⚡ Flash Summary

Atlas Insurance Limited (ATIL) reported unaudited accounts for the nine-months period ended September 30, 2025. The company underwrote gross premium, including Takaful contributions, of Rs. 7,007 million, an 11% increase compared to Rs. 6,291 million in the same period last year. Net premium increased by 21% to Rs. 2,540 million. Despite a decline in other income, profit before tax increased slightly by 1% to Rs. 2,158 million, with profit after tax rising to Rs. 1,301 million.

📌 Key Takeaways

• ⬆️ Gross premium & contribution increased by 11% from Rs. 6,291 million to Rs. 7,007 million.
• ⬆️ Net premium increased by 21% from Rs. 2,092 million to Rs. 2,540 million.
• ⬆️ Underwriting profit increased by 12% from Rs. 783 million to Rs. 879 million.
• ⬆️ Investment income increased by 9% from Rs. 1,089 million to Rs. 1,183 million.
• ⬇️ Other income decreased from Rs. 209 million to Rs. 95 million due to reduced returns on bank deposits.
• ⬆️ Profit before tax increased by 1% from Rs. 2,134 million to Rs. 2,158 million.
• ⬆️ Profit after tax increased slightly from Rs. 1,291 million to Rs. 1,301 million.
• ➡️ Earnings per share (basic and diluted) increased slightly from Rs. 8.64 to Rs. 8.71.
• ⬆️ Total Assets increased from 19,489.733 million to 25,119.757 million.
• ⬆️ Total Equity increased from 8,167.386 million to 10,638.532 million.
• Pakistan’s economy shows signs of cautious optimism after macro stabilization.
• Atlas Insurance focused on operational efficiency and technology transformations.
• Company emphasizes adapting to a changing economic and regulatory landscape.

🎯 Investment Thesis

HOLD. Atlas Insurance shows moderate growth and profitability, but the decline in other income is concerning. The company operates in a changing economic landscape and faces sector specific risks. Current price seems appropriate, with slight chance of upside if other income can be restored.