⚡ Flash Summary

TPL Insurance reported a 10% increase in Gross Written Premium (GWP) for the nine months ended September 30, 2025, reaching Rs. 4,172 million compared to Rs. 3,793 million in the prior year. Motor insurance remained the key contributor, with a 20.3% increase in GWP. Despite revenue growth, the company’s profit before tax decreased to Rs. 27 million, compared to Rs. 70 million in the corresponding period last year, impacted by Window Takaful Operations. Macroeconomic factors such as reduced policy rates and slight PKR appreciation provided a mixed backdrop.

📌 Key Takeaways

• 📈 GWP increased by 10% reaching Rs. 4,172 million.
• 🚗 Motor insurance GWP grew by 20.3% to Rs. 2,874 million.
• 📊 Miscellaneous segment GWP increased significantly to Rs. 326 million.
• 🛥️ Marine insurance portfolio experienced a 26% year-on-year growth.
• 📉 Profit before tax decreased to Rs. 27 million, compared to Rs. 70 million last year.
• 📉 Decrease in profit before tax is related to Window Takaful Operations.
• ⬇️ Policy rate reduced from 13% to 11%.
• ⬆️ Motor vehicle sales increased by 34%, from 70,985 to 95,019 units.
• 🤝 The company extends its appreciation to stakeholders including the Pakistan Stock Exchange and SECP.
• 🌐 The geographical presence includes Islamabad, Lahore, Faisalabad, Multan, Hyderabad and Karachi.
• 💻 The company website is www.tplinsurance.com
• 🏢 The registered office is located in Sky Tower, Dolmen City, Karachi.
• 🧑‍💼 Mr. Jameel Yusuf (S. St.) is the Chairman.
• 🧑‍💼 Mr. Muhammad Ali Jameel is a Director.
• 🏢 Grant Thornton Anjum Rehman Chartered Accountants are auditors.

🎯 Investment Thesis

Based on the limited information, HOLD is recommended. While the company demonstrates revenue growth, the decline in profitability and lack of detailed financial data warrant a cautious approach. It is recommended to HOLD the stock for the time being, due to the lack of valuation information. The time horizon for this recommendation is MEDIUM_TERM (6-12 months).