By SKM
July 6, 2026
ISLAMABAD: Pakistan National Insurance Company Limited (NICL) has reported its highest-ever financial performance, posting a pre-tax profit of Rs15.376 billion and an after-tax profit of Rs8.888 billion for the financial year 2024-25, while also regaining a PACRA AA credit rating after a gap of 16 years.
According to the company’s audited financial statements, NICL recorded total assets of Rs190.633 billion, shareholders’ equity of Rs74.851 billion and a liquidity position of Rs95.382 billion. The company’s earnings per share (EPS) rose to Rs44.44.
The Pakistan Credit Rating Agency (PACRA) assigned NICL a AA rating with a Stable Outlook, reflecting the company’s strong financial profile, improved governance and high claims-paying capacity.
The state-owned insurer emerged as the country’s most profitable general insurance company during FY2025. Its after-tax profit of Rs8.888 billion surpassed EFU General Insurance’s Rs5.298 billion, Adamjee Insurance’s Rs5.133 billion and Jubilee General Insurance’s Rs4.019 billion. Atlas Insurance reported a profit of Rs2.077 billion, followed by Security General Insurance (Rs1.681 billion), United Insurance (Rs1.506 billion), East West Insurance (Rs1.449 billion), IGI Insurance (Rs1.054 billion) and Askari General Insurance.
NICL attributed the strong financial performance to a series of governance reforms, operational restructuring and business expansion initiatives undertaken over the past year.
The company said it had cleared long-pending annual accounts and regulatory returns that had remained outstanding for several years and published quarterly financial statements for the first time in more than 15 years, significantly improving financial transparency.
In another milestone, NICL achieved fully reconciled financial accounts without audit qualifications for the first time since its incorporation in 2000. It also prepared and secured approval for its first-ever three-year business plan in compliance with the State-Owned Enterprises (SOEs) Act, 2023.
As part of its business diversification strategy, the insurer completed all legal and regulatory requirements to launch a Window Takaful operation with what it described as the highest paid-up capital in the industry. The initiative comes as Pakistan moves towards expanding Shariah-compliant financial services.
The company also undertook institutional reforms by modernising decades-old policies and procedures, restructuring internal operations, establishing a dedicated claims department for the first time and shifting from manual processes to automation to improve efficiency and transparency.
NICL further expanded its role in disaster risk financing by launching Pakistan’s first parametric insurance pilot project for selected public schools and government assets in Islamabad in collaboration with the National Disaster Risk Management Fund (NDRMF) and the Asian Development Bank (ADB). It also joined the ADB-supported Crop Loan Insurance Scheme for the first time.
During the recent fuel supply crisis, the company contributed Rs5 billion to the Prime Minister’s Austerity Fund and provided insurance cover for Pakistan National Shipping Corporation (PNSC) vessels and Pakistan State Oil (PSO) fuel shipments to facilitate uninterrupted fuel imports.
The insurer has also completed the legal and regulatory framework required to underwrite private-sector business, a move expected to enhance its market presence if the proposed Insurance Bill, currently before the National Assembly, is enacted.
Managing Director Farman Zarkoon has been credited with spearheading NICL’s turnaround through governance reforms, financial discipline and operational restructuring. The company, which had long remained in the spotlight for governance issues and adverse publicity, has reported significant improvements in financial performance and institutional credibility under the current management.
NICL provides insurance cover for strategic sectors of the economy, including aviation, fire, engineering, marine, motor, power and water infrastructure. Ends
