (140,915)

311,141

Aggregatetotal

(Un-audited)

824,499 (259,086) 1,197,358 2,073,912

Net premium revenueNet claims ExpensesNet commissionNet Investment Income - Statutory FundOther income-netAdd: Policyholders' liabilities at the beginning of periodLess: Policyholders' liabilities at the end of the period(Surplus) / deficit taken to statutory fundSegment results

Other operating incomeUnallocated general and administrative expensesShare of profit from associatesProfit before taxation

SEGMENT REPORTING




Segment assetsUnallocated assetsConsolidated total assetsSegment liabilitiesUnallocated liabilitiesConsolidated total liabilities

Individualfamily

713,057 -

926,742 -

929,587-

496,527-

102,130 -

202,609 -

16,170 -

653,830 -

- -

212,587 -

570,115 -

655,066 -

2,012,227 -

2,012,227 -

6,346,957 -

6,346,957 -

410,993 -

410,993 -

8,551,915 -

8,551,915 -

27,434 -

27,434 -

543,793 -

543,793 -

64,940 -

64,940-

934,497 -

934,497 -

2,841 -

2,841 -

19,429 -

19,429 -


Non-life Insurance Life InsuranceSeptember 30, 2017






Individual Group

Investmentlinked


Pensionbusiness

fund

Takaful window

Groupfamily

Grouphealth

Brokeragebusiness

68,158,433-

2,824,395-

InvestmentBusiness

89,404,51813,434,426

102,838,94421,565,8604,497,938

26,063,798

Aggregatetotal

(Un-audited)

Segment assetsUnallocated assetsConsolidated total assetsSegment liabilitiesUnallocated liabilitiesConsolidated total liabilities

Individualfamily

832,867 -

835,342 -

280,956 -

621,776-

198,477 -

220,149 -

259,859 -

611,425 -

58,102 -

173,688 -

553,944 -

781,704 -

1,963,977 -

1,386,419 -

6,089,274 -

5,835,186 -

338,899 -

250,744 -

9,069,044 -

8,940,414 -

32,003 -

25,114 -

435,265 -

257,348 -

59,936 -

55,880 -

279,638 -

273,042 -

1,819 -

623 -

6,627 -

4,785 -


Non-life Insurance Life InsuranceDecember 31, 2016






Individual Group

Investmentlinked


Pensionbusiness

fund

Takaful window

Groupfamily

Grouphealth

Brokeragebusiness

--

--

InvestmentBusiness

20,460,68719,868,06840,328,75520,273,6394,173,453

24,447,092

Aggregatetotal

(Audited)

EARNINGS PER SHARE15

Earnings per share

DATE OF AUTHORIZATION FOR ISSUE17These consolidated condensed interim financial statements have been authorized for issue on January 30, 2018 by the Board ofDirectors of the Group.

CORRESPONDING FIGURES16Corresponding figures have been restated / rearranged and reclassified, wherever necessary, for the purpose of comparison. Therehave been no significant reclassifications / restatements in the consolidated condensed interim financial statements.

Weighted average number of ordinary shares

Basic earnings per share

Profit for the period

Un-audited

2016 2017


3,246,651

122,689,532

1,347,415

122,689,532

Nine months ended September 30

( R u p e e s )

26.46 10.98

Un-audited

2017 2016


1,567,275

122,689,532

481,299

122,689,532

Quarter ended June 30

( R u p e e s )

12.77 3.92




Shareholders Category No. ofShareholder

No. ofShares Held Percentage

Directors, Chief Executive Officer, and their spouse

Associated Companies, undertakings and related parties.

20

4

39,238,691

40,326,398

31.98

32.87

7

10

3

1,698,105

822,297

61,024,968

Banks Development Financial Institutions,

Insurance Companies

Modarabas and Mutual Funds

Share holders holding 10%

General Public :

a. Local

b. Foreign

Others

1.38

0.67

49.74

Non Banking Financial Institutions. 7 7,353,813 5.99

and minor children.

Shareholder’s Informationfor the Nine Months Ended September 30, 2017

Total (excluding : share holders holding 10%) 1,634 122,689,532 100.00

1,459

-

127

22,486,813

-

10,763,415

18.33

-

8.77



1,613

Number of Shareholders354317156340173622521228

106

10662513217122232211131131211112231111111111211211111111112111111111

Total Number of Shares Held12,21291,947

121,153863,831

1,291,372771,576445,083469,971617,312262,639369,589265,153483,923319,551344,700139,931361,60177,000

248,021176,70092,400

698,956102,500215,131224,434238,368369,022257,100274,466148,415151,298164,852514,022186,700200,066669,571226,235506,883255,799265,500276,200285,489584,900595,179907,897307,500320,865334,547343,500354,400364,000415,678425,185519,400531,100

1,101,498580,176585,457

1,249,995625,001667,142759,000784,000997,720

1,063,2071,167,9161,214,4751,226,8011,474,7003,356,6771,816,7491,946,3643,904,2004,746,7286,230,1196,375,265

13,022,09320,853,96626,879,460

122,689,532

To100500

1,0005,000

10,00015,00020,00025,00030,00035,00040,00045,00050,00055,00060,00070,00075,00080,00085,00090,00095,000

100,000105,000110,000115,000120,000125,000130,000140,000150,000155,000165,000175,000190,000205,000225,000230,000255,000260,000270,000280,000290,000295,000300,000305,000310,000325,000335,000345,000355,000365,000420,000430,000520,000535,000555,000585,000590,000625,000630,000670,000760,000785,000

1,000,0001,065,0001,170,0001,215,0001,230,0001,475,0001,680,0001,820,0001,950,0003,905,0004,750,0006,235,0006,380,000

13,025,00020,855,00026,880,000

From1

101501

1,0015,001

10,00115,00120,00125,00130,00135,00140,00145,00150,00155,00165,00170,00175,00180,00185,00190,00195,001

100,001105,001110,001115,001120,001125,001135,001145,001150,001160,001170,001185,001200,001220,000225,001250,001255,001265,001275,001285,001290,001295,001300,001305,001320,001330,001340,001350,001360,001415,001425,001515,001530,001550,001580,001585,001620,001625,001665,001755,001780,001995,001

1,060,0011,165,0011,210,0011,225,0011,470,0011,675,0011,815,0011,945,0013,900,0014,745,0016,230,0016,375,001

13,020,00120,850,00126,875,001

Pattern of Shareholdingfor the Nine Months Ended September 30, 2017



Contents · Syed Babar Ali (Chairman) Mr. Shamim Ahmad Khan Syed Yawar Ali Syed Shahid Ali Syed...

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Transcript of Contents · Syed Babar Ali (Chairman) Mr. Shamim Ahmad Khan Syed Yawar Ali Syed Shahid Ali Syed...