Adamjee Insurance Limited’s management has decided to list its subsidiary Adamjee Life Assurance Co. Ltd. – at the Pakistan Stock Exchange (PSX) through an initial public offering, according to a stock filing on Wednesday.
The company is engaged in the life assurance business conducting non-participating business only and operates in the conventional and non-conventional modes of financial systems.
The Subsidiary Company was incorporated in Pakistan on August 04, 2008, as a public unlisted company under the Companies Act, 2017.
In accordance with the requirements of the Insurance Ordinance, 2000, Adamjee Insurance Limited has established a shareholders’ fund to shore up each class of its life assurance business including conventional business, accidental health business, individual life unit-linked business, individual family takaful business, etc.
Adamjee Insurance Limited had reported a consolidated profit of over Rs. 2.07 billion in the calendar year 2020 with a year-on-year growth of 2 percent.
Last year, Adamjee Life Assurance Co. Ltd. and the National Bank of Pakistan (NBP) had partnered for a Bancassurance Distribution Partnership.
