Atlas Insurance Limited (‘Atlas Insurance’ or ‘the Company’) was incorporated as a public limited entity in 6-Sep 1934.

The Company is a part of Atlas Group ('the Group'), a leading conglomerate holding interests in Auto, Engineering, Power, Financial, and Trading sectors. In 1934, Muslim India Insurance Company Ltd. was established; the Group acquired the Company in 1980. Later, in 2006, the name of the Company was changed to Atlas Insurance Limited. The Company became a licensed Window Takaful Operator on 2-Mar-16 by SECP under the Takaful Rules, 2012.

The Company is engaged in the general insurance business, both conventional and takaful. The Company operates a network of 31 branches as at June 30, 2026.

The Group holds ~78% stake in Atlas Insurance. Rest is owned by Public Sector & Joint Stock Companies including Financial Institutions (~2.3%) and General public holds ~19.7% of the stake.

Atlas Group was founded in 1962 with the establishment of Shirazi Investments (Private) Limited (SIL). Atlas is a diversified group dealing in engineering, power generation, financial services, and trading. It consists of seventeen companies. The Company’s affiliation with the Group augments stability in the ownership structure.

The Group is among the biggest conglomerates operating in diversified sectors across Auto, Engineering, Power, Financial and Trading sectors.

The Group holds considerable financial muscle, assets base of over a billion USD, to support the Company, if and when needed.

The Board comprises seven members, including two independent directors, four non-executive directors and one executive director. The independent directors strengthen policy formulation and decision making by providing objective oversight, diverse perspectives, and impartial judgment to the Board.

The Board is chaired by Mr. Iftikhar H. Shirazi, who has been associated with the Board since October 2019 and brings over 36 years of experience. Mr. Hasan Reza ur Rahim, an Independent Director, has over 40 years of experience, including association with J.P. Morgan and directorships in various listed companies. Mrs. Roohi R. Khan, an Independent Director, brings over 37 years of experience and has previously served as CEO of Asian Leasing and COO of Zarai Taraqiati Bank Limited. Mr. Babar Mahmood Mirza, CEO and Executive Director, has over 29 years of experience in the insurance industry and previously served as CEO of UBL Insurers. The BoD comprises members with diverse professional backgrounds and extensive experience, supporting policy formulation and strategic oversight.

To ensure effectiveness, three Board level committees are placed for smooth operations, namely; i) Audit Committee (BAC) ii) Investment Committee (IC) iii) Ethics, Human Resources and Remuneration Committee (E,HR&R). The Board meets every quarter to discuss strategies and performance outcomes. Minutes of these meetings are adequately drafted. Board committees also meet on quarterly basis and minutes are documented adequately.

The external auditor’s BDO Ebrahim & Co. gave an unqualified opinion on the financial statements for the year ended CY25. The firm is QCR rated and is on SBPs panel of auditors in the category 'A'.

The Company institutes a horizontal structure with seven departments. Each department is headed by a Department Head, who report to the CEO. The CEO reports to the BoD. However, the Head of Internal Audit department administratively reports to the CEO and functionally to the Board of Audit Committee (BAC).

The CEO, Mr. Babar Mahmood Mirza, has over 34 years of overall experience, including over eight years with the Company. The COO, Mr. Rashid Amin, brings over 22 years of experience, including over 14 years with the Company. Mr. Muhammad Aasim Gul, CFO, has over 24 years of experience, including over 23 years with the Company. The management team comprises qualified professionals.

There are five management committees, namely; a) IT Committee, b) Claims Settlement Committee, c) Underwriting & Re-insurance/Co-insurance Committee, d) Risk Management and e) Management Committee. These committees meet on quarterly basis with minutes of the meeting being documented extensively.

The system comprises centralized database and web based front-end for development and reporting. It assigns authority levels to its users and enforces strict compliance with internal procedures. IT system supports Head Office operations as well as remote users provide real-time updates.

Atlas Insurance has comprehensive Claim Policy with clearly defined approval authorities. The Company follows up the case with the surveyors and their performance is assessed on semi-annual basis, mainly focusing on their response time and quality of survey.

The Board’s Investment Committee sets guidelines and policies for the Company. Investment advisor, Atlas Asset Management Ltd, prudently invests and manages the Company funds. Performance is evaluated by the Investment Committee every quarter.

The Company has implemented a detailed Risk Management Framework. These guidelines tend to institute a strong risk environment, while laying down underwriting and reinsurance guidelines and identifying functions and responsibilities of all participants from the Board to the support staff.

