AICL

⚡ Flash Summary

Adamjee Insurance Company Limited reported its financial results for the quarter ended September 30, 2025. The company’s profit after taxation for the nine months period stood at PKR 4,157.401 million, compared to PKR 2,983.917 million in the same period last year, representing a significant increase. Earnings per share (EPS) also increased to PKR 11.88 from PKR 8.53 year over year. The Board of Directors did not recommend any cash dividend, bonus shares, or right shares for the period.

📌 Key Takeaways

• 💰 Profit after taxation increased to PKR 4,157.401 million for the nine months ended September 30, 2025, up from PKR 2,983.917 million in 2024.
• 📈 Earnings per share (EPS) rose to PKR 11.88, compared to PKR 8.53 in the corresponding period of the previous year.
• 📊 Profit before taxation reached PKR 6,709.508 million, a notable increase from PKR 4,933.662 million year over year.
• ❌ No cash dividend was recommended by the Board of Directors for the period.
• 🚫 No bonus shares were recommended by the Board of Directors.
• ❌ No right shares were recommended by the Board of Directors.
• 💼 Total Assets increased from PKR 112,140.899 million in Dec 2024 to PKR 131,634.860 million in Sept 2025 (Unconsolidated).
• 💸 Net insurance premium increased to PKR 28,025.714 million, up from PKR 19,064.824 million yoy.
• 📉 Underwriting results increased from PKR 271.310 million to PKR 574.453 million yoy.
• ✅ Investment income increased to PKR 5,392.620 million vs PKR 3,934.110 million yoy.
• 🧾 Total comprehensive income for the period stood at PKR 7,499.959 million compared to PKR 6,590.451 million in 2024.

🎯 Investment Thesis

Given the improved financial performance, particularly the rise in EPS and profitability, a HOLD recommendation is appropriate. The company is showing signs of positive momentum, but further analysis is needed to assess long-term sustainability. A price target of PKR 13.00, representing a 10% upside from the current valuation, is reasonable over a 12-month time horizon, contingent on continued operational improvements and stable market conditions.