PACRA Maintains the Pension Fund Manager Rating of Pak-Qatar Family Takaful Limited - PFM

Pak-Qatar Family Takaful Limited (“Pak Qatar” or the “Company”) benefits from strong sponsor support, an established market position, and a sizeable investment portfolio. The Company maintains a prominent presence in Pakistan’s Takaful sector while continuing to expand its footprint in pension fund management. In addition to its core Takaful operations, Pak Qatar is a licensed Pension Fund Manager (PFM), with its participation in government-backed pension schemes providing an avenue for business diversification. The assigned rating is supported by the Company’s established franchise, sound operational platform, strong sponsor profile, and growing presence in the pension management segment. Pak Qatar launched the Pak Qatar GoKP Islamic Pension Fund in Dec’25 and the Pak Qatar GoPB Islamic Pension Fund in Jan’26, followed by participation in the Federal Government Defined Contribution Pension Fund Scheme. The Company has also established the Pak Qatar GoB Islamic Pension Fund in Jul'26 under the Government of Balochistan’s contributory pension framework. Meanwhile, the ongoing pension reforms in Sindh may provide additional opportunities for private-sector PFMs as the provincial framework progresses. As of Jun'26, the pension fund management industry comprises 17 fund managers, with total AUMs of approximately PKR 152.7bln, including around PKR 146bln in Voluntary Pension Schemes (VPS) and PKR 6.7bln in government-related Employer Pension Funds. Pak Qatar PFM’s AUMs increased to around PKR 420mln (Jun’25: PKR 145mln), representing a market share of 0.3%. The industry outlook remains supported by regulatory initiatives and the shift toward contributory pension structures. The Company is supported by digital infrastructure, integrated risk management, and independent control functions, while its association with Pak Qatar Asset Management Company Limited (PQAMC) provides established investment management capabilities. As of 6MCY26, participant funds increased to PKR 73.1bln (CY25: PKR 67.2bln), reflecting continued growth in the Company’s business base. The Company maintains a diversified Shariah-compliant product suite covering life, health, investment, and pension products, supported by its nationwide distribution network and digital platform, PQFS. During CY25, financial performance remained positive, with GPW increasing by ~4.2% to PKR 30.0bln (CY24: PKR 28.8bln), primarily driven by single-premium business. Despite a decline in investment income to PKR 7.1bln (CY24: PKR 10.1bln) and an increase in net claims to PKR 26.3bln (CY24: PKR 17.5bln), liquidity remained adequate to meet policyholder obligations, while PAT improved to PKR 394mln (CY24: PKR 278mln). This momentum continued into 6MCY26, with GPW rising ~39.3% YoY to PKR 18.3bln (6MCY25: PKR 13.1bln), while market share stood at ~3.6% as of 6MCY26. Investment income increased to PKR 2.9bln (6MCY25: PKR 2.6bln), supported by higher yields and realised gains. Meanwhile, net claims remained stable at PKR 13.3bln (6MCY25: PKR 13.0bln), while PAT increased to PKR 194mln (6MCY25: PKR 108mln) and the equity base stood at PKR 4.4bln as of 6MCY26.
Going forward, continued expansion of government pension mandates, growth in participant funds, digital distribution, and collaboration with PQAMC are expected to support business growth and reinforce the Company’s position in Pakistan’s evolving Takaful and pension management landscape.

About the Entity
Pak-Qatar, a dedicated family takaful provider, commenced operations in 2007 as an unlisted public company. The Company was converted into a listed public company on Dec 2025, and subsequently listed on the PSX. Major ownership rests with Pak Qatar Investment Ltd. (~34.78%), followed by Qatar Islamic Insurance Group (~6.22%) and Qatar International Islamic Bank (~5.64%). Directors and their related families hold (~14.39%), while the remaining shareholding is distributed among individual investors (~11.54%), with ~21.67% floated for public offering. The Board is chaired by H.E. Sheikh Ali Bin Abdullah Al-Thani, while Mr. Waqas Ahmad serves as the CEO, supported by an experienced team.