Pakistan's General Insurance Sector continues to exhibit steady premium growth, underpinned by improving economic activity, higher vehicle sales, expanding commercial exposures, and increasing adoption of Shariah compliant insurance solutions. During CY25, the Sector's Gross Premium Written (GPW) grew by ~11.5% YoY to PKR ~245.2bln, while Net Premium Written increased by ~17.5%, reflecting stronger business retention. However, underwriting profitability remained under pressure as elevated claims and higher acquisition and operating expenses pushed the Sector's combined ratio marginally above 100%, increasing reliance on investment income as the primary earnings stabilizer. Regulatory initiatives, including the phased implementation of IFRS 17, the Risk Based Capital (RBC) framework, and mandatory Motor Third-Party Liability insurance, are expected to enhance market depth, transparency, and insurance penetration over the medium term. Meanwhile, continued expansion of digital distribution channels and the growing General Takaful segment are likely to support sustainable premium growth despite a still-low non-life insurance penetration of approximately ~0.2% of GDP.

Atlas Insurance is ranked among medium tier players with a market share of ~2.8% (as of Dec-25).

The Company continued to demonstrate healthy top-line growth during CY25, with GPW increasing to PKR 8,315mln from PKR 7,313mln in CY24, reflecting growth of ~14%. The growth momentum continued into 3MCY26, with GPW reaching PKR 2,400mln against PKR 2,079mln in 3MCY25, representing an increase of ~15%. The continued expansion in premium volumes remains supportive of the Company's business profile, while further broadening of its market presence remains important.

The Company's earnings profile remained favorable during CY25. Underwriting results increased to PKR 1,316mln (CY24: PKR 1,209mln), while investment income stood at PKR 2,189mln (CY24: PKR 2,058mln). Consequently, PAT increased to PKR 2,146mln from PKR 2,050mln. The positive earnings trajectory continued during 3MCY26, with underwriting results rising to PKR 366mln (3MCY25: PKR 306mln) and PAT increasing to PKR 569mln (3MCY25: PKR 391mln).

The Company's investment portfolio remained a key contributor to its earnings profile, with investments standing at PKR 17,749mln as of Mar-26, compared with PKR 15,196mln as of Mar-25 and PKR 18,689mln as of Dec-25. Equity stood at PKR 10,852mln as of Mar-26, compared with PKR 8,945mln as of Mar-25 and PKR 11,301mln as of Dec-25. Investment income also remained significant at PKR 560mln during 3MCY26, compared with PKR 241mln during 3MCY25.

The Company's growth strategy remains focused on expanding its business footprint and further developing its window takaful operations, particularly within the motor segment. Continued growth in GPW through market penetration, product diversification and expansion into new business segments remains important for strengthening the Company's competitive position. Sustained underwriting discipline alongside measured business expansion will remain key to preserving earnings quality.

The Company's underwriting performance remained profitable, although claims experience showed some deterioration. During CY25, the loss ratio increased to 34.4% from 29.5% in CY24, while the combined ratio increased to 68.5% from 63.9%. During 3MCY26, the loss ratio stood at 34.3% against 32.0% in 3MCY25, while the combined ratio stood at 67.5% compared with 60.1%. Despite the upward movement in claims incidence, the combined ratio remains comfortably below 100%, reflecting continued underwriting profitability. Maintaining prudent claims management and underwriting discipline remains important to contain further pressure on margins.

The Company maintains re-insurance arrangements with renowned international reinsurers, including Swiss Re (rated “AA-” by S&P), Hannover Re (rated “AA-” by S&P), Malaysian Re (rated “A-” by A.M. Best), Labuan Re (rated “A-” by A.M. Best) and PRCL (rated “A” by VIS), among others. The treaty arrangements predominantly comprise surplus treaties, providing support to the Company's risk management framework and underwriting capacity.

The Company continues to maintain adequate liquidity coverage. The net liquidity ratio [(liquid assets – borrowings) / outstanding claims including IBNR] stood at 4.1x as of Mar-26, and 4.6x as of Dec-25. While liquidity coverage remains adequate, the moderation from the prior year warrants continued monitoring. Maintaining sufficient liquid resources against claims obligations and prudent asset-liability management remain important.

The Company's equity base increased to PKR 10,852mln as of Mar-26 from PKR 8,945mln as of Mar-25, while standing at PKR 11,301mln as of Dec-25. Liquid investments represented 90.5% of equity as of Mar-26, compared with 96.2% as of Mar-25 and 80.5% as of Dec-25. The Company maintains a sizeable equity cushion relative to the PKR 2bln MCR requirement for non-life insurers by 2030. Continued capital retention and prudent balance-sheet management will remain important to preserve regulatory headroom as the minimum capital requirement phases in